The private funds and private equity practice at Clifford Chance LLP acts for both international and regional fund managers on high-end mandates across Greater China and Asia-Pacific. In addition to the firm’s notable hedge fund sector credentials, it is experienced in the establishment and structuring of exchange-traded funds and real estate investment trusts. Working between the firm’s Hong Kong and Singapore offices, Matthias Feldmann advises on the structuring, legal and regulatory aspects of hedge and private real estate funds. Over on the mainland, Ying White acts for fund managers, private equity firms, financial institutions and corporations on private equity, infrastructure, real estate and hedge funds. Back in Hong Kong, Viola Lui specialises in closed-ended and open-ended private investment funds.

The result of a May 2024 merger between legacy firms Allen & Overy LLP and Shearman & Sterling, A&O Shearman advises fund managers on the full spectrum of private equity fund work, including assisting with investment structures from economic, tax, legal and regulatory perspectives. It also acts for sovereign wealth funds, family offices, corporations, and funds of funds. The practice was recently notably active in relation to private equity, venture capital, real estate, infrastructure credit, and co-investment funds. The Hong Kong-based practice’s principal figures are private equity and venture capital fund specialist Lorna Chen, an adviser to sponsors on fund structure formations; and fund structuring expert James Ford, who focuses on clients that are active in private equity and other alternative asset classes.

Baker McKenzie FenXun‘s China and Hong Kong private funds practice advises government-linked investors, pensions, funds-of-funds, corporations and financial institutions on their fund investments. It has a strong market reputation for private equity real estate matters, but the team is increasingly active in relation to data centres, logistics, self-storage, energy transition, and credit and secondary funds. Jason Ng predominantly focuses on private investment funds; Edwin Wong advises on general partner-side fund formations, joint venture fund platforms and separate account work; and Sophia Man acts for mandatory provident fund and occupational retirement scheme service providers in Hong Kong. The practice further features Jeremy Ong, who is experienced in the formation and structuring of Hong Kong Real estate investment trusts.

Cooley LLP's Asia fund formation practice acts for venture capital (VC) firms, life sciences funds, NextGen VC managers and corporate-backed VC firms, as well as institutional investors, such as multinational, sovereign wealth funds, funds of funds, and university endowments. In addition to fund formation work, the team’s cross-border credentials cover limited partner and private capital investments, start-up fundraising, US tax and financial regulation, and funds’ structures, terms and regulatory conditions. In Hong Kong, Pang Lee advises on private fund-related investments and fund organising; and Beijing-based Xun Zeng focuses on the formation, structuring and operation of venture capital, private equity, hybrid and co-investment funds. Also on the mainland, Jingyi Xu assists fund managers with the formation of USD-dominated funds.

Kirkland & Ellis International LLP‘s Hong Kong-based group acts on the gamut of funds work. It handles fund structuring and formation, as well as fund-related restructurings, buyouts, special situations and distressed investments. The practice’s principal advisers are Justin Dolling, who advises on major deals across the investment funds spectrum, including fund structuring and establishment, secondary transactions, restructuring, and refinancing; Carol Liu, a regular adviser on fund structuring, and liquidity and GP solutions; and Jennifer Feng, who is experienced in fundraising, fund establishment, restructuring and carried interest schemes. The team further includes Jamie Hill, who is particularly focused on private equity, credit and real assets, and secondary transactions specialist Michelle Cheh. Damian Jacobs relocated to the firm’s US offices.

Experienced in ‘resolving the various legal issues encountered in investment fund projects’, Morrison Foerster‘s Hong Kong-based practice acts for both fund sponsors and institutional investors on fund formations. With notable expertise in private equity, venture capital and real estate funds, the team assists both general partners and limited partners throughout the entire fund formation process. It additionally advises fund sponsors on international carried interest issues, co-investment programmes, and separation arrangements. The Greater China private funds practice is chaired by Serena Tan, who advises on the formation of private funds, including USD, RMB and dual-currency funds. Providing key support, Sylvia Cheng, Bryan Lam and Stephanie So all focus on fund formation and fund-related matters.

Paul Hastings LLP is consistently sought out by global and PRC-based investment funds and investors to assist with cross-border transactions. The team is particularly noted for its high-value real estate fund work for sponsor-side clients (as well as PRC-based institutions investing in funds). Its expertise further covers the structuring and establishment of private equity, venture capital and other investment funds throughout Asia, along with joint ventures, fund restructuring, M&A, and cross-border offshore and onshore lending structures. The China practice is additionally able to leverage the firm’s enviable network of offices in the US and Europe. In Beijing, investment fund expert Meka Meng is experienced in private equity fund formation and investment transactions, venture capital, M&A, and joint ventures.

Skadden, Arps, Slate, Meagher & Flom LLP routinely acts for sponsors, investors, sovereign wealth funds and financial institutions. On the general partner side, the group advises on private equity, venture capital, private credit, real estate, healthcare, and corporate investment capital funds, as well as family-office club funds. Leading the practice from Hong Kong, Geoffrey Chan regularly advises institutional investors in relation to China-based private equity funds (and other alternative investment vehicles). In Beijing, Angela Liu assists Asia-based fund sponsors with the structuring, formation and operation of USD-denominated private equity and venture capital funds. Liu is also experienced in advising global fund managers on the formation of onshore RMB fund platforms (including qualified foreign limited partnership and qualified domestic limited partnership funds).

DLA Piper’s Asia investment fund practice is routinely mandated by sovereign wealth funds from Hong Kong, China, the Middle East, Singapore, Korea and Malaysia. The team, which is also sought out by private equity funds, family offices and equity financial investors, assists with establishing hedge, private equity and real estate funds in Hong Kong, Singapore and the PRC. Hong Kong-based Luke Gannon acts for financial institutions, investment banks, fund managers, sponsors and investors on a range of investment products.

K&L Gates' ‘all-round experts’ cover private equity sponsor fund formation, hybrid funds, carried interest plans, and hedge fund tax structuring and formation. The China team also advises on venture capital formation, managed accounts and digital asset structures. In Hong Kong, Scott Peterman advises private fund sponsors and investors on alternative investment vehicle formations; while Sook Young Yeu assists with establishing private investment funds. Shanghai-based Chloe Duan focuses on investment management, family offices, and private equity and venture capital work.

Mandated by mega-value fund clients and large sovereign wealth funds, Ropes & Gray LLP has ‘a strong international practice as well as expertise in private equity fund investments’. The team advises on anchor commitments to funds and seeding programmes, along with billion-dollar separate account formations, special focus vehicles, direct investments, co-investments, and secondary transactions. In Hong Kong, Vincent Ip acts for investment advisers and fund sponsors on the formation (and ongoing operation) of China and Asia-focused private investment funds and institutions.

Covering fund formations and related fund transactions, Simpson Thacher & Bartlett Hong Kong's Hong Kong-based team advises on funds across a range of asset classes, including private equity, real estate and credit, along with infrastructure, energy, technology and venture funds. It also assists with separately-managed accounts and other alternative investment products. Asia investment funds practice head Adam Furber regularly works on significant fund transactions in Asia; and Asia-Pacific region-focused Michael Ceulen is an expert in structuring global private equity funds.

Stephenson Harwood's Hong Kong team ‘demonstrates a deep understanding of the complex regulatory landscape surrounding investment funds’. The group advises on the structuring, establishment and regulation of open-end and closed-ended funds, such as hedge, venture capital, private equity, real estate, credit, and qualified foreign investor funds. Penelope Shen focuses on the establishment and structuring of funds, along with fund restructurings, compliance and regulatory issues. Shen is supported by Brian Ho, who is experienced in fund formation and related matters.