We also understand that clients wishing to make an investment into a fund want to understand the risks involved and to be advised on the structure of their investment, that the agreed commercial terms are accurately reflected in the documentation, and on the practicalities of completing the transaction.
We have wide experience of a variety of investment funds and structures providing investment in private equity, real estate and mezzanine finance through the use of limited partnerships, open or closed ended investment companies and a variety of other alternative investment vehicles.
The funds team have experience acting for major players in the industry on their fundraising work and the partners pride themselves on their hands-on approach with clients. Partners in the team have been described as being "a tremendous talent", "a responsive lawyer who knows his stuff" making clients feel they are in "safe hands" and "a great client lawyer... providing calm and very practical counsel in a complex area of legal practise".
Our principal areas of expertise
For fund managers who are fundraising, the team can provide you with lawyers with experience establishing onshore and offshore funds and who can advise you on commercial terms based on our experience establishing funds and on our fund review work for investors. We can carry out an analysis of your existing fund documentation and advise you on minimizing potential risks and we have regulatory experts who can advise you on UK regulation and the likely impact of the AIFM directive. Members of our tax team are experts who can advise on all aspects of fund structuring.
Our team can also help fund managers outside their fundraising cycle. We can assist you to ensure that investment activity complies with the terms of the fund documents and on other operational matters of the fund. We have experience advising on co-investment structures and we can advise you on leaver/joiner issues including conducting an analysis of your carry documents prior to there being a leaver to minimize any drafting uncertainty.
Increasingly investors into fund structures want to understand the nature of the funds they wish to invest in and to have access to our funds team who have experience structuring funds as well as reviewing them. The lawyers in the funds group have acted for a number of significant pension funds, insurance companies and other institutional investors and high-net worth individuals on providing a commercial responsive review of fund structures and their documents.
Private equity funds and mezzanine funds
Pinsent Masons is at the forefront of the private equity industry having for many years had representation on the BVCA Legal and Technical Committee. The firm understands the industry and is second in Unquote's 2011 mid-market Barometer having advised on 16 deals with a value of £525 million (acting for clients such as Barclays Private Equity and Sovereign Capital Partners).
For Mezzanine funds in particular, we advise on the structuring of tax-efficient holding vehicles and on their operation to minimize tax risk. Back
Real estate funds
Our funds team works closely with the real estate group which is one of the largest teams of property specialists throughout the UK and in Dubai. It was a finalist for Real Estate Team of the Year, The Lawyer Awards 2008 and 2009 and Real Estate Team of the Year, Legal Business Awards 2010.
Members of the funds team work as part of our real estate sector initiative to make sure we are aware of market trends and we are a member of the Association of Real Estate Funds. We have extensive experience of giving advice on a wide range of real estate fund structures including closed and open ended structures as well as REITs and PAIFs. Our lawyers regularly act for fund sponsors, investors and asset managers. Back
Listed and authorised funds
We work closely with our corporate finance lawyers to provide a full service offering to fund sponsors and issuers as well as brokers and nomads in connection with listing onshore and offshore structures. We use our extensive private funds experience to add additional layers into a listed structure to allow tax efficient incentive schemes for fund management teams.
Our funds lawyers work with colleagues in our financial services group to provide assistance to clients wishing to set up, operate or understand UK authorised funds as well as authorised funds established under the UCITS regime elsewhere. We advise on REIT launches and on joint ventures and other transactions with REITs. We will be involved in the consultation announced in Budget 2011 to improve the REIT regime and have acted on one of the few PAIFs currently approved by the FSA. Back
Shari’a-compliant funds
For Shari’a-compliant funds, our funds team is enhanced by Islamic finance specialists who have the expertise to structure your fund so that it is suitable for Shari’a investors. Muhammad Abdullah Al-Harith Sinclair is Head of Islamic Finance and Eloise Walker is an expert in Shari'a-compliant tax structuring. The Islamic Finance practice at Pinsent Masons is based both in London and Dubai with a particular focus on asset managers looking to market funds cross-border into the Gulf. Back
Examples of our work