Our Private Investment Funds team advises on a diverse range of funds and joint venture matters. It is particularly well-known in the real estate sector and its proactive, high-quality, commercially astute service is in demand across other asset classes including private equity, renewable energy, hedge funds, distressed debt and emerging market funds, whether based in the UK and offshore.
The team brings together experts providing diligent, proactive advice in all tax, corporate, finance, regulatory and dispute resolution matters required by clients operating in the investment funds sector. The team prides itself upon its innovative approach to the creation of well-structured, robust and well-engineered funds that deliver maximum post-tax returns and to help clients to maintain tax-efficiency and reduce costs and risks.
From creating appropriate investment and development vehicles, advising on financing, fee structures and operating agreements to raising equity and management arrangements, its lawyers design and engineer the best structures for any project. The core team draws on the sector expertise of lawyers in real estate, investment, private equity, pensions, regeneration, infrastructure and banking to offer clients insight across the funds spectrum.
Led by partner Lee Nuttall, with experience in all aspects of tax, funds and investment structures, the team also benefits from the exceptional expertise and unflappable approach of partner Sharon Ayres and Paris-based partners Pierre Appremont and Arnaud Guerin's who add to its international funds experience.
The private funds team is regularly advising on:
- Preliminary structuring advice to clients looking to either establish a fund or joint venture structure
- Fund formation - including tax and regulatory advice, formation of feeder vehicles, co-investment vehicles, fund manager vehicles, carried interest vehicles
- Limited partnerships, limited liability partnerships, trust structures, contractual based structures and corporate structures (on and offshore)
- Fee structures - including carried interest, promote payments and introduction fees
- Advising cornerstone investors on the terms of investment into a private fund
- Negotiating the terms of investment management agreements, fund management agreements and operator agreements
- Acquisitions and disposals of asset management businesses
- The Alternative Investment Fund Managers Directive - including compliance issues, the ability to fall outside of the scope of the Directive, and assistance with obtaining FCA authorisation
- The broad range of regulatory and compliance requirements facing Investment FundsExit arrangements - including IPOs, auctions, and private sales
- Solvency issues, refinancing and complex restructuring
- Specialist EIS fund advice
- Crowdfunding arrangements
- ISA/SIPP/SSAS regulations, and terms and conditions
- Terms of sale or acquisition of interests in pooled funds, whether as cornerstone investor or otherwise
- Portfolio acquisitions and sales
- Loan agreements and related security terms
- Dispute resolution - including disputes over fee arrangements; conflicts of interest; breach of contract and fiduciary duties
- Activist shareholders issues
- Conflicts of interest and governance issues
- Custodian agreements, Prime Brokerage agreements and asset swapping
- Assistance with applications for FCA authorisation
- Marketing and passporting
Clients include investment managers, fund managers, and assets managers, institutional investors, professional investors, wealth managers, and family offices, pension providers, and lenders.
The team are all members and supporters of the Alternative Investment Managers Association, the Investment Property Forum, the British Venture Capital Association, the Chartered Institute for Securities & Investment, and the British Property Federation.