Fund Formation

We advise sponsors, managers, investors and service providers across the full spectrum of global “private” and “regulated” funds. The depth and breadth of our offering is unrivalled, with true industry experts across asset classes and the full liquidity spectrum. The firm is particularly well placed to assist clients in the crossover area between “private” and “retail” investment product development, having been one of the very few firms to maintain investment in that area.

Our work spans every stage of the global fund lifecycle, from structuring, terms and formation, through to marketing, operations, platform development and regulatory strategy. We bring deep technical strength across all relevant disciplines including fund structuring, liquidity transformation, tax, finance, regulation, ESG, employment and corporate law. We deliver joined-up, commercial advice that aligns with market practice and supports our clients’ long-term growth.

We regularly advise both UK and non-UK sponsors on the establishment of funds and investment structures in highly regulated jurisdictions like the UK, Ireland and Luxembourg, to lighter touch regimes such as the Cayman Islands and the Channel Islands. We also undertake significant amounts of work, with local partner law firms, in the US, the Middle East and Asia.

We also have a leading practice advising institutional investors, sovereign wealth funds and sophisticated family offices on their primary fund investment programmes, co-investments and secondaries. Combined with our extensive experience advising fund sponsors, this gives us a comprehensive view of the market and places us at the forefront of industry trends and able to advise on terms with authority.

We also provide expert advice on private fund and investment management-related transactions, including seed investments, investment manager M&A, GP stake sales, secondaries, liquidity events, continuation vehicles, co-investments and preferred equity solutions.

Alongside legal expertise, we offer market insight and real innovation. Our Lawtech tools streamline complex processes and enhance the investor experience, while our Investor Intelligence and Public Policy teams help clients anticipate developments and adapt with confidence.

Work highlights include advising:

• Hayfin Capital Management LLP on its European direct lending strategy, gathering €3.5bn, and on its special opportunities strategy, which attracted total commitments of €2.2bn;
• 17Capital LLP on the closing of 17Capital Strategic Lending Fund 6, which has successfully held a final closing at $5.5bn;
• Polus Capital Management on the launch of its first closed-ended commingled special situations fund, Polus Special Situations Fund, which has raised commitments of approximately €890m, in excess of its original target;
• European corporate special situations investor Alchemy on its latest fund, Alchemy Special Opportunities Fund V (ASOF V), which has closed in excess of its initial fundraising target with €1bn in capital commitments;
• Legal & General Investment Management (LGIM) on the launch of its diversified private markets Long-Term Asset Fund (LTAF), the Legal & General Private Markets LTAF; and
• Instructed by Partners Group on the launch of its first private credit focussed Long-Term Asset Fund (LTAF), the Partners Group Generations Private Credit LTAF.