Prasied by clients for its 'clear, commercial advice across a range of funds and matters', A&O Shearman leverages its global platform to provide a full-service offering to fund managers and institutional investors on real estate fund formations, operational issues, and investment deals. The team combines asset management, tax and regulatory specialists, with strong capability across UK and EU rules – including FCA requirements, Brexit-related issues and AIFMD implementation – and US regulations. Practice head Matthew Huggett, a real estate funds specialist, advises alternative investment fund managers on the establishment of all types of private and public funds. He works closely with James Fraser, experienced in all aspects of fund formation and management, investor disclosure, and co-investment arrangements. Emma Danforth is noted for her ‘meticulous’ approach to asset management, including the structuring and establishment of funds and joint ventures, including regulatory implementation mandates. Dominic Von Wulffen advises asset managers on private fund structuring and investments, joint ventures, other investment arrangements and related regulatory matters. Nick Williams remains a consultant following his retirement.

Regarded as a ‘strong team with great exposure across the industry’, Clifford Chance LLP advises a host of fund managers and sponsors on real estate fund formation and structuring matters. Led by Alexandra Davidson, the team combines strong technical tax and regulatory knowledge with capabilities in debt funds, private equity, emerging market funds, and secondaries transactions. Its experience also includes GP M&A, GP stakes and minority investments, and sustainable funds. Gerard Saviola is recognised for his international experience, with a strong track record advising fund sponsors on fundraising across asset classes in developed and emerging markets. Lily Marcel, praised for her ‘strategic mindset’, specialises in private fund establishment and operation, while Jonathan Bray is noted for his knowledge in the debt space, with experience across both closed- and open-end private funds and secondaries. Benjamin Harding advises private fund sponsors on the structuring and operation of investment arrangements across alternative investment strategies.

CMS is trusted by leading fund and asset managers, sovereign wealth funds and institutional investors for its ‘high-quality service’ across fund formation and investment, with notable international reach, especially in Luxembourg. The ‘dedicated’ and ‘proactive’ team is led by Caroline Newsholme alongside Amanda Howard, recognised for her experience in fund structuring and equity raisings. Victoria Henry advises on fund structuring, establishment and governance in the UK and Europe, with a focus on student accommodation and co-living. Darren Stolzenberg covers the full lifecycle of open- and close-ended funds, while the ‘excellent’ Patrick Groves is experienced in fund establishment, operation and sustainable investmentment strategies. William Lawrence, made partner in April 2025, is noted for his alternative investment funds and joint ventures expertise, acting for a range of institutions and private equity managers. George Metcalfe joined from Freeths LLP in January 2025, bringing experience in private fund establishment, fund participation and bespoke investment management structures.

Goodwin’s experienced practice advises fund sponsors on private real estate funds spanning pan-European, regional, and single geography strategies, across a broad range of real estate asset classes and thematic strategies, including both equity and debt structures. The ‘business-oriented’ and ‘proactive’ team is experienced in closed-end, evergreen and open-end funds. Practice head Justin Cornelius is engaged by fund managers to advise on the establishment and operation of unlisted closed and open-end funds. The ‘strong bench’ also includes Bhargavi Mudakavi, recognised for her expertise advising investment managers on private equity, real estate, and real estate debt fund establishment, as well as supporting institutional investors on investments in such structures. Niall Dickson focuses on the structuring, formation, and management of funds and joint ventures.

Praised for its deep bench and market knowledge, Kirkland & Ellis International LLP works with a wide array of sponsor clients on matters concerning fund formation, transaction structuring, liquidity and regulatory guidance. The team covers the full product range, including closed- and open-end funds, separate managed accounts, continuation funds, co-investments and joint ventures. The practice is co-led by Paul Sampson, noted for his ‘pragmatic advice’ and ‘effective execution’ on fund structuring, formation and operation – including funds-of-one, joint ventures, GP-led transactions and separate managed accounts. Fellow co-chair Jonathan Tadd acts for global asset managers and mid-market clients on fund formation, structuring, and sponsor-side M&A, with experience across blind-pool and open-ended structures, co-investment and carried interest arrangements. Alex Brodkin handles complex European fundraising, while Nicole Mitchell, who joined from Macfarlanes LLP in March 2024, brings expertise in strategy, operations and markets. Louisa Cobbe, Benjamin Harding and Catherine Gokah are no longer at the firm.

Linklaters LLP leverages its global platform to represent sponsors, investors and management teams on private funds and co-investments across multiple jurisdictions. The practice delivers ‘excellent’ work on fund structuring, formation, operation, regulation and tax, with expertise also spanning sustainable real estate funds and ESG regulatory advice. The team is led by Matthew Keogh, who advises on open-ended real estate funds and has extensive experience in structuring and managing funds, private equity joint ventures, and fund finance. Rahul Manvatkar acts for sponsors and investors on open- and closed-end funds and investment management arrangements, while also leading the practice’s ESG initiatives. Clare Baker brings ‘deep expertise’ in secondaries, while Gareth Crimp is recognised for his knowledge across transactional and advisory fund matters.

Led by Michaela Walker, Eversheds Sutherland (International) LLP’s ‘strong’ team advises fund managers on open- and closed-end real estate funds and alternative and emerging asset classes, including student and affordable housing and build-to-rent. The firm has recently advised on LTAF and RIF structures, as well as EU SFDR and UK SDR compliance. Richard Batchelor, described as ‘brilliant’ for his commercial acumen and market knowledge, advises on fund establishment, listing, restructuring, and reconstruction in the UK and offshore financial centres, while also being active in policy development. Stefanie Sahla-Jones acts for funds, asset managers and institutional investors, while Sarah Burnside covers fund launches, capital raisings, restructuring, investments and ESG regulatory compliance. Other key figures include Grace Li, who demonstrates ‘impressive’ skill in complex fund formation.

Praised for its market knowledge and ‘deep expertise’ in real estate fund formation, Greenberg Traurig, LLP advises on fund vehicles across jurisdictions and investment strategies within equity and debt. The team advises across the full fund lifecycle, with additional strength in continuation funds and GP-led secondaries. Practice head Steven Cowins is recognised for his vast knowledge of private equity and fund formation, advising managers on fund structuring and establishment, and acting for GPs on secondaries. Marc Snell counsels fund managers, investors, and financial institutions on fundraising strategies and investment management, while Tom Dear focuses on fund formation, joint ventures, and structured acquisitions and disposals, particularly in the living sector.

Jones Day‘s multidisciplinary funds team is regarded by clients as a ‘go-to’ practice across the full fund lifecycle, covering fund structuring and establishment, co-investment structures, joint ventures, separate managed accounts, and secondary investments. Drawing on its ‘excellent’ sector knowledge, the team covers all aspects of real estate fund transactions, spanning corporate, finance, tax, regulatory and contentious matters. Co-practice head Alistair Grant is trusted for his ‘commercial’ and ‘pragmatic’ advice on fund establishment, management, and investment, as well as joint ventures. Fellow co-head John MacGarty is experienced in complex fund formation and secondaries transactions. Christopher Slack and Hannah Rose are recognised for their work on the structuring, formation and operation of global and pan-regional funds and co-investment structures.

Weil, Gotshal & Manges LLP advises sponsors and managers on major European real estate fundraisings, covering equity and debt strategies across various sectors, including residential and hospitality. Recognised for its ‘knowledge and experience’, the team handles closed- and open-end structures, evergreen semi-liquid funds and separate managed accounts. The ‘excellent’ James Sargent works with a mix of sponsors and managers on capital raisings, fund establishment and operation, co-investment platforms, and GP-led secondaries. James Bromley focuses on primary fundraising, new manager establishment, and platform extensions, while the ‘very strong, experienced’ Jacquelyn Volpe represents sponsors and institutional investors in fund formation, structuring, and investment. Recent arrivals include Sophie Smith from Cleary Gottlieb Steen & Hamilton in October 2024 and Philip Baynes from A&O Shearman in August 2025, both of whom bring experience advising leading sponsors and investors. Ed Gander, Stephen Fox and Peter Boulle are no longer at the firm.

Bryan Cave Leighton Paisner is praised for its experience representing fund managers, institutional investors, and sponsors in fund structuring, capital raising, regulatory compliance, and exit strategies. Practice head Kieran Saunders is recognised for his work on the establishment and operation of unlisted funds, joint ventures, and club structures in the UK and offshore jurisdictions. Antony Grossman focuses on fund structuring and investment, managing the firm’s relationships with high-profile clients, while Luke Mines assists investors and operators on European real estate markets.

Macfarlanes LLP’s real estate funds practice delivers ‘top quality’ advice to fund managers and investors on private fund formation, operation and investments, joint ventures and M&A, drawing on tax, private funds, corporate and commercial expertise. Practice head Harriet Miller focuses on structuring and fundraising across a range of products, from blind pool investment vehicles to managed accounts and co-investments. Victoria Hills and Carolina Barry-Laso arrived in October 2024 from Freshfields and Kirkland & Ellis International LLP, respectively, bringing experience in corporate real estate investment and international private funds. Nicole Mitchell is no longer at the firm.

Addleshaw Goddard‘s real estate investments and private funds team is trusted by mid-market GPs, market entrants and investors for fund formation and investments. ‘A very well coordinated, client-centric team’, the practice is led by Daniel Woolston – focused exclusively on real estate and advising on fund formations, funding arrangements, and joint ventures – and Jan Grüter, sought for his expertise in sustainability-focused funds and related investment products. Liam Diggins brings fund structuring and formation experience, including shariah-compliant real estate investments.

Ashurst's team boasts wide-ranging capabilities, handling matters concerning the establishment, investment, restructuring, and operation of real estate funds. Global practice head Nick Goddard is a highly active partner whose recent engagements include the establishment of various funds, co-investment vehicles, and restructurings. Other key figures include global investment funds head Piers Warburton; Nicola Hopkins, a key contact for both sponsors and investors, and Oliver Cary, highly experienced in fund formations and raisings.

With experience working across both private and publicly listed funds, Cadwalader, Wickersham & Taft LLP advises sponsors and asset managers on a range of matters, covering real estate investment fund structuring, formation, promotion, and operation issues. The team also handles secondary fundraising, fund restructurings, and debt facilities. Practice head Michael Newell is recognised for his cross-disciplinary knowledge and experience in the establishment and reorganisation of investment vehicles. Jack Andrew Kelly focuses on environmental or socially-focused sponsors and impact investors, advising on fund structuring, formation, and promotion.

Gowling WLG‘s experienced team advises on closed-end listed funds, private funds, platforms, club deals, and joint ventures across a range of real estate asset classes. The team is active on complex transactions, as well as pooled investments for institutional investors and pension schemes. Based between Birmingham and London, practice heads Sharon Ayres handles private fund formation and complex joint ventures, while Micky Yang advises PE clients, asset managers, and investors on inward and outward property investments and disposals.

Ropes & Gray LLP advises on fund formation, transactions, and operations, including fundraising, joint ventures, co-investments, and restructurings. The firm also represents institutional investors on complex fund investments and secondaries. Practice head Tom Alabaster is recognised for his advice to fund managers on fund formation and operation, as well as developing new structures and strategies, leading co-investments, secondaries transactions, and other fund restructuring and liquidity matters.

The ‘focused and experienced’ team at Stephenson Harwood is engaged by various listed and private real estate funds, covering structuring and launch, joint ventures, restructuring, and portfolio acquisitions. The practice is co-led by Sarah de Ste Croix, sought for her private fundraising expertise, and the ‘bright and experienced’ William Saunders, who acts for investment trusts, offshore funds, and investment managers.