Clifford Chance continues to be a favoured option for international and regional fund managers thanks to its extensive institutional knowledge accumulated over years in the industry, and its capacity to leverage a wide array of resources regionally and worldwide via its global network of offices. The team remains best-known for its work in the alternatives market, with practice head Matthias Feldmann noted for his fund structuring work for managers focusing on hedge and private real estate strategies. Liyong Xing has expertise on China-focused funds across asset classes for both  established and emerging fund sponsors. As well as handling new money transactions, including on private equity and private credit strategies (for both sponsors and investors), Xing's work flow also includes a considerable amount of work addressing liquidity concerns and issues brought about by the poor economic climate, including secondaries transactions. Rocky Mui is also a key member of the team, not only for fund structuring but also for regulatory considerations, including as it relates to licensing.

The ‘responsive and proactive’ team at Deacons provides ‘high-quality and client-focused’ advice to fund managers across a range of fund establishment, regulatory (including licensing and authorisation) and ongoing compliance mandates. While the firm does handle some private fund work, under the leadership of the vastly experienced Jeremy Lam, the team is, however, undoubtedly best-known for its work in relation to retail funds where it is ‘able to provide the latest market insight’ by dint of its deal flow and its strong interactions with the regulators. Alwyn Li is noted for his ability to provide a ‘solutions-oriented service’ for clients establishing and seeking SFC authorisation of unit trusts and mutual funds domiciled in Hong Kong and overseas. Noted for his knowledge of registered fund regulatory procedures, Taylor Hui spearheads the team’s efforts for China funds work and has developed particular expertise advising PRC fund managers establishing retail funds in Hong Kong. Of the more junior partners, the ‘business-friendly’ Pinky Siu and Ming Chiu Li are also key members of the team for the establishment of a wide range of retail funds as well as on regulatory and compliance matters.

Leveraging the expertise of a ‘deep bench of high-quality lawyers’, Debevoise & Plimpton LLP ‘knows the market well’ and excels at advising a sponsor-focused client base, including EQT, Bain Capital and HarbourVest, on their fundraising in Asia. In a difficult fundraising environment, the ‘very knowledgeable and commercial’ Shawn Yang continues to assist major sponsors raise private equity funds in the region, as well as handling an increased number of secondaries mandates, both on GP-led continuation funds and LP portfolio sales. Gavin Anderson , who divides his time between London and Hong Kong, co-heads the team alongside Yang and is noted for his ability to ‘come up with innovative legal solutions’, of particular importance in a challenging market. The team is rounded out at a partner level by Mai Shapiro who provides the tax structuring input on the fundraisings and the downstream investment activity.

Relatively diversified in terms of geographies and strategies, Gibson Dunn has continued to perform well in a challenging market for its exclusively sponsor-focused private equity client base, advising on the formation of buyout funds, growth capital, private credit and real estate, as well as handling a considerable amount of secondaries work. ‘Technically excellent’ team head Albert Cho ‘has unparalleled understanding of the Korean market’, and continues to advise Korean sponsors assisting them raising US dollar funds from international investors. Himself a native Korean speaker, Brian Ham has also been instrumental in helping develop the Korean workflow and is appreciated for his ability to handle both the onshore and offshore documentation. Kathy Wen has good traction among key clients including PAG and JP Morgan Asset Management.

Leveraging 'a strong bench of capable lawyers at all levels', King & Wood Mallesons provides a 'very cost-effective service' to fund managers and investors across a wide range of fund formation matters. Demonstrating an 'impressive command of market terms and negotiations, especially for Cayman fund vehicles', the team has gained most prominence for its work on behalf of Chinese fund managers which they are well-positioned to serve, not only because of their historical connections to the region but also their capacity to advise on cross-border transactions through their international network. Hong Kong and PRC-qualified partner Jingjing Jiang has excellent traction in the market for Chinese fund managers, and has particular expertise on private equity fund formation utilising the Hong Kong Limited Partnership Fund (LPF) structure, a vehicle that he himself had a key role in developing. Straddling both GP and LP work, Guo Sun Lee's insight from both perspectives ensures that he is able to provide 'very commercial' advice across a range of private funds work, including buyout funds, venture capital and real estate strategies.

Kirkland & Ellis LLP remains very active in the market advising an impressive roster of fund managers, including Ares Management and Forebright Capital, on their Asia-based fund raisings – regularly drawing additional strength from the firm’s huge private equity offering throughout the US. The ‘very rigorous and professional’ Carol Liu has excellent traction among PRC and regional asset managers which she advises on the establishment of funds traversing a range of strategies including buyout, growth capital, venture capital, and private credit. Liu has also been very active of late advising on liquidity solutions for clients in the sector, both on the GP front (in terms of continuation funds) and for LPs, including Cathay Life Insurance which she advised on the $1.2bn sale of limited partner interests in 21 private funds. The vastly experienced Justin Dolling provides very strategic advice to international sponsors and regional fund managers establishing private funds in the region, as well as advising on carried interest and co-investment plans. Jennifer Feng co-heads the team with Dolling and Liu.

Well plugged into the private fund ecosystem and with strong ties with many regional and global asset managers, Simpson Thacher & Bartlett Hong Kong has consistent market flow across a range of asset classes and strategies – both in specific country-focused funds, as well as in a pan-Asian fashion. Institutional firmwide private fund heavy-hitters Blackstone, Carlyle and CVC regularly instruct the firm on their Asia strategies, with a multi-office team (including New York and London) recently advising CVC on its $6.8bn Asia-focused buyout fund. Team head Adam Furber took the lead out of Hong Kong on the aforementioned deal and as part of his geographically broad practice, is also very accomplished at advising Chinese sponsors and working on Japanese-focused deals – where he often works alongside the firm’s accomplished Tokyo office. Michael Ceulen is a pivotal team member, possessing a wealth of experience in advising on fundraisings across a variety of asset classes such as buyouts, growth, real estate, credit, and co-investment arrangements.

Afforded greater bench strength following the merger with legacy Shearman & Sterling, A&O Shearman is an increasing compelling proposition to regional/international fund managers and institutional investors establishing or investing in private funds across a myriad alternative asset classes. The ability to work alongside experts within core international offices, including the acclaimed Luxembourg funds group, is also a strong selling point, as is the team’s multidisciplinary approach which leans into broader regulatory, M&A and tax capabilities, should the need arise. New York and Hong Kong-qualified partner Lorna Chen co-heads the team alongside Ford and has vast experience advising managers and investors in relation to private equity and venture capital funds established in Asia, as well as on associated ongoing compliance and regulatory issues. Sincepublication, former joint practice head James Ford departed in January 2025.

Relatively well hedged across various asset classes and strategies in the registered and private funds space, Baker McKenzie’s investment fund team has shown resilience in tough market conditions. Real estate remains a core area of focus both in the retail and private space, with Jason Ng  continuing to regularly handle work for cornerstone client GAW Capital (including on the formation of its seventh flagship $3bn private equity real estate fund), and Jeremy Ong instructed by the majority of Hong Kong-listed REITs. Edwin Wong also handles closed end real estate funds, although his work spans other asset classes to include infrastructure and clean energy, as well as investor mandates (including for prominent sovereign wealth funds). Sophia Man ‘understands what regulators want’, ensuring she is a popular choice on the establishment of registered funds, including in relation to crypto-registered matters. In addition, Man is at the forefront of the Hong Kong pension fund market, and continues to act for the majority of the Mandatory Provident Fund (MPF) providers in the country. Hayley Irons is also recommended and serves both sponsor and investor clients, offering a wealth of experience in advising on club funds, joint venture funds, and platform investments across various sectors.

Led by the vastly experienced Luke Gannon, DLA Piper has established a robust reputation across APAC for providing advice to fund managers on a diverse range of strategies and asset classes including real estate, private equity, and hedge funds. Although the market has been challenging in many of those asset classes with less US investor money flowing in to these funds (in part due to geo-political tensions), the firm has been very successful targeting sponsors that are raising capital from more regional sources. The team also has a strong investor offering which has grown in stature in recent years, picking up its own work as well as effectively leveraging the ties with many large institutional investors developed by the firm’s market-leading investor practice in Austin, Texas.

With a team made up of lawyers with Hong Kong and US qualifications, K&L Gates provides an international perspective to regional clients across a range of their pan-Asian private fund structures, including private equity, hedge fund and venture capital. In this context, the team 'can deal with complex fund structures', and is well-versed at advising on innovative products emerging from the US - ensuring that it is a popular choice in a challenging market. Appreciated for his ability 'to provide creative solutions to unusual problems', team head Scott Peterman also provides added insight into the asset management sector by virtue of having a Chartered Financial Analyst (CFA) certification, ensuring he is 'able to understand clients' needs on a level that is unmatched in the market'. Peterman also handles investor-side work, as does Sook Young Yeu, the other partner based out of Hong Kong.

Able ‘to quickly grasp complex legal and business issues and propose practical solutions’, Morrison & Foerster’s Hong Kong office has established itself as a popular choice among sponsors and institutional investors for its expertise at handling work throughout the entire fund formation process relating to country specific and pan-Asian alternative asset strategies. Native Mandarin speaker and New York-qualified team head Serena Tan combines strong regional knowledge with an international perspective for global fund managers as well as China-based asset management firms, ensuring she is able to provide ‘professional and practical advice’ on the establishment of US dollar funds, RMB funds, and dual-currency private funds. Tan is particularly skilled at advising on the structuring of private equity and venture capital funds, where she is assisted on the tax structuring front by Matthew Lau. 

The ‘very responsive and technically competent’ team at Sidley Austin has proactively kept abreast of fluctuating market conditions, successfully adapting and modifying its approach to best-suit its GP-focused client base. While fund raisings for private equity buyout funds have suffered somewhat of a hit due to economic headwinds, the firm has been front and centre in offering tangible solutions to GPs, whether it be in the form of establishing continuation funds, spin-off deals, as well as helping to restructure existing portfolios. The team has also, for example, been involved in an increasing number of credit fund mandates, a reflection of higher interest and tightening bank regulation. The ‘outstanding’ David Lee has been integral to many of the strategic solutions for GP clients where he is effectively able to combine fund structuring and M&A expertise, for example, in the context of a manager spin-off.

The 'very efficient and collaborative' team at Simmons & Simmons is best-known for its retail fund expertise, leveraging strong regulatory nous, with a commercial sensibility for fund managers establishing a myriad registered funds in Hong Kong. Under the leadership of the 'very knowledgeable' Eva Chan, the team is particularly accomplished at advising on ETF-related work, and drawing upon a  'good relationship with the regulator' is very adept 'in handling complex applications'. Ivy Yam is also noted for her ETF expertise, both in relation to fund establishment and authorisation, as well as on ongoing compliance matters. Yam is also at the forefront of market developments and recently advised on two of the first spot crypto ETFs listed in Asia.

With strong core investment fund expertise in Hong Kong and also able to leverage broader tax and financial services regulatory across the firm's US offices, White & Case is well-positioned to advise a loyal roster of fund managers and institutional investors (including sovereign wealth funds) setting up or investing in private funds deploying capital across a range of alternative strategies. Team head Anthony Wong is 'outstanding' and regularly helps sponsors establish large-cap closed end fund platforms, including in the real estate space.

Led from Hong Kong by Chris Lee and also aided by a strong New York funds offering, Cleary Gottlieb Steen & Hamilton is well-equipped to advise global sponsors and regional fund managers establishing private funds, where it ‘excels in dealing with investors across different regions’. Recent highlights include the team’s advice to US-based global investment manager TPG on the formation of its $5.3bn flagship Asia private equity fund, TPG Asia VIII. Lee led on the aforementioned deal (alongside the New York team) and is appreciated by fund managers and investors for his ability to provide ‘high-level strategic direction’. 

Combining 'excellent technical skills with a deep understanding of the investment funds industry in the region', the small team at Linklaters advises a balanced mix of fund managers and LPs establishing or investing in a range of private funds. In this regard, the firm is able to punch above its weight by virtue of its ability to tap into complementary practice areas, including M&A, finance and regulatory, as well as being able to draw upon a huge amount of institutional knowledge and expertise from around the Linklaters network to augment their client offering. Team head Hibban Ahmed provides 'strategic guidance' to clients on fund establishment and ongoing compliance issues related to real estate, as well as a growing volume of infrastructure and impact funds and is noted for his ability to 'advise his clients in an extremely user friendly way'. 

Led by the ‘very hardworking’ Geoffrey Chan, the team at Skadden, Arps, Slate, Meagher & Flom LLP is noted for its work for Asia-based managers establishing private equity and venture capital funds, as well as on attendant internal fund issues and ongoing compliance matters. Chan is also praised for his ability to ‘think creatively and to provide solutions-oriented advice’, including on GP and LP-led secondaries matters.

Conversant with the establishment and regulation of open-ended and closed-ended funds of all types, including those structured in accordance with Hong Kong’s relatively new LPF regime and the Open-ended Fund Company (OFC) regime, Stephenson Harwood provides ‘high-quality and cost-effective advice’ to a myriad regional fund managers. Team head Penelope Shen  has ‘deep expertise in navigating the Asian and global markets’, including in relation to clients with an ESG focus. Associate Brian Ho has ‘good commercial sense and technical legal skills’ and regularly works alongside Shen on many of the team’s key mandates.

Tiang & Partners has firmly established itself as ‘the preeminent funds practice in Hong Kong when it comes to investment funds focused on digital assets and Web 3 investments’. A subject matter expert in the field, Cheong provides ‘pragmatic, responsive and technically superior advice’ to fund managers investing in virtual assets and also guides clients through the maze of regulations in the area, including helping fund managers in securing a Type 9 Virtual Assets Uplift from the SFC. Since publication, Gaven Cheong departed in February 2025.

Led out of Singapore by Gregory Barclay but with some assistance at a non-partner level from Hong Kong, Goodwin‘s primary focus remains on advising international and regional asset managers establishing private equity and venture capital funds. Since the departure of Phil Culhane in September 2023 for an in-house role, and Elyn Xing who joined Latham & Watkins LLP‘s Singapore office in July 2024, counsel Dominic Wong is the main practitioner on the ground in Hong Kong.

Led by the 'extremely pragmatic' Mark Cornell, Reed Smith Richards Butler LLP provides 'solutions in an efficient and effective manner' to local fund managers on fund structuring and ongoing compliance matters. The team provides a versatile service on both the initial fund set up and the pursuant downstream investments, and is particularly focused on work in the venture capital and growth equity field.

Since its forming in October 2021, boutique investment fund firm Willa Legal has quickly gained market traction as a result of its ‘comprehensive and innovative approach to establishing and launching private funds’. Team head and founding partner Willa Chan has been integral to the firm’s success and is appreciated for her ‘deep, specialized knowledge of fund structures and strategies’. 

Since the arrival of the ‘trustworthy, diligent and caring’ Simon Wong from Dentons Hong Kong in late 2022, Withers has been increasingly visible in the market, working on its own as well as alongside the firm’s more well-established funds offerings in Singapore and Tokyo. The team focuses on work in the private funds space, including private equity, crypto, hedge and real estate, and is noted for its ability to ‘work on “out-of-the-box” structures’.