Listed funds in London

Gowling WLG

Gowling WLG‘s funds practice covers the full spectrum of closed-ended funds matters, assisting investment managers with structurings, initial public offerings (IPOs) fundraisings, restructurings and fund liquidations. The team also advises on the gamut of regulatory regimes, including the Financial Conduct Authority’s (FCAs) new consumer duty, the Alternative Investment Fund Managers Directive (AIFMD), Markets in Financial Instruments Directive 2014 (MiFID II) and Sustainable Finance Disclosure Regulation (SFDR) among others. Leading the team is of counsel Nick Heather, who advises both funds and investment banks on IPOs on the London Stock Exchange’s main market and Alternative Investment Market (AIM). John Reed acts for fund managers, banks and sponsors across the lifecycle of funds, from structuring and launch to fundraisings and mergers. Oliver Riley and Kristian Rogers advise banks and investment funds respectively on fundraisings, secondary matters, restructurings and IPOs, while principal associate Kate Seabourne focuses on secondary transactions and IPOs. Senior associate Emily Airton handles both IPOs and fund-related M&A matters.

Responsables de la pratique:

Nick Heather

Autres avocats clés:

John Reed; Oliver Riley; Kristian Rogers; Kate Seabourne; Emily Airton

Les références

‘Highly experienced team, with very involved partners and an insightful service.’

‘Oliver Riley is a very hands-on partner, with a superb skill set.’

‘Oliver Riley offers value added and thoughtful advice consistently.’

Principaux clients

Harmony Energy Income Trust plc

AssetCo plc

Ellora Partners Limited

Cordiant Digital Infrastructure Limited

HydrogenOne Capital Growth plc

Forward Partners Group plc

Castelnau Group plc

Life Science REIT plc

Foresight Sustainable Forestry Company plc

Triple Point Energy Transition plc

Round Hill Music Royalty Fund Limited

Downing Renewables & Infrastructure Trust plc

Temple Bar Investment Trust PLC

Octopus Renewables Infrastructure Trust plc

CEIBA Investment Limited

Numis Securities plc

Winterflood Securities Limited

Peel Hunt LLP

Jefferies International Limited

Singer Capital Markets Limited

Panmure Gordon (UK) Limited

Cenkos Securities plc

Stifel Nicolaus Europe Limited

Urban Logistics REIT plc

Empiric Student Property plc

GCP Student Living plc

GCP Asset Backed Income Fund Limited


Molten Ventures plc

BlackRock Frontiers Investment Trust plc

BlackRock North American Investment Trust plc

BlackRock Energy and Resources Income Trust plc

J.P. Morgan Cazenove

Odyssean Investment Trust plc

Tufton Oceanic Assets Limited

Investec Bank plc

Mercia Asset Management plc

RM Secured Direct Lending plc

RBC Europe Limited

Chenavari Toro Income Fund Limited

Gabelli Value Plus+ Trust plc

Shore Capital and Corporate Limited

abrdn European Logistics Income PLC

International Biotechnology Trust plc

ICG-Longbow Senior Secured UK Property Debt Investments Limited

Montanaro UK Smaller Companies Investment Trust plc

Joh. Berenberg, Gossler & Co. KG

Principaux dossiers

  • Advised Peel Hunt, Jefferies and Ellora Partners, acting as sponsor, joint global co-ordinators, joint brokers, joint bookrunners and intermediaries offer adviser to LXI REIT plc on the publication of a prospectus and a subsequent placing, open offer, offer for subscription and intermediaries offer raising proceeds of £250m.
  • Advised Ruffer Investment Company Ltd on the publication of two prospectuses in connection with the prior issue of, in aggregate, over 125 million redeemable participating preference shares.

Herbert Smith Freehills LLP

Herbert Smith Freehills LLP works with a market-leading roster of UK-listed clients, regularly handling the full complement of transactional and regulatory matters. Practice head Tim West is a specialist in investment fund work whose wide-ranging capabilities span fund launches, secondary raisings, and regulatory compliance reviews. Closed-ended investment funds specialist Nigel Farr is well versed in both public and private fund formation, while Nish Dissanayake is a regular port of call for clients seeking assistance with regulatory concerns. Other key figures include Shantanu Naravane, who regularly handles closed-ended listed fund work with a private equity or healthcare focus.

Responsables de la pratique:

Tim West

Autres avocats clés:

Nigel Farr; Nish Dissanayake; Shantanu Naravene

Principaux clients

abrdn Emerging Markets Investment Company

abrdn Frontier Markets Investment Company

Amedeo Air Four Plus

Apax Global Alpha

Baillie Gifford US Growth Trust

BioPharma Credit

Boussard & Gavaudan Holdings

Brunner Investment Trust

Carador Income Fund

CVC Credit Partners European Opportunities

Doric Nimrod Air One

Doric Nimrod Air Two

Doric Nimrod Air Three

DRI Capital Inc

Gabelli Merger Plus+

HarbourVest Global Private Equity

Henderson European Focus Trust

Highbridge Tactical Credit Fund

Hipgnosis Songs Fund

Impax Environmental Markets

India Capital Growth Fund

JPEL Private Equity

JP Morgan American Investment Trust

JPMorgan Asian Investment Trust

JPMorgan Elect

JPMorgan Global Core Real Assets

Principaux dossiers

  • Advising RBC Capital Markets and J.P. Morgan Cazenove, as joint bookrunners, in connection with a proposed placing by 3i Infrastructure.
  • Advising JPMorgan Global Growth & Income (JGGI) on its merger with The Scottish Investment Trust (SIT).
  • Acted for JGGI on a proposed combination with JPE pursuant to a scheme of reconstruction under section 110 of the Insolvency Act 1986.

Hogan Lovells International LLP

The ‘technically excellent’ listed funds team at Hogan Lovells International LLP focuses on LSE-listed investment vehicles, advising funds specialising in both infrastructure and renewables, with further expertise assisting banks in transactions concerning listed funds. The team is led by the ‘very pragmatic’ Erik Jamieson, who acts for both issuers and underwriters of funds investing in infrastructure, renewables and real estate investment trusts (REITs) in regard to capital raisings, IPOs and mergers. Jonathan Baird, who is dual-qualified in the US and England and Wales, provides regulatory support in addition to advising on public and private capital raisings and fund-related M&A matters, while Jeremy Pickles assists with the launch and restructuring of infrastructure, private equity and venture capital funds. Amelia Stawpert, who made partner in January 2023, assists issuers and banks with listing matters, with particular expertise in the real estate sector. Counsel James Alder is recommended for fund transactions across a range of asset classes, including energy, real estate and emerging markets.

Responsables de la pratique:

Erik Jamieson

Autres avocats clés:

Jonathan Baird; Jeremy Pickles; Amelia Stawpert; James Alder

Les références

‘The team at Hogan Lovells is very strong, they are responsive and technically excellent, whilst being pragmatic and commercial in their advice.’

‘Erik Jamieson is technically incredibly able, responsive, clear and very pragmatic in his advice.’

‘Amelia Stawpert is extremely knowledgeable and considered in her advice, as well as being a pleasure to work with.’ 

Principaux clients

3i Infrastructure plc

now AIP Investment Partners

BH Macro Limited

CATCo Reinsurance Opportunities Fund

Clipstone Industrial REIT PLC

Fidelity Emerging Markets Limited

HICL Infrastructure Company PLC

International Public Partnerships Limited

Investec Bank Plc

Jefferies International

JLEN Environmental Assets Group Limited

JP Morgan Cazenove

Liberum Securities Limited

Life Settlement Assets PLC


Pantheon Infrastructure PLC

Peel Hunt

Property Hub REIT plc

Riverstone Energy

Stifel Nicolaus (Europe) Limited

TwentyFour Income Fund Limited

Riverstone Credit Opportunities Income plc

Principaux dossiers

  • Advised International Public Partnerships Limited on a capital raise.
  • Advised TwentyFour Income Fund Limited on its c.£720m merger with UK Mortgages Limited.
  • Advised Astatine Capital Partners on its £200m IPO and the launch of AT85 Infrastructure Trust PLC on the Main Market of the London Stock Exchange.

Stephenson Harwood

Stephenson Harwood‘s ‘great knowledge of the sector’ facilitates its handling of an array of both UK and offshore-domiciled listed funds matters, advising on prospective IPOs, fund mergers and fundraisings. On the regulatory front, the firm is advising on the FCA’s new consumer duty regime in addition to assisting clients with environmental, social, and corporate governance (ESG) reporting requirements. Leading the team is William Saunders, whose practice encompasses IPOs, shareholder matters and fund mergers. Alex Haynes assists fund managers with the launch of new investment vehicles in addition to advising on restructuring, while Carolyn Hall advises investment banks on the IPOs of closed-ended funds in addition to supporting restructurings and secondary transactions Nick Horton acts for investment managers on the launch of funds and also provides regulatory advice. Managing associate Kate Longman is also recommended.

Responsables de la pratique:

William Saunders

Autres avocats clés:

Alex Haynes; Carolyn Hall; Nick Horton; Kate Longman

Les références

‘Great knowledge of the sector.’

‘Always available.’

‘The best closed-ended funds team in the London market.’

Principaux clients

Aberdeen UK Tracker Trust

Acorn Income Fund Limited

Akur Limited

Allianz Global Investors GmbH

Allianz Technology Trust PLC

Alternative Asset Opportunities PCC Limited

Alternative Credit Investments plc

Alternative Liquidity Fund Limited

Alvarium RE Limited

Alvarium Securities Limited

Aseana Properties Limited

Ashoka India Equity Investment Trust plc

Atlantis Japan Growth Fund Limited

Augmentum Capital LLP

Augmentum Fintech plc

AVI Japan Opportunity Trust plc

BB Healthcare Trust plc

Big Society Capital Limited


BlackRock Income & Growth Investment Trust plc

BlackRock Smaller Companies Trust plc

BlackRock Throgmorton Trust plc

Camper & Nicholsons Marina Investments Limited

Cantor Fitzgerald Europe

CC Japan Income & Growth Trust plc

Cenkos Securities plc

City of London Investment Trust plc

Corevestis Portfolio Management GmbH

Coupland Cardiff Asset Management

Development Partners International LLP

Dr. Peters Holding GmbH

Dragon Capital Limited

Draper Esprit VCT plc

Eighteen East Capital Limited

European Opportunities Trust plc

European Real Estate Investment Trust Limited

Fair Oaks Income Limited

finnCap Limited

GCP Infrastructure Investments Limited

GCP Asset Backed Income Fund Limited

Geiger Counter Limited

Gore Street Capital Limited

Gore Street Energy Storage Fund plc

Gravis Advisory Limited

Gravis Capital Management Limited

Grit Real Estate Income Group Limited

Gulf Investment Fund plc

Henderson Global Trust plc

Henderson International Income Trust Fund

Henderson Value Trust

Hipgnosis Song Management Limited

Home REIT plc

Impax Asset Management Group plc

Invesco Fund Managers Limited

Investec Bank plc

Jefferies International Limited

J.P. Morgan Cazenove

Jupiter Emerging & Frontier Trust plc

Jupiter UK Growth Investment Trust PLC

Jupiter Green Investment Trust plc

Liberum Capital Limited

Lowland Investment Company plc


LXi REIT Advisors Limited

Kudu Investment Management, LLC

Manchester & London Investment Trust plc

MIGO Opportunities Trust PLC

Mobius Capital Partners LLP

Mobius Investment Trust plc

Numis Securities

Oakley Capital Investments Limited

Panmure Gordon (UK) Limited

Peel Hunt LLP

PMM Partners

Premier Miton Global Renewables Trust plc

Premier Miton Investors

Qatar Investment Fund plc

Sancus Lending Group Limited

Scape Living plc

Scape Student Living Limited

Schroder British Opportunities Trust plc

Schroder BSC Social Impact Trust plc

Schroder Investment Management Limited

Schroder Real Estate Investment Management Limited

Schroder UK Public Private Trust plc

Secured Income Fund plc

Seraphim Space Investment Trust plc

Seraphim Space (Manager) LLP

Shore Capital and Corporate Limited

Shore Capital Stockbrokers Limited

Singer Capital Markets Securities

Stifel Nicolaus Europe Limited

Stockdale Securities Limited

Strand Hanson Limited

Strategic Equity Capital plc

Sturgeon Capital Limited

SuperSeed Capital Limited

SuperSeed Ventures LLP

The Bauhaus Investment Trust plc

The Bankers Investment Trust PLC

The Brunner Investment Trust PLC

The Diverse Income Trust plc

The Merchants Trust PLC

Victory Park Capital Advisors

Vietnam Enterprise Investments Limited

Vietnam Holding Limited

Whiteoak Capital Group

Winterflood Securities Limited

Principaux dossiers

  • Acted for LXi REIT plc on its recommended £3.9bn merger with Secure Income REIT plc.
  • Acted on an oversubscribed institutional placing and retail offer for Gore Street Energy Storage Fund plc, London’s first listed energy storage fund, raising £150m.
  • Advised Jupiter Emerging & Frontier Income Trust PLC on various proposals that culminated in a members’ voluntary liquidation.


The ‘friendly, approachable and knowledgeable’ team at Dentons advises listed funds including REITs and other investment trusts and offshore funds on a range of matters, including s. 110 de-mergers, share capital reductions and ongoing operational matters. The practice also provides regulatory and tax support to closed-ended fund managers. Leading the team are London-based Guy Norfolk, who advises on structuring and partnership arrangements, M&A and regulatory issues, and Edinburgh-based Claire Armstrong, whose practice covers real estate and infrastructure among other asset classes. Promoted to partner in May 2022, Owen McLennan advises clients on both fund structuring and restructuring matters, in addition to carving out a niche in impact investing. Senior associate Sarah Wylie rejoined the firm from Dickson Minto WS in June 2022 and focuses predominantly on regulatory issues.

Responsables de la pratique:

Guy Norfolk; Claire Armstrong

Autres avocats clés:

Owen McLennan; Sarah Wylie

Les références

‘Friendly, approachable and knowledgeable listed funds team.’

‘Guy Norfolk is very good.’

‘Claire Armstrong provides a high standard of service but from a lower cost location (Scotland) to make for an excellent value service.’

Principaux clients

Baillie Gifford & Co

Investec Bank plc

Invesco Select Trust plc

Hansa Investment Company Limited

Invesco Investment Managers


Scottish Mortgage Investment Trust

Martin Currie Global Portfolio Trust


The Edinburgh Investment Trust

Principaux dossiers

  • Acting as egal adviser to Investec on its role as sponsor in the merger between Independent Investment Trust plc and Monks Investment Trust plc.
  • Advising Invesco Select Trust plc regarding the court-approved reduction of its share premium account for its UK Equities share class.
  • Acting as sole legal advisers to FCDO in respect of its flagship MOBILIST programme focused on supporting and corner stoning new listed products in the impact space, with its next phase launched during 2022.

Norton Rose Fulbright

Norton Rose Fulbright assists fund managers across the cycle of a fund, supporting fund formations and mergers in addition to advising on regulatory regimes. The firm specialises in advising managers investing in several asset classes, including energy and transport assets, alongside alternatives ranging from debt to insurance. Richard Sheen heads the team, handling fund formation, M&A, and equity capital markets (ECM) transactions. Ian Fox acts for both managers and sponsors in regard to IPOs and fundraisings, with a particular specialisation in property funds. Counsel Margaret Simcock handles the structuring and restructuring of listed funds.

Responsables de la pratique:

Richard Sheen

Autres avocats clés:

Ian Fox; Margaret Simcock

Les références

‘Ian Fox is as good as it gets at this stuff.’

‘A very strong team with a wide breadth of experience.’

‘Always very responsive to requests.’

Principaux clients

Atrato Onsite Energy

BBGI Global Infrastructure SA

BlackRock Latin American Investment Trust

Bluefield Solar Income Fund Limited

Deutsche Bank AG, London branch

DP Aircraft 1 Limited

Ecofin US Renewables Infrastructure Trust PLC

F&C Investment Trust plc

Investec Bank plc

Jefferies International Limited

JP Morgan Cazenove

Liberum Capital Limited

Macau Property Opportunities Fund

Numis Securities Limited

RBC Capital Markets

Singer Capital Markets Limited

Starwood European Real Estate Finance Limited

Taylor Maritime Investments Limited

The Renewables Infrastructure Group Limited

Trian Investors 1 Limited

UIL Limited

UIL Finance Limited

Winterflood Securities Limited

Principaux dossiers

  • Advised Taylor Maritime Investments Limited on its recommended cash offer for Grindrod Shipping Holdings Limited, which values Grindrod at approximately $506m.
  • Advised TRIG, a Guernsey incorporated closed-ended investment fund which invests in renewable energy assets on a non-pre-emptive tap issue of ordinary shares, comprising an institutional placing and retail offer through primary bid.
  • Advised Trian Investors 1 Limited on the requisition to convene an extraordinary general meeting at which the requisitionists were proposing to change the majority of the board and seeking to wind-up the company.

Travers Smith LLP

Travers Smith LLP supports fund managers undertaking fundraisings, IPOs and restructuring measures in addition to secondary solutions. Further to advising funds looking to list on the LSE’s Main Market and Specialist Fund Segment (SFS), in 2022 practice head Aaron Stocks, whose practice focuses on advising investment trusts, REITs and Special Purpose Acquisition Companies (SPACs) on IPOs, assisted the LSE with the creation of the Voluntary Carbon Market, designed to facilitate investments in carbon credits. Will Normand advises fund managers on the establishment of new investment structures aimed at widening funds’ traditional investor bases beyond institutional investors and opening them up to retail investors. Senior counsel Stuart Mackenzie advises London-listed funds on matters concerning the LSE and AIM.

Responsables de la pratique:

Aaron Stocks

Autres avocats clés:

Will Normand; Stuart Mackenzie

Les références

‘The listed funds team understands our product well – the team was involved with the initial launch and has been on hand since.’

‘Will Normand understands the detail and nuances perfectly and is able to give advice that is accurate and commercial every time.’

‘No problem is too big or too small for Will Normand. The best adviser to have on-hand.’

Principaux clients

Alternative Income REIT plc

Assura plc

Chrysalis Investments Limited

Franklin Templeton

finnCap Group

Impact Healthcare REIT

Investec Bank


JPEL Private Equity Limited

Literacy Capital plc

Marwyn Investment Management LLP

N+1 Singer

Nippon Active Value Fund plc

Numis Securities Limited

RBC Europe Limited

Shore Capital

Smithson Investment Trust plc

Stifel Nicolaus Europe Limited

Principaux dossiers

  • Advised Marwyn Acquisition Company II Limited on the launch of its 12-month placing programme with the ability to raise up to £500m of redeemable share capital on the London Stock Exchange.
  • Advised RBC Europe Limited and Investec Bank plc in their capacities as joint placing agents on an accelerated bookbuild equity fundraise carried out by HICL Infrastructure plc.
  • Advised Jefferies International Limited and Jefferies GmBH in JIL’s capacity as sole bookrunner, global coordinator and financial adviser to Gresham House Energy Storage Fund plc in relation to a new share issuance programme.

Charles Russell Speechlys LLP

The ‘personable, pragmatic and commercially astute’ team at Charles Russell Speechlys LLP acts for the full range of fund managers, from boutiques to major international managers, advising on the structuring and establishment of investment vehicles. The practice group also provides advice on regulatory matters, including packaged retail and insurance-based investment products (PRIIPs) and the new consumer duty regulations, as well as tax issues. Following David Hicks‘ move to Simmons & Simmons in January 2023, listings specialist Andrew Collins has stepped into a leadership role alongside Victoria Younghusband, whose practice encompasses the full lifecycle of listed open- and closed-ended funds. Charlie Ring assists fund managers with corporate transactions.

Responsables de la pratique:

Victoria Younghusband; Andrew Collins

Autres avocats clés:

Charlie Ring

Les références

‘Personable, pragmatic and commercially astute.’

‘Very experienced team.’

‘Victoria Younghusband is very commercially aware and has longstanding experience in respect of dealing with cross-border issues and listings/capital markets.’

Principaux clients

The Biotech Growth Trust

Shore Capital

VinaCapital Investment Management Limited

India Capital Growth Fund

Circle Property plc

Duke Royalty

Chelverton Growth Trust

Chelverton UK Dividend Trust

Fidelity China Special Situations

Principaux dossiers

  • Advised Shore Capital, as nominated adviser, broker and bookrunner on a £14m fundraising for AIM-listed investing company, Helios Underwriting Plc, through a placing, direct subscription and open offer.
  • Advised AIM-listed property investing company Circle Property Plc, on its disposal of Kents Hill Park Conference Centre to LXI Property Holdings 4 Limited for £34.5m in cash.
  • Advised Circle Property plc on methods of returning capital to shareholders, including the choice between a tender offer and the creation of redeemable B Shares.


CMS‘very knowledgeable’ listed funds practice is noted for its strength in the REIT space, advising on IPOs and fundraisings while also supporting investment banks in their role as sponsors. The team works alongside the firm’s tax and regulatory groups to provide clients with a full service listed funds offering. Practice head Cathy Pitt acts for both domestic and international funds, assisting with both structuring investment vehicles and fundraisings in addition to her work on ESG issues. Alasdair Steele leads the firm’s ECM practice, advising funds on equity raises among other corporate affairs, while on the banking side, he advises on investment company deals. Jack Shepherd specialises in investment company matters in addition to supporting clients with listings on the LSE Main Market and AIM, while Kate Darracott‘s practice is centred on UK and US securities law.

Responsables de la pratique:

Cathy Pitt

Autres avocats clés:

Alasdair Steele; Jack Shepherd; Kate Darracott

Les références

‘The team is always very responsive to our needs and given deadlines.’

‘They are very knowledgeable, and we feel confident in their ability and advice.’

‘Always very responsive to our needs.’

Principaux clients

Aquila Energy Efficiency Trust plc

Aquila European Renewables plc

CT Private Equity Trust plc

Invesco Perpetual

Jefferies International

JP Morgan Cazenove

Liberum Capital

Numis Securities

Panmure Gordon

Peel Hunt

Rockwood Strategic plc

Securities Trust of Scotland plc

Sequoia Economic Infrastructure Fund Limited

Shore Capital

SLF Realisation Fund

Stifel Europe

Templeton Emerging Markets Investment Trust plc

Principaux dossiers

  • Advised Peel Hunt and Jefferies, as joint sponsors, on Warehouse REIT plc’s move from AIM to the premium segment of the Main Market, and establishment of a placing programme to issue up to 175m new ordinary shares.
  • Acted for Stifel as sponsor on Supermarket Income REIT plc’s transfer from the Specialist Fund Segment to the Premium Segment of the Main Market and subsequent £300m placing.
  • Advised Gresham House Strategic on its change of investment manager, from Gresham House Asset Management to Harwood Capital.

Reed Smith LLP

The team at Reed Smith LLP acts for fund managers on an array of cross-border matters, including the listing of funds on the LSE Main Market and AIM, asset purchases, fundraisings, tax and regulatory issues. Leading the team is Delphine Currie, co-head of the firm’s global corporate group and an ECM specialist noted for her expertise in assisting REITs, also advising on listings, fundraising and compliance. Associate Kat McGriskin acts on a broad range of instructions, assisting with fundraisings, cross-border acquisitions and listings. Fiona McFarlane moved to Bird & Bird LLP in August 2022.

Responsables de la pratique:

Delphine Currie

Autres avocats clés:

Kat McGriskin