The team at Allen & Overy LLP forms part of a closely integrated global team working across multiple jurisdictions, throughout which, one of the principal areas of expertise is real estate funds. In addition, the wider team advises on private equity, infrastructure, credit and sovereign wealth funds. The team is led by Matthew Huggett, who has a notable specialism in advising clients on the impacts of Brexit on their funds. ‘Unflappable’ partner in the team Nick Williams advises a catalogue of significant, and often international, clients on their funds, joint venture arrangements and regulatory requirements, whilst partner Pavel Shevtsov, who has been responsible for some of the team’s largest funds in recent years, specialises in advising clients on UK and EU regulations and legislation. The team’s workload involves working, often cross-jurisdictionally, on high and ultra-high-value real estate funds, from their structuring and establishment, to providing ongoing regulatory and corporate assistance. Dominic Von Wulffen stands out for his work advising institutional, sovereign and DFI investors in real estate, while Emma Danforth was appointed partner in May 2022.

Baker McKenzie‘s investment funds team is led by James Burdett , who has recently been active in advising clients on consortium and co-investment arrangements in infrastructure and real estate matters. The UK team acts as a hub for the wider global offering; its areas of focus include advising investors on complex areas of formation, obtaining FCA recognition of overseas fund structures, acquisition, structuring and negotiation on ultra-high-net-worth matters. Mark Simpson , who leads the non-contentious side of the firm’s financial services and regulatory, is a particularly strong partner. In addition, the team is well-versed in advising on the increasingly significant ESG policies, and has a dedicated sustainability taskforce; partner Caitlin McErlane is a key member of said taskforce, and also has a strong reputation for her specialism in navigating UK and EU financial services regulation.

The team at Clifford Chance LLP is co-led by head of real estate funds Gerard Saviola and head of the global private funds group Alexandra Davidson. The team of real estate specialists provide advice on a broad scope of matters, including real estate; private equity; infrastructure; debt and credit; and emerging market funds; it also has a strong reputation for its broad knowledge of the structuring issues that apply to real estate managers. The firm’s international platform allows it to work effectively on cross-border mandates for its global client base. Specialising in the establishment and operation of private investment funds across asset classes, Lily Marcel was promoted to partner in May 2022 is a notable team member. Also worthy of mention are Alexander Chester, experienced in advising on some of the team’s most complex funds work, and Jonathan Bray, whom has built a strong strong practice advising a global client base on the establishment, structuring and offering of closed and open-ended real estate funds. Former head of the private funds group Nigel Hatfield retired in April 2022.

CMS‘ head of international funds Amanda Howard leads its funds and indirect real assets offering, which is focused on advising big-ticket investors on indirect real assets, structured real estate transactions, joint ventures and funds; said funds are consistently of high and ultra-high-value, complex and cross-jurisdictional. The firm has a significant presence across Europe and continues to develop its practice further afield; with Patrick Groves offering expertise in the structuring and launch of closed and open-ended European and UK real estate funds. The team has developed a particular specialism leading discussions in and advising clients on ESG and sustainability principles. Victoria Henry is a noteworthy team member; her focus is on the funds and indirect real estate space, advising managers and investors on the structuring, establishment and governance of large-scale joint ventures, complicated structured real estate transactions and real estate funds. William Lawrence is also noted as an up-and-coming practitioner, focusing heavily on real estate funds work.

Goodwin‘s real estate funds team is co-led by ‘exceptional partner’ Justin Cornelius and the ‘simply outstanding’ Samantha Lake Coghlan, and is known for its expertise in real estate funds topics affecting the market and industry.  The team regularly collaborates with its Luxembourg office on cross-border matters, with its recent work also seeing significant demand from a diverse set of investors from Europe, the Americas, Asia and the Middle East. The broad range of asset classes the funds team covers includes office, retail, residential, multifamily, industrial, hospitality, senior housing and assisted living, student housing, logistics and infrastructure, it also represents a broad range of investor types, being public pensions, sovereign wealth funds, insurance companies, foundations, family offices and private banks. Partner David Evans has particular expertise dealing with complex tax and real estate issues for both UK and pan-European funds.

UK head of investment funds Matt Keogh leads the team at Linklaters LLP. The team has a strong reputation for expertise across all major fund formation markets, acting for sponsors, management teams and investors. The globally integrated team works consistently on multi-jurisdictional, ultra-high-net-worth and complex real estate deals, alongside advising on the structuring, formation, taxation and regulation of all types of alternative investment funds, including open and closed-ended, perpetual core+ and real estate. In addition, the team has expertise in ESG advisory work, particularly within the European fund space. Managing associate Ben Jennings has experience in private equity, venture capital, hedge, debt funds and real estate work, assisting with both transactional and advisory matters for a broad range of clients. The ‘technically excellent’ and ‘unflappable’ Rahul Manvatkar is a standout team member, as is leader of the offering's private investment practice Clare Baker.

Piers Warburton leads the investment funds team at Ashurst, which provides specialist advice on establishing, investing, restructuring and operating on the full-range of real estate funds, including multi-investor, club deals, pan-continental or global as well as value add, core-plus and core. The team advises on all typical fund vehicles, corporate vehicles and limited partnerships, often on matters cross-jurisdictional and ultra-high-value in nature. Nick Goddard and Nicola Hopkins notably acted for Capman on a cross-jurisdictional value-add real estate fund.

The funds and investment management offering at Bryan Cave Leighton Paisner is headed by Kieran Saunders, specialising in advising on the structuring, operation, formation and restructuring of high-value private investment real estate funds and other real estate investment vehicles, including onshore and offshore limited partnerships, limited liability partnerships, unit trusts and authorised open-ended funds. In addition to its strength with traditional asset classes, it also handles office and retail, real estate debt, build-to-rents and student accommodation matters, and also has a reputation for advising pan-European investors on the impacts of Brexit, as well as advising on ESG principles. Kate Binedell, described as ‘commercial, responsive and technically strong’, has a particular speciality advising global investors on their equity investments and joint ventures.

‘Top-notch real estate funds lawyer’ Steven Cowins leads the investment funds team at Greenberg Traurig, LLP, which has a strong reputation for its knowledge of the wider market and its ability therein to advise on it. Notably, the team has a fully-integrated funds tax capability, which gives it in-built expertise in this area. Its recent workload has involved advising some of the leading clients in the market on complex funds of high and ultra-high-value. In addition, the team has been advising on several continuation funds and GP-led secondaries, complex, cross-jurisdictional end of life funds, and providing guidance on the addition of real estate units in order to improve funds such that they align with ESG criteria. Marc Snell and the ‘fantastic’ Tom Dear have notably been advising on Europa Capital‘s first institutionally open-ended core fund.

The team at Hogan Lovells International LLP advises across the full range of real estate funds; including closed and open-ended, core strategy, value-add, opportunistic, private and listed funds, with a small or a large investor base. The team’s workload consists of frequently cross-border, high-value advisory work regarding complex restructuring, reorganisation and transfer of funds. The firm is also active on ESG issues, with a global practice dedicated to work with funds clients within this space. Global co-head of the investment funds team Nicholas Holman  leads the team, with partner Sian Owles , described as having an ‘impeccable grasp of the area’, a standout team member, with a true niche in real estate work; an expert on joint venture and club deal terms, investment, development, acquisition, disposal and structuring of real estate funds.

The private equity team at Jones Day, noted for its ‘strength-in-depth and creativity’ in this sector, is co-led by John MacGarty and Alistair Grant, who work with the global fund formation sub-team on the firm’s most complex formation transactions and relationships. The team advises its clients on matters across the private funds market’s key sectors, including private equity, venture capital and renewable energy. With regards to its real estate work, the team closed a number of fund and fund-related transactions in the past year, namely advising Greystar Real Estate Partners on its first pan-European real estate fund, which will reach €1.55b in value. It has considerable experience in cross-jurisdictional funds work in particular. In addition, it has advised on private rental sector and commercial real estate investments and on matters including acquisitions, disposals and GP-led secondaries. A trusted advisor to key firm clients on the structuring, formation, and operation of funds and ‘standout talent’ Hannah Rose, is a noteworthy team member.

The Kirkland & Ellis International LLP investment funds group is headed by the ‘super-skilled’ Jonathan Tadd, who has a strong reputation for his knowledge of real estate fund products, in addition to other asset classes. His experience includes working on both local and international investment funds. The team is experienced in advising notable investors on the establishment, formation and restructuring of ultra-high-value funds; it is well-versed in advising UK-based, pan-European and global investors. Benjamin Harding is a noteworthy team member, representing a range of top-tier real estate sponsors on an array of sophisticated investments. Alan Skerritt specialises in advising clients on closed and open-ended investment funds and co-investments across the range of asset classes, with a real estate specialism.

Weil, Gotshal & Manges (London) LLP‘s ‘excellent’ real estate funds team is led by Ed Gander . The team is mainly focused on advising its global, high-profile clients on primary fundraisings and secondary transactions across a range of asset classes, being real estate, real assets, private equity, ESG and credit.  In addition to its UK-based work, the team has a significant standing in pan-European real estate funds due to the calibre of its work on the continent, a recent example being its advising Brookfield European Real Estate Partnership on the formation of its first European-focused real estate investment fund. James Bromley, described as a partner who will ‘go above and beyond’ for his clients, has particular expertise in complex GP-led secondaries and the expansion of funds, whilst James Sargent is described as ‘exceptionally bright’.

Head of the investment management group and co-head of the firm’s real estate sector at Addleshaw Goddard Lee Sheldon , has experience leading the real estate funds offering in advising LPs and GPs on ultra-high-net-worth fund formation and establishment. Notably, the team successfully navigated investors through the difficult fundraising landscape at the height of the Covid-19 pandemic, launching multiple funds for emerging GPs. In addition, it is entrusted by its clients to to work ESG issues into existing funds; Jan Gruter has particular expertise in this field.  Daniel Woolston is well-equipped to advise fund managers, asset managers, developers, family offices and financial institutions. Jonathan Powling departed the firm in mid-2021 to DLA Piper.

Cadwalader, Wickersham & Taft LLP‘s financial services team is led by Michael Newell , who has extensive experience in advising clients in the asset management industry and, particularly on the establishment and reorganisation of onshore and offshore collective investment vehicles. The offering advises across various jurisdictions, on all aspects of the formation, restructuring and operation of investment funds; Michael Gwydir has particular expertise advising internationally. Recently, it has had a particular focus on social housing within real estate. In addition, the team advises regularly on regulatory and compliance issues.

DLA Piper‘s team is led by James O’Donnell, and works across its international offices with a range of notable clients on a variety of investment funds, including real estate, private equity funds, venture capital and structured products. The team advises on all aspects of often ultra-high-value, cross-jurisdictional funds, including structuring and establishment; contentious and non-contentious fund restructuring; advice to potential investors; and advice about structured products. Partner and real estate funds specialist formerly of Allen & Overy LLP, Jonathan Powling, has won new European real estate mandates, as well as continuing to expand the firm’s client base Sam Whittaker is a key name to watch in the team. Notably, former international head of investment funds Andrew Wylie left the firm in June 2021.

The financial services offering at Eversheds Sutherland (International) LLP is led by Michaela Walker , who has recently been appointed as European financial services head, and advises pan-European clients on the establishment and regulation of funds. The team has significantly broadened its workload to make alternative and private funds space work a significant portion of their practice. In particular, it works on ultra-high-net-worth, cross-jurisdictional real estate and infrastructure issues, with an increasing focus on sustainability; recently, the team advised on the rebranding of a $1b fund for AXA to meet ESG principles. Phil Spyropolous is noted for leading on the firm’s ESG initiatives, while Ronald Paterson is noteworthy for his real estate focus. Notably in April 2022, partner Pamela Thompson retired, whilst Ben Watford left the team.

Nick Heather leads Gowling WLG‘s corporate and investment funds team, described as providing ‘top-notch support’ to its clients. The real estate funds offering advises large institutional investors and GPs on complex transactions and has a particular presence in the social housing, specialist supported housing, senior living and retirement housing markets. It deals with private closed-ended, platforms, club deals, joint ventures and deal-by-deal investment structures. The team is recognised for its expertise in investment funds, more specifically in relation to closed-ended, listed funds and REITs; Oliver Riley has established himself as a leading adviser on real estate fund transactions with focus on the launch, structuring and reconstruction of onshore and offshore closed-ended funds and REITs, having advised on the UK residential REIT GCP Student Living.

Herbert Smith Freehills LLP‘s offering includes investment funds specialist Tim West, who has been involved in numerous fund launches, secondary capital raisings and fund reconstructions, primarily in relation to closed ended investment vehicles, advising complex and innovative structures. The team advises GPs and an increasing number of LPs such as sovereign wealth funds on high-value deals. Stephen Newby has expertise in international funds work, with a particular focus on real estate specifically, having advised on the establishment, arrangement and investment on some of the team’s highest-value matters in this sector.

Latham & Watkins‘ funds team works on various funds structures. Clare Scott has particular expertise in assisting sponsors with formation, global fundraising, capital deployment, and operating activities as well as advising on such regulatory matters as AIFMD. Partner James McCrory has been involved in standout real estate-focused work and is fundraising counsel for some of the biggest global real estate and infrastructure managers in the market, such as LaSalle. The team advises on such matters as fund formation, joint ventures, investor representation and management operations. Nick Benson has a strong reputation in private funds.

Macfarlanes LLP‘s private equity real estate team is co-headed by Robert Porter and investment management lead Alex Amos. The team’s recent workload has consisted in large part of property income focused structures. The team assists its high-profile clients on high-value onshore and offshore, closed and open-ended funds, on various aspects, including their formation, acquisition, management and disposal. Further, the team assists clients in navigating increasingly prominent sustainability-focused ESG principles, creating new or adapting existing funds to meet them. Nicole Mitchell is a key member of the team, developing a particular specialism in real estate funds.

‘True expert in his field’ Tim Simmonds leads Osborne Clarke LLP‘s financial institutions group from Bristol, specialising in real estate funds, acting for institutional managers, property fund managers and significant institutional investors. The team advises on funds, tax and regulatory matters, with ESG being an essential part of the firm’s overall business strategy, offering sub-teams to advise clients on the development and implementation of sustainability principles into existing and future funds. Recent notable work includes its advising high-profile investors on the updating of structures and the admission of sovereign wealth into existing funds. Team member Alison Riddle has particular expertise in the field, having worked on the structuring and establishment of real estate funds and the secondary sale and purchase of fund interests and other corporate structures holding real estate.

Paul Hastings LLP‘s team is co-headed by Diala Minott , Christian Parker and Duncan Woollard , who is renowned for his work with leading actors in the global investment funds market. The team works advising on the launch, establishment and closing of real estate funds; notably, it advised global asset manager Capital Group on a matter as such, involving a new sale and leaseback strategy real estate fund, which offered investment access to commercial real estate from owner occupiers or third-party sellers, and the fund ended up oversubscribed at €1.2bn. Diala Minott has particular expertise advising on direct lending funds across Europe, both regulated and unregulated and has also been critical in the team’s ventures into credit and debt funds.

Tom Alabaster leads the growing team at Ropes & Gray, and he has a strong reputation for advising on the international structuring, marketing and operation of real estate funds and real estate fund managers across an array of strategies and jurisdictions. In addition, he is experienced in the structuring of real estate sponsor-to-sponsor M&A, joint ventures, structured secondaries, separate managed accounts and co-investments. The team has a significant real estate funds presence in Europe, providing advice to high-profile clients regarding of formations and transactions of various kinds. Emily Brown is a key member of the team.

The investment funds team at Stephenson Harwood is led by the ‘very bright and solutions-focused’ William Saunders , and is predominantly focused on advisory work regarding the formation, establishment, negotiation, tax and regulatory aspects of funds. It is very much at the fore on invoking the increasingly significant sustainability principles, having, notably, recently supported Immobel Capital Partners on the launch of its new Green Office Impact Fund, focused on investing in and creating a new generation of green offices in leading European cities; significantly, it is expected to reach the highest ESG level. The team specialises in REITs, with a clear focus on social accommodation funds, namely Home REIT, which aims to tackle UK homelessness with accommodation assets. Alex Haynes has a strong reputation in raising, reconstructing and reorganising listed investment funds in the UK and offshore.