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.
Investment funds in Scotland
CMS
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.