Kirkland & Ellis International LLP continues to play a dominant role in the London private equity market, with its work in 2021 including some of the sector’s largest take-privates, investments, acquisitions and disposals. The team’s client base encompasses some of the most prominent names in US and European private equity, working across mainstream PE and real estate PE, as well as acting for sovereign wealth funds and pension funds. David Higgins leads the team and is one of the most respected figures in London PE, with longstanding connections to a host of buyout houses. Matthew Elliott focuses on the real estate sector, while Adrian Maguire continues to play a key role on a steady stream of deals in both the public and private markets. Elsewhere, Stuart Boyd ‘displays real expertise’ and has a particular focus on public market transactions such as SPACs and take-privates. David Holdsworth is highly active on public and private acquisitions, including cross-border transactions. The firm continues to grow its roster of PE partners, bringing on Vincent Bergin and Keir MacLennan from Freshfields Bruckhaus Deringer LLP in late 2021. Roger Johnson has left the firm.

Clifford Chance LLP is instructed by a range of prominent PE houses to handle some of the largest, most complex transactions in the market. In 2021, the practice acted on a number of high-profile public-to-private deals, most notably advising Clayton Dubilier & Rice on its acquisition of Wm Morrisons Supermarkets plc. Carve-outs, secondary transactions and co-investments are also areas of growth for the team. London practice head Christopher Sullivan is particularly noted for his work on secondaries, while global head of PE Jonny Myers remains active across buyouts and exits. Spencer Baylin is ‘incredibly bright with years of experience behind him’ and serves as relationship partner for many of the firm’s key clients.  The team brought in Neil Evans from Mayer Brown International LLP in January 2022, strengthening its relationships with KKR and Blackstone Real Estate. Oliver Marcuse was promoted to partner in April 2022 and focuses on secondary deals and co-investments. Simon Tinkler left the firm in March 2022.

Fielding an 'excellent team of experts’, Latham & Watkins draws on its private equity expertise in the UK, the US and Europe to advise bulge-bracket PE houses on the full spectrum of transactions in this space. The practice handles a steady stream of large-cap acquisitions, disposals, investments and secondary transactions across a range of sectors, including real estate PE. Practice heads David Walker and Kem Ihenacho have decades of experience  handling global PE deals, with Walker praised as ‘exceptional’; elsewhere, recent addition Paul Dolman has been highly active on transactions across Europe since joining in June 2021, offering ‘high energy and a focus on what matters’. Farah O’Brien focuses on cross-border work, particularly in the technology and life sciences sectors, while Tom Evans has experience acting for sponsors such as Permira, Platinum Equity and Astorg as well as for portfolio companies. Linzi Thomas is another key name to note with expertise in acquisitions, disposals and investments.

Linklaters LLP has a high-quality offering in private equity, with a focus on handling complex, cross-jurisdictional mandates. Praised as ‘always available and extremely responsive’, the team’s work in 2021 included acting on a number of take-privates in the UK and European public markets, as well as handling carve-outs. In addition to its work for prominent funds such as TDR, Apax and Carlyle, the practice also regularly represents consortiums of investors on large-scale buyouts. Highly regarded practice co-heads Alex Woodward and Ben Rodham are well-regarded for their work in this area, with Rodham praised as ‘superbly commercial and pragmatic’. Will Aitken-Davies stands out for his work on cross-border transactions, while Chris Boycott  also had a strong year in 2021, including handling public-to-privates and carve-out deals.

Simpson Thacher & Bartlett LLP  is a ‘very strong team for both public and private M&A’ and is recognised for the breadth of its work in the PE space. The team is well-known for its strong ties to bulge-bracket US funds KKR and Blackstone; its relationship with the latter has been further deepened since Geoffrey Bailhache, a former general counsel at the fund, joined the firm in March 2021. In addition to its offering in mainstream PE, the team is regularly engaged on deals involving real estate, where Wheatly MacNamara is a key contact, and infrastructure, where Amy Mahon is particularly active. ‘Very assured’ partner Ben Spiers serves as practice head, with considerable expertise acting in public and private market transactions for a range of high-profile buyout houses. Derek Baird has expertise in cross-border PE deals, including investments, acquisitions and exits, while Clare Gaskell is noted for her work on transatlantic buyouts. Elsewhere, James Howe stands out for his close relationships with Apax and Silver Lake, acting for the houses  in a string of deals in 2021.

Weil, Gotshal & Manges (London) LLP remains one of the top names in the London private equity market, handling high-value, complex deals for both new and longstanding clients. The team is known for its close relationships with Bain and Advent, and is also making a name for itself acting on transactions at the upper-end of the growth investing space. The addition of public M&A specialist Murray Cox from Slaughter and May in April 2021 has bolstered the practice’s expertise in matters at the intersection of PE and public M&A, such as take-privates, IPOs and carve-outs. Marco Compagnoni leads the team; one of the most respected dealmakers in London PE, he ‘makes the impossible happen’. Beyond Compagnoni, Jonathan Wood is ‘hugely practical’ and acted on a steady stream of deals in 2021, including PE transactions in the public markets, while Michael Francies is an ‘exceptional lawyer’ and stands out for his work on cross-border European PE. Simon Lyell is valued by clients as ‘clever, rigorous, creative and commercial’ and handles both high-value PE buyouts and growth investments.

Allen & Overy LLP‘s ‘exceptionally diligent’ private equity practice maintains strong ties to prominent buyout houses including Bridgepoint and Exponent, providing them with comprehensive advice throughout the private equity lifecycle. The firm’s strong financing capabilities enable it to handle both the financing and M&A aspects of deals, and the London office regularly works with the firm's PE team in Germany on cross-border matters. London partners Stephen Lloyd (corporate) andRobin Harvey  (finance) co-head the global PE team, which counts Gordon Milne, Karan Dinamani and Peter Banks. as key players. Partners are highly praised by clients; Dinamani ‘gives the impression that nothing matters more than his clients’, while Banks is ‘commercial, to the point and incredibly energetic’. Milne is valued as ‘pragmatic and keen to understand the client’s priorities’, while the ‘very impressive’ Lloyd is well-regarded by his peers in this space. Monika Pryzgoda was promoted to partner in May 2022.

Skadden, Arps, Slate, Meagher & Flom (UK) LLP advises on complex private equity transactions including buyouts, carve-outs, bolt-ons, investments and PE-backed mergers. In addition to its specialist PE expertise, the practice is able to draw on substantial expertise across  banking, tax and competition law to provide well-rounded advice to clients. The firm’s PE partners also work closely with the wider London M&A practice to handle matters such as take-privates. Practice head Richard Youle remains highly visible in the London market; noted for his close relationship with Hg Capital, he also handled major deals in 2021 on behalf of Castik and H.I.G. Steven Hannah was made up to partner in April 2021 and recently worked alongside Youle on a number of transactions for H.I.G. Since joining the firm in late 2020, Bruce Embley has developed a practice spanning M&A and private equity, acting for buyout houses and sovereign wealth funds in high-value exits and acquisitions. Katja Butler is also recognised for her expertise in complex, cross-border work and is described by clients as ‘excellent to work with’.

Baker McKenzie maintains strong links to US private equity houses such as KKR and Bain Capital, utilising its global reach to advise on multi-jurisdictional acquisitions, joint ventures and exits. The team’s work in 2021 included acting for clients in a number of auction processes. The practice acts across a range of sectors, with healthcare and technology two particular areas of focus. David Allen leads the team and ‘stays close to the detail while remaining very commercially focused’; Karen Guch, Justin Hutchinson, Nick Rainsford and Alex Lewis  are also active in this space.

Gibson, Dunn & Crutcher substantially expanded its European PE presence in 2021, hiring Federico Fruhbeck, Robert Dixon and Alice Brogi from Vinson & Elkins RLLP as well as Isabel Berger, Wim De Vlieger and Till Lefranc from Sidley Austin LLP. Fruhbeck and De Vlieger now co-head the team and, alongside longstanding partners Nick Tomlinson, Mark Sperotto and Jeremy Kenley , act for a range of funds in this space. The team’s recent workload includes handling acquisitions and exits across Europe, including working with partners in the US to advise on inbound investments by US buyout houses.

‘Responsive, commercially minded and  with good, broad experience’, Goodwin handled a steady stream of PE deals in 2021, acting for both the buy-side and sell-side. Alongside its work for an expanding client base of sponsors, the group is regularly engaged by management teams to handle sales to private equity and also acts for portfolio companies. Much of the rapidly growing team’s work is focused on the healthcare and technology sectors, and it also stands out for its ability to draw on its US links to handle transatlantic deals. Richard Lever heads the team and is ‘knowledgable, responsive and focused on getting the deal done’; other key names include James Grimwood, Gemma Roberts and Carl Bradshaw.

Ropes & Gray LLP continues to be instructed on a wide range of private equity mandates, acting for sponsors on acquisitions and disposals as well as handling investments. The practice is active in both the mid-market and high-value spaces. The team recently experienced several changes, with Kiran Sharma retiring in January 2022 and practice head Will Rosen going on secondment to Bain in the same month. This was followed in April by the addition of a number of PE partners from Fried, Frank, Harris, Shriver & Jacobson LLP, including Dan Oates and Simon Saitowitz. In addition to the new joiners, Helen Croke is a key figure in the team, with experience acting for a number of large and mid-cap PE funds, and John Newton wins praise from clients for his expertise in the healthcare sector. Elizabeth Todd is also well-regarded for her ability to ‘manage both the big picture and the details’.

Travers Smith LLP handles a steady stream of mandates from a number of prominent PE houses, acting across sectors ranging from technology, to financial services, to construction. In addition to its work for funds such as TA Associates, Bridgepoint and Inflexion, the practice also regularly acts for management teams. Ian Shawyer leads the team and has considerable experience across the full range of PE transactions; Lucie Cawood and Adam Orr are also names to note. Cawood has a close relationship with Inflexion, working for the house in carve-outs, exits and investments, while Orr heads up the management advisory group and also advises sponsors and management teams on exits.

White & Case LLP stands out in the market for its European reach, with the firm’s London team collaborating with offices including Frankfurt, Paris and Stockholm to handle acquisitions, exits and portfolio company M&A. Healthcare and technology are two particular sectors of focus for the team. Richard Jones took over as practice head from Kenneth Barry in May 2022, with Barry remaining highly active in the practice. In November 2021, Ross Allardice and Tony Brown both rejoined from Dechert LLP, strengthening the team’s relationship with key client Nordic Capital. Lucy Bullock is another name to note in the practice and leads their specialised portfolio company management team; her work in 2021 was particularly focused on transactions in the public markets.

Cleary Gottlieb Steen & Hamilton‘s globally-focused PE practice is praised by clients for its work on complex transactions and counts carve-outs, co-investments and multi-jurisdictional buyouts amongst its workload. The practice acts for sponsors and portfolio companies on deals, frequently collaborating with its offices in the US and Europe. Mike Preston is ‘easy to deal with’ and alongside Gabriele Antonazzo advises buyout houses from around the work on transactions.

Debevoise & Plimpton LLP is recognised for its work on secondary market transactions, with Katherine Ashton leading on this work and ‘stand-out lawyer’ Andrew Rearick also active in this space. PE investments in Africa are another area of focus for the team and are a particular specialism of Geoffrey Burgess. David Innes leads the London-based team, which collaborates closely with offices in the US.

Dechert LLP acts for buyout houses and sovereign wealth funds across the whole spectrum of deals in the PE space, including acquisitions, exits, investments and portfolio company M&A. The ‘very commercial, efficient and helpful’ team handles transactions both in the high-value and mid-market brackets, in sectors ranging from financial services to technology to healthcare. The practice experienced some turnover in 2021, with Mark Thompson and Sam Whittaker joining from Kirkland & Ellis International LLP and Ross Allardice departing; Thompson subsequently departed, while Whittaker stands out for his work with sovereign wealth funds. Christopher Field leads the practice and is praised as ‘technically brilliant’.

With ‘great pan-European coverage’ and ‘deep subject matter knowledge and experience’, DLA Piper specialises in advising management teams on private equity transactions and continues to handle a steady stream of deals. The team’s work encompasses acquisitions, investments and exits, including IPOs, and it frequently handles cross-border deals. Tim Wright leads the firm’s European private equity team, with Ed Griffiths also highly active in this space.

Offering clients ‘excellent service’ and a ‘partner-led approach’, Macfarlanes LLP has a broad private equity practice encompassing buyouts, portfolio company M&A and advising management teams on exits to private equity and management equity plans. The group, led by Alex Edmondson, draws on its experience in this space to handle complex transactions, such as public-to-private carveouts. Other key figures in the team include Jessica Adam, who often takes the lead representing management teams, Stephen Drewitt, Stephen Pike and Justin Hope. Alex Green is also praised as a ‘trusted adviser’.

With a particular focus on the technology and financial services sectors, Proskauer Rose LLP is adept at handling transactions for both sponsors and portfolio companies. The group wins repeat mandates from many of its clients, advising them on a string of acquisitions, investments and exits. Steven Davis leads the team and is also co-head of the global PE practice; Andrew Wingfield and Richard Bull are two other partners to note.

Slaughter and May continues to expand its presence in the private equity space, advising on private market transactions as well as leveraging its public M&A expertise to handle carve-outs and take-privates. The team acts for sponsors on both the buy and sell-side of deals and is also highly active in portfolio company M&A. Jeff Twentyman focuses on infrastructure PE, while Harry Bacon and Filippo de Falco head up the overall group. The pair have broad expertise in this space, with de Falco particularly noted for his work with Spanish and Italian companies.

Noted for its work on European PE deals, Willkie Farr & Gallagher (UK) LLP handles acquisitions and exits for a broad client base of PE houses and portfolio companies. In addition to its presence in European financial centres, the team’s network of offices in the US enables it to handle transatlantic deals. The team acts on deals across a range of sectors, with financial services and insurance particular areas of focus. Practice head Gavin Gordon is highly experienced in private equity and has practiced alongside David Arnold for much of his career. Claire McDaid is also active in this area, with junior partners Philip Coletto and Andrew Gray other notable names in the team, which is praised for its ‘enviable depth of talent’.