Investment funds in Scotland

CMS

With specialist teams based in Edinburgh and Glasgow, CMS offers comprehensive legal support across the full lifecycle of investment funds. The team also has extensive experience of advising on fund formations, mergers, restructurings, investments and closures, where it covers both regulated and unregulated funds. Practice head Karagh Gilliatt stands out for her work handling retail funds mandates, while co-head Colin Lawrie focuses on the partnership structures in funds and joint ventures, with strong expertise in the renewable energy, property and financial services sectors. Aidan Campbell is a key contact for Financial Conduct Authority (FCA) compliance advice and assistance with other regulatory aspects of unregulated fund matters.

Responsables de la pratique:

Karagh Gilliatt; Colin Lawrie


Autres avocats clés:

Aidan Campbell


Les références

‘CMS provides the highest level services with a keen focus on building long-term relationships.’

‘Karagh Gilliatt has been an invaluable partner on our fund launches. She is extremely knowledgeable and accessible and provides clear and concise advice. Karagh prioritises the end clients and achieving the best outcome for investors.’

‘The breadth and depth of investment funds knowledge sets the firm apart as does the length and range of experience in working with asset manager clients, which provides invaluable context and comparative examples when considering solutions.’

Principaux clients

Phoenix Group


Baillie Gifford


Carne Global


Waystone


Scottish Widows Schroder Personal Wealth


Aegon Asset Management UK plc


Scottish Equitable plc


Nomura Asset Management UK


Westbrooke Yield Plus Plc


Abrdn Fund Managers


Scottish National Investment Bank


SSE plc


Souter Investments


GE Capital


Canary Wharf plc


Columbia Threadneedle Investment Business Limited


Barclays


Nesta Arts & Culture Finance


Tribe Impact Capital


Scottish Friendly Assurance Society


Zurich


Wayhome (trading name for the Unmortgage Group)


Yealand Fund Services


Principaux dossiers


  • Advised Phoenix Group on its joint venture with Schroders to form Future Growth Capital.
  • Advised the ACD of Baillie Gifford Positive Change Fund on the implementation of FCA’s Sustainability Disclosure Requirements regime, leading to the adoption of an “Impact label” for the Fund.
  • Advised abrdn Fund Managers Limited on the disposal of 4 UK authorised unit trusts to FundRock.

Brodies LLP

Brodies LLP’s investment funds practice is highly regarded for its expertise in areas such as fund structurings, asset-backed financings, restructurings, and joint ventures. Andrew Akintewe leads the team and focuses on fund formation projects, advising investment managers, banks, and corporate clients. Paul McLaughlin has particular expertise in special limited partnerships (SLPs), while Bob Langridge is recommended for his work on fund structuring work, cross-border matters, and international tax issues.

Responsables de la pratique:

Andrew Akintewe


Autres avocats clés:

Paul McLaughlin; Bob Langridge


Les références

‘Brodies is a strong firm for Scottish investment and governance advice.’

‘Paul McLaughlin and his team provide succinct and clear advice. They are always very responsive and quickly understand what we need. We enjoy working with them.’

‘Close-knit team, responsive, good communication and delivery of advice, hard-working, lead projects as well as providing the advice.’

Principaux clients

Gresham House Asset Management


MSCI Inc.


North East Scotland Pension Fund


Promethean Investments LLP


Hermes Real Estate


Arjun Infrastructure Partners


TPG Europe LLP


Level E Research


Grosvenor Estates


HPS Investment Partners


Principaux dossiers


  • Advised Gresham House Asset Management on the launch of the next vehicle in its flagship Sustainable Infrastructure platform.
  • Advised AI investment research platform Level E Research on UK and cross-border regulatory matters.
  • Advised the £4bn North East Scotland Pension Fund on its private fund investments.

Burness Paull LLP

Burness Paull LLP is well-placed to provide expert advice on the full range of investment fund matters. Beyond providing counsel on the structuring, formation, closing and operation of large flagship funds, the team has expertise in Scottish limited partnerships and carried interest structures. The practice is led by Paula Kennedy, who is highly regarded for her work on private fund structures involving Scottish limited partnerships, including fund and feeder vehicles. Andrew Christie is renowned for his expert advice on security structures, while Ruaridh Cole has experience across fund structuring and formation issues.

Responsables de la pratique:

Paula Kennedy


Autres avocats clés:

Andrew Christie; Ruaridh Cole


Les références

‘Very strong knowledge and deep understanding of the PE/VC industry, fund formation and commercial input for negotiations.’

‘Strong understanding of the client’s needs, quick delivery, add value and quality in their input and always available.’

‘Andrew Christie and Paula Kennedy are wonderful.’

Principaux clients

European Investment Fund


Hg Capital


Stafford Capital Partners Limited


NextEnergy Capital


EIG Global Energy Partners


Greystar Real Estate Partners


Livingbridge


L Catterton


Pinsent Masons LLP

Pinsent Masons LLP has a robust track record in assisting fund managers and investors with all aspects of fundraising issues, structuring work, investments, consortium agreements and ad hoc portfolio matters. Practice head David Young excels at supporting asset managers and institutional investors on advisory and transactional matters, and Rebecca Clark is an expert in alternative fund structuring and restructuring issues. Elaine MacGregor is also recommended.

Responsables de la pratique:

David Young


Autres avocats clés:

Rebecca Clark; Elaine MacGregor


Les références

‘The funds team is well organised and provides quality legal and commercial advice. Always in safe hands.’

‘David Young has a wealth of experience in fund matters and knows the market. Willing to take a commercial view and support the business any way he can.’

‘Our organisation has a longstanding relationship with Pinsent Masons (and Elaine MacGregor in particular). Throughout that time, Elaine and her colleagues have provided outstanding support to me personally, initially in guiding me through the technical side of fund documentation and multiple new and existing funds.’

Principaux clients

abrdn


Aegon Asset Management


Allianz Insurance plc


Ammper


Asian Development Bank


Asian Infrastructure Investment Bank


Arup


British International Investment plc


Coal Pension Trustees Limited


Croda Pension Scheme


Dalmore Capital Limited


Environment Agency Pension Fund


Farsight Partners


Greater Gwent (Torfaen) Pension Fund


HSBC Alternative Investments Limited


International Finance Corporation


Gresham House


LGPS Central


Local Pension Partnership Investments


Lothian Pension Fund


Merseyside Pension Fund


Michelin Pension Trustees


NILGOSC


Proparco


Railway Pension Investments


Sango Capital Management


Sango Private Equity Fund


Scottish Borders Council Pension Fund


Scottish National Investment Bank


Scottish Widows


Southwark Pension Fund


Stichting Pensioenfonds KPN


Strathclyde Pension Fund


Swedfund


Systemiq Capital


University of Liverpool Pension Fund


National Wealth Fund (formerly UK Infrastructure Bank)


Swiss Investment Fund for Emerging Markets


Principaux dossiers


  • Advised Farsight Partners on the structure and launch of a complex $1bn SMA structure with AB Carval.
  • Advised Strathclyde Pension Fund on its 2024 investment programme.
  • Advised Aegon Investment Management B.V. on various investments in European and US managers made by it or for and on behalf of its managed accounts.

Dentons

The investment funds group at Dentons has deep expertise across private and listed fund structures, with a strong focus on regulatory frameworks. Practice head Claire Armstrong is known for her expertise in both advisory and transactional work, focusing on closed-ended listed fund matters for Scottish, UK and global investment funds, managers and sponsors. Sarah Wylie leads on investment fund and asset management issues, and Owen McLennan leads the firm's private equity group and co-leads the firm’s global investment funds and asset management team.

Responsables de la pratique:

Claire Armstrong


Autres avocats clés:

Sarah Wylie; Owen McLennan


Les références

‘Broad range of relevant experience in the investment funds team. Multiple knowledgeable partners who remain engaged throughout the transaction. High-quality senior associates. Well resourced team.’

‘The Dentons team are very knowledgeable and professional. I have found them easy to deal with and flexible, making themselves available at short notice, and the turnaround times for issues, even random/odd queries, has been excellent. The team has become a trusted partner for my organisation and I would not hesitate to recommend them to other clients.’

‘Deep knowledge and market experience and expertise which goes beyond merely dealing with issues and includes insight and broader guidance.’

Principaux clients

United Kingdom’s Foreign Commonwealth & Development Office


OpenseedVC


The North American Income Trust plc


Invesco Global Equity and Income Trust plc


Cavendish Capital Markets Limited


PRS REIT plc


abrdn UK Smaller Companies Growth Trust plc


Baillie Gifford & Co and its funds including: The Scottish American Investment Company; Baillie Gifford US Growth Investment Trust; Scottish Mortgage; Monks Investment Trust


Edinburgh Worldwide Investment Trust


Patria Private Equity (Europe)


Scottish National Investment Bank


Principaux dossiers


  • Advised FCDO on its MOBILIST programme.
  • Advised Patria (the former abrdn private equity business) on several investments in 2024.
  • Advised Edinburgh Worldwide Investment Trust on a court-approved reduction of capital in the Court of Session and return of up to £130m to shareholders, together with a change to investment policy.