Macfarlanes advises Partners Group on the establishment of Partners Group Generations Fund

15 June 2016

Macfarlanes has advised Partners Group on the establishment of Partners Group Generations Fund; this is the first UK regulated open-ended fund designed to specifically provide defined contribution pension plan investors with exposure to private market investments, including private equity, private debt, real estate, and infrastructure.

Private market investments have not previously been readily accessible to defined contribution schemes due to a number of challenges, including providing daily liquidity in the private market asset classes. Macfarlanes advised Partners Group on the transition from managing private unregulated funds which are subject to few investment and operational restrictions, to managing a daily dealing regulated fund which is subject to extensive restrictions.


André Frei, Partner and Co-CEO, Partners Group, says: "Private markets asset classes have long been an important source of returns for defined benefit pension schemes, but until now UK DC pension schemes have been unable to invest in them for structural reasons. As the pensions market worldwide continues to evolve and become more sophisticated, we expect private markets firms like Partners Group will become increasingly involved in DC investment management."


The Macfarlanes team was led by Lora Froud, a partner in our investment management group. Lora was supported by associate Jennifer Murphy. Tax partner James McCredie and consultant Nigel Doran advised on tax matters with financial services regulatory partner Michelle Kirschner and associate Emma Carrington-Smith advising on regulatory issues.


Lora commented: "Macfarlanes was ideally placed to help Partners Group with this, first of its kind, fund because of the combined strengths of our private and regulated funds practices."