Kirkland & Ellis International LLP remains one of the most prominent firms in the London private funds space, with expertise handling bulge-bracket fundraisings for household names in this area. The team is highly active in private equity, drawing on the firm’s outstanding reputation in this sector, and also wins mandates to handle the establishment of credit, infrastructure and special situation funds. The group boasts additional expertise in ESG-focused funds, with the addition of Ruth Knox, who joined the firm in September 2021 from Linklaters LLP, further strengthening its offering in this area. Department head Richard Watkins takes the lead on private equity fundraisings and is ‘thoughtful, calm and measured’, while Anand Damodaran has a broad practice across PE, credit and infrastructure and offers ‘extremely strong technical skills’. Other key partners in the sizeable team include Christopher Braunack and Andrew Shore, who also receives praise from clients. Amala Ejikeme ‘takes the initiative to solve complex issues’ and has experience across both conventional and more novel fund structures. Beyond primary fundraisings, the team is well-regarded for its work on secondaries deals, with Theodore Cardos and Aleksander Bakic, who joined from Akin in January 2022, the key names in this area. Edward Prestwich joined the firm in March 2021 from Macfarlanes LLP, while Amy Fox joined in October 2021 from Simpson Thacher & Bartlett LLP.

Simpson Thacher & Bartlett LLP remains at the top of the London private funds market, handling bulge-bracket fundraisings for some of the most prominent names in private equity. In addition to its well-known strength in this space, the team also wins instructions from GPs to handle the establishment of funds focused on mid-cap buyouts, emerging markets, credit and growth equity. Key names in the practice include the ‘legendary’ Jason Glover, who continues to act on mega-cap fundraisings, and Gareth Earl, who has close relationships with a number of multi-strategy fund managers. Elsewhere, Seema Shah is praised for her ‘excellent commercial understanding’, while Robert Lee‘s workload in 2021 included advising EGT on the fundraising of a a €15.7 billion infrastructure fund. Dan Lloyd is singled out as a ‘very smart and thoughtful lawyer’, and regulatory specialist Owen Lysak has been recently engaged to advise on the creation of innovative fund structures to give high-net worth retail investors access to alternative strategies.

Clifford Chance LLP remains a leading name in private funds, providing comprehensive advice on complex global matters in this space and offering clients ‘deep experience across the market’. The team’s client base includes a host of multi-strategy fund managers, who come to the practice for its ability to provide advice across a range of asset classes, fund structures and key jurisdictions. Alongside its work handling the establishment of credit, private equity, infrastructure and special situations funds, the team has a noteworthy presence in secondary transactions, including GP-led restructurings and the transfer of LP interests. Following the retirement of Nigel Hatfield in April 2022, Alexandra Davidson now serves as global head of funds and investment management and has substantial expertise in high-value fund launches; she is praised as a ‘brilliant, hands-on, pragmatic lawyer’. Gerard Saviola has wide-ranging expertise in this space, having previously worked in New York, Paris and Hong Kong. Alexander Chester and Jonathan Bray are also names to note in the team, while Lily Marcel was promoted to partner in May 2022 and is ‘calm and delivers a timely service’. Senior associate Vishal Mashru is praised as the ‘best right hand person you could have’.

Debevoise & Plimpton LLP‘s ‘exceptionally strong’ private funds team provides ‘commercial and astute’ advice to both established and first-time fund managers. The team has broad expertise in this space, and is noted for its work on credit and secondaries funds as well as those focused on private equity, infrastructure and real estate. The practice particularly stands out for its work in emerging markets, where it acts for a number of managers in establishing Africa-focused funds. Practice head Geoffrey Kittredge is praised as ‘a dean of the private funds industry’ and has broad expertise across fund structures and asset classes. Matthew Dickman also has a varied practice, with a particular focus in technology and VC where he draws on his experience practicing in San Francisco. ‘Highly versatile’ partner John Rife is recognised for his experience handling both primary fundraisings and secondary transactions.

Fried, Frank, Harris, Shriver & Jacobson LLP provides advice to clients across a broad range of fund strategies and asset classes, with experience in handling billion-pound fundraisings for credit, private equity and infrastructure funds. The team also has a strong client following in venture capital and ESG-focused funds, such as those investing in renewable energy assets. Kate Downey and Mark Mifsud jointly lead the practice, with Mifsud taking a sabbatical in summer 2022. Downey leads the firm’s European private equity funds practice and is deeply experienced in both fund establishments and secondary transactions, with ‘excellent’ market knowledge. David Christmas acts for multi-strategy managers in launching PE funds, funds-of-funds, funds-of-one and long-dated funds. Sam Wilson and Piers Harris are also key figures in the team, with Harris promoted to partner in March 2022. Harris and Christmas are praised as ‘available, approachable and very visible on matters’. Associate Karen Henderson is another name to note.

Goodwin has a broad practice, ranging from advising established fund managers on mega-cap fundraisings to acting for first-time managers on establishing smaller, more specialised funds. The team acts across a range of asset types, including private equity, infrastructure, real estate and credit and is also increasingly active in the secondaries space. It also stands out for the cross-jurisdictional nature of its work, with the London team frequently acting alongside the firm’s offices in the US as well as its growing Luxembourg team. Michael Halford leads the team and is praised as ‘one of the most intelligent and bright lawyers in the space’, with experience handling the structuring and fundraising of both bulge-bracket and mid-market funds. Ed Hall focuses on the private equity sector, including infrastructure PE, offering clients ‘intellect, experience and market knowledge’. Ravi Chopra, Ajay Pathak and Shawn D’Aguiar are other names to note in the team, winning instructions across fundraisings and secondary transactions. Hall and Chopra are ‘commercial, highly creative and totally unflappable’, while Pathak ‘strikes the right balance between technical excellence and finding the right fit for the client’. Counsel Benjamin Yeoh is another name to note with broad expertise across a range of asset classes.

Proskauer Rose LLP offers clients broad, deep expertise in the private funds space, with experience in acting for a range of GPs and LPs across private and growth equity, infrastructure, credit and renewable energy funds. The team’s expertise covers fund formation, fundraising and transactions; it is increasingly making a name for itself in the secondaries market, handling a steady stream of formations and transactions in this space including advising funds-of-funds and continuation funds. Jordan Hurwitz was promoted to partner in November 2021, joining the ‘outstanding’ Bruno Bertrand-Delfau as secondaries-focused partners in the team. Nigel van Zyl leads the ‘agile’ team and advises prominent clients on the establishment and management of funds. Edward Lee is noted for his focus on venture capital, while Peter Olds specialises in acting for infrastructure funds. The firm is well-known for its strength in funds matters in the United States, and London-based partners frequently collaborate with partners in the US. The group also boasts a strong bench of associates, with Christopher Elson picked out for his ‘calm demeanor, balanced views, network, and work ethic’.

Weil, Gotshal & Manges (London) LLP is heavily involved in many of the most prominent trends in the private funds space, with an increasing focus on advising ESG and renewable energy funds as well as longer-dated and continuation funds. The ‘hugely experienced’ practice provides strategic advice to first-time managers on fund formations and fundraisings, and also continues to advise prominent GPs on the establishment of mega-cap funds. GP-led secondary transactions are another growing area of work for the team. Ed Gander leads the team and is ‘very experienced, commercial and a great sparring partner’. Other key names to note in the practice include the ‘invaluable’ James Bromley, Stephen Fox, who acts across primary fundraisings and complex structured secondaries, and James Sargent, who is praised as ‘responsive, thoughtful and very commercial’. The 4 partners offer expertise across asset classes including private equity, real assets, ESG and credit. Jacquelyn Volpe is the key senior associate in the group and is ‘highly responsive and efficient’.

Akin has a proven track record in the private equity secondaries space, advising on the establishment of continuation and secondaries-focused funds as well as handling transactions involving fund interests and GP-led restructurings. The team is ‘smart, quick to act and enjoyable to work with’; its work on fund launches extends to advising on the structuring and fundraising of private equity, growth and impact funds, with a notable specialism in emerging markets matters. John Daghlian is hugely experienced in the private equity space, with highly-praised partner Daniel Quinn another name to note in this area; Quinn is also recognised for his work on secondary transactions alongside Mary Lavelle, who ‘adds a tremendous amount of value’. Aleksander Bakic departed the firm in January 2022.

Offering clients ‘the combination of strong legal skills & market know-how’, Allen & Overy LLP acts for a client base including both fund managers and investors. On the fund manager side, practice head Matthew Huggett advises on the establishment of funds across a range of strategies, including growing areas such as environmental impact funds and funds-of-one. Nick Williams is active on fund launches, particularly in infrastructure and real estate, while Dominic Von Wulffen and MaameYaa Kwafo-Akoto act for institutional investors; Kwafo-Akoto is especially noted for her work advising sovereign wealth funds on investments.

Ashurst has a well-rounded private funds practice that specialises in advising on fund launches, drawing on its tax and regulatory expertise as well as its offices in New York, Luxembourg and the Middle East. The team wins plaudits from clients for the commercial nature of its advice as well as for being ‘approachable, practical and down to earth’. Piers Warburton leads the global investments fund practice group and has a strong client following in private equity; clients describe him as ‘exceptional and highly experienced’. Nick Goddard and Nicola Hopkins are also key names to note in the team and act for fund managers and investors across a range of asset classes.

At Latham & Watkins, the ‘very commercial and knowledgeable’ funds group acts across the full spectrum of transactions in the private funds space, counselling clients on fund launches, investments, co-investments and secondary market deals. Practice head Nick Benson is ‘highly respected’ and has wide-ranging expertise across private equity, credit and infrastructure funds as well as in continuation vehicles. He is supported by James McCrory, who is adept at advising on venture capital fundraisings and also acts for LPs on investments. Clare Scott was promoted to counsel in January 2022.

The funds team at Linklaters LLP has a strong offering to fund managers across private equity, infrastructure, credit and special situations, providing advice of ‘exceptional quality’ on structuring, marketing and fundraising. The firm’s office in Luxembourg enables the London team to provide comprehensive assistance on Luxembourg-domiciled funds, and it is also reguarly engaged to advise on funds based in Ireland and the Caymans. Matthew Keogh leads the practice and specialises in debt and credit funds, as well as access funds; clients find his knowledge in this space a ‘really outstanding resource to be able to call upon’. ‘Commercial and practical’ Rahul Manvatkar has broad expertise across a range of fund structures as well as experience in co-investment arrangements, while Clare Baker leads the team’s investor-side practice and acts for pension funds, sovereign wealth funds and institutional investors.

Macfarlanes LLP wins praise from clients for its ‘technically extremely able and highly commercial’ approach to fund formation, with the team’s ability to provide tax and regulatory advice particularly valued by fund managers. The practice is noted for its strength in credit and special situation funds, where it is engaged on billion-pound fundraisings, and is also regularly engaged by growth and impact fund managers. Practice head Stephen Robinson offers ‘an excellent, client driven service’ alongside Harriet Miller, while Sam Brooks specialises in credit funds and is ‘knowledgeable and incredibly easy to work with’. Christopher Good and Alex Amos are also key partners in the team; Good focuses on PE funds, while Amos’ work predominantly involves credit and real estate.

Since practice head Tom Alabaster joined the firm in 2020, Ropes & Gray has made a name for itself in advising GPs and LPs on matters pertaining to a range of asset classes and fund structures. The team’s work for sponsors includes acting for prominent European and American fund managers in launching private equity, growth, impact and credit funds, while on the investor side it is particular active in handling co-investments. Alongside Alabaster, Emily Brown is also a key figure in the practice.

Sidley Austin LLP has ‘a wide breadth of experience’ in the private funds space, offering clients expertise in structured and distressed credit, private equity and special situations funds, as well as in more specialist areas such as litigation funding. The London team frequently acts alongside the firm’s offices in the US to advise clients and also draws on its tax, insurance and banking practices to handle complex mandates. James Oussedik leads the team and focuses on complex credit, while Mateja Maher is the key name to note in private equity. Stephen Ross left the practice to join Macfarlanes LLP in January 2023.

The ‘client-focused’ funds team at Travers Smith LLP sits alongside the firm’s leading private equity transactional practice to advise on the structuring and fundraising of private equity funds. Beyond PE, the practice is also active in venture capital, infrastructure and litigation financing funds. Aaron Stocks leads the overall funds team, with Sam Kay and Jeremy Elmore the key names to note in private funds. Kay, Elmore and Edward Ford all handle fund formation as well as GP-led secondary deals. Kay is ‘super responsive, calm, and always delivers for clients’.

Baker McKenzie stands out for its strong following amongst sovereign wealth fund clients, and also acts for development banks, institutional investors and fund managers on a range of private fund matters. Another differentiator for the practice is the global nature of its workload, which covers deals across Europe, the Middle East, Africa and East Asia. The team is sector-agnostic and is increasingly active in climate-related impact funds. James Burdett leads the team.

‘Truly partner-led with top calibre associates’, Dechert LLP has a varied practice covering closed and open-ended funds across private equity, venture capital, real estate and credit. In addition to the breadth of fund types it advises on, the practice is also noted for its geographic breadth, with experience handling fund establishments in the Channel Islands, the Caymans, and Luxembourg, where the firm has an office. The practice is also developing a presence in Ireland and continues to leverage its US links to advise on transatlantic mandates. Gus Black leads the team and alongside Christopher Gardner and Thiha Tun has substantial expertise advising US and EU clients on fund formations; the trio also handle GP-led secondaries.

Hogan Lovells International LLP is well-known for its strength in the infrastructure funds space, but the team’s expertise extends beyond this to cover venture capital, private equity and impact funds. The ‘broad and versatile’ practice’s workload includes a steady stream of fund launches and investments as well as GP-led restructurings, co-investments and ongoing regulatory advice. Nicholas Holman leads the practice, and alongside Jeremy Pickles offers clients experience across a range of fund types and domiciles. Pickles is ‘pragmatic in his advice’ while Holman is valued for ‘providing good commercial counsel’.

While Paul Hastings LLP is active across private equity, growth capital and impact funds, it is most well-known for its work in credit funds space, where it acts for established managers in fund structuring and formation. The team also has a notable focus on secondaries; Ted Craig joined the firm from Dentons in July 2021 and has significantly added to the firm’s expertise in this space. The group is jointly led by Diala Minott, Christian Parker and Duncan Woollard. Minott and Woollard take the lead on credit funds, while Parker has a particular niche in advising on matters pertaining to risk retention funds. The practice is ‘honest and straightforward’ and is praised as ‘a pleasure to work with’.

Reed Smith LLP handles private fund matters across key jurisdictions including the Channel Islands and Luxembourg, with experience across a variety of asset classes. In addition to its extensive work on fund launches, the practice also regularly handles investments, including co-investments and cornerstone investments. Panos Katsambas and Shervin Shameli jointly lead the ‘dedicated, efficient, technically strong’ practice and offer clients expetise in fund launches and investments involving complex fund structures. Brendan Gallen joined the team from Proskauer Rose LLP in late 2022.

Stephenson Harwood is well-regarded for its expertise in secondaries transactions, where practice head Gabriel Boghossian advises on GP-led restructurings and the establishment of continuation funds. Boghossian is also active on transactions involving limited partnership interests. Alongside its work in secondaries, the team has an active fund formation practice, with Sarah de Ste Croix taking the lead on this work.

Willkie Farr & Gallagher (UK) LLP provides advice to clients on the full lifecycle of funds from establishment and fundraising through to closing. Practice head Solomon Wifa is ‘knowledgeable and thorough’ with deep experience in advising on cross-jurisdictional private fund matters, while Henrietta de Salis specialises in providing regulatory advice. Colin Fulton was made up to partner in January 2021 and alongside Wifa handles both fund management and secondary transactions.

Addleshaw Goddard's 'very personable, client focused team' has a focus on mid-market and emerging GPs. The investment management group is headed up by Lee Sheldon; he works alongside private equity fund formation head Jan Gruter, who splits his time between London and Glasgow. Recent work of note has included advising on the launch of commercial forestry investment funds, private equity fundraising and co-investment fund structuring arrangements.

Since Michael Newell joined the practice in May 2020, Cadwalader, Wickersham & Taft LLP has developed a practice advising on the formation and management of funds investing across a range of asset classes, including credit, real estate and infrastructure. The practice offers expertise in handling the establishment of funds in jurisdictions including the Cayman Islands, the Channel Islands and Luxembourg. In addition to its activity for fund managers, the team is active in advising LPs on investments. In addition to Newell, who is praised by clients as ‘incredibly knowledgable’, Michael Gwydir is another name to note in the team with experience in the structuring of both onshore and offshore funds.

‘A close-knit team with years of experience’, Curtis, Mallet-Prevost, Colt & Mosle LLP stands out for the global nature of its funds practice, which encompasses advising fund managers and investors from the US, the Middle East and across Europe. The London-based practice assists on the structuring, formation and marketing of funds, working with its offices around the world to provide cross-jurisdictional advice. The team is jointly led by Thomas Laurer, an ‘incredibly diligent’ US-qualified lawyer who was previously a part of the firm’s New York funds group; Ryan Hansen, who provides advice on investments, corporate governance and regulations; and Daniel Lewin, a tax specialist who joined the firm in March 2022 from MJ Hudson. Bradley Doline departed the firm in November 2021.

In addition to its work on fund formation, Herbert Smith Freehills LLP handles a steady stream of investments into private funds, and is carving out a niche in advising sovereign wealth funds on these transactions. Stephen Newby has a highly international practice, having previously working in the firm’s Singapore and Dubai offices. Jonathan Blake is another name to note and is highly regarded for his work on private equity funds. Listed funds specialist Tim West is another key member of the team.

K&L Gates LLP entered the London private funds market in 2021, when Daniel Greenaway joined the firm, and has since developed a strong offering to fund managers and investors in the private equity space. Greenaway is ‘knowledgeable, practical, commercial and friendly’ and draws on his background in PE transactions to act for clients in this sector; he has a particular specialism in co-investment structures.

Morgan, Lewis & Bockius UK LLP advises institutional investors on investments into funds as well as on secondary market transactions, including the formation of funds of funds. The ‘highly knowledgeable’ practice also has a presence in the venture capital market where it advises on fund formation and secondary deals. Simon Currie leads the group, while Gawain Hughes is particularly focused on secondaries. Oliver Rochman and Robert Mailer are also key partners in the team; Rochman is a ‘real pleasure to work with’ while Mailer wins praise for his creative approach to VC fund structures.

Osborne Clarke LLP continues to be highly active in the venture capital sector and also advises fund managers on establishing private equity and impact funds. Beyond acting for GPs, the team also advises LPs on investments and secondary deals. Tim Simmonds leads the Bristol-based practice, while ‘responsible and calm’ Helen Parsonage is the key name to note in venture capital. Simon Thomas is also recommended for his experience in alternative funds, where he ‘comes up with innovative solutions’.

Working closely with its network of offices across the UK, Pinsent Masons LLP‘s London office stands out for the breadth of its fund practice, which covers private equity, pensions, infrastructure and real estate funds. Valued for its ‘excellent service’ and ‘up-to-date market experience’, the practice acts for both investors and fund managers, with an increasing focus on climate and impact funds. Ian Warner co-heads the team alongside Edinburgh-based partner David Young, and is known for his work on African funds. Oliver Crowley is another name to note in London with experience in advising GPs and LPs across a wide range of asset classes.

Schulte Roth & Zabel International LLP has a varied practice covering funds across a range of asset classes, including private equity, credit and growth capital. The private funds team draws on the wider firm’s expertise in hedge funds to advise existing hedge fund clients on establishing closed-end funds. It also has a specialism in litigation finance funds. Josh Dambacher and Christopher Hilditch jointly lead the team and offer broad funds expertise, with Jim McNally another name to note. Dambacher is praised as ‘smart, articulate, knowledgeable and sensible’.

‘An excellent, knowledgeable and credible team’, Skadden, Arps, Slate, Meagher & Flom (UK) LLP advises on cross-border fund establishments in sectors including special situations, private equity and credit. The practice also provides ongoing regulatory advice to funds managers, such as assisting with ESG disclosure requirements, and acts for investors including sovereign wealth funds. Greg Norman is the key name to note in the London office and is ‘patient and professional’.