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.
Listed funds in London
Gowling WLG
Practice head(s):
Nick Heather
Other key lawyers:
John Reed; Oliver Riley; Kristian Rogers; Kate Seabourne; Emily Airton
Testimonials
‘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.’
‘John Reed – consistently good advice.’
Key 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
AEW UK REIT PLC
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
Work highlights
- 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.
Practice head(s):
Tim West
Other key lawyers:
Nigel Farr; Nish Dissanayake; Shantanu Naravene
Key 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
Work highlights
- 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.
Practice head(s):
Erik Jamieson
Other key lawyers:
Jonathan Baird; Jeremy Pickles; Amelia Stawpert; James Alder
Testimonials
‘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.’
Key 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
Numis
Pantheon Infrastructure PLC
Peel Hunt
Property Hub REIT plc
Riverstone Energy
Stifel Nicolaus (Europe) Limited
TwentyFour Income Fund Limited
Riverstone Credit Opportunities Income plc
Work highlights
- 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.
Practice head(s):
William Saunders
Other key lawyers:
Alex Haynes; Carolyn Hall; Nick Horton; Kate Longman
Testimonials
‘Great knowledge of the sector.’
‘Always available.’
‘The best closed-ended funds team in the London market.’
‘Alex Haynes is a trusted, long-standing adviser.’
‘Excellent team with relevant experience at all levels.’
‘Partners are responsive, and the associates are of high quality.’
‘Excellent sector knowledge combined with sensible, commercial advice.’
‘Team is diverse with low turnover.’
Key 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
BDO LLP
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 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
Work highlights
- 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.
Dentons
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.
Practice head(s):
Guy Norfolk; Claire Armstrong
Other key lawyers:
Owen McLennan; Sarah Wylie
Testimonials
‘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.’
Key clients
Baillie Gifford & Co
Investec Bank plc
Invesco Select Trust plc
Hansa Investment Company Limited
Invesco Investment Managers
abrdn
Scottish Mortgage Investment Trust
Martin Currie Global Portfolio Trust
The PRS REIT
The Edinburgh Investment Trust
Work highlights
- 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.
Practice head(s):
Richard Sheen
Other key lawyers:
Ian Fox; Margaret Simcock
Testimonials
‘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.’
‘Ian Fox is a very experienced, hands-on practitioner.’
‘Ian Fox is always available with clear, sound and commercial advice.’
Key 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
Work highlights
- 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.
Practice head(s):
Aaron Stocks
Other key lawyers:
Will Normand; Stuart Mackenzie
Testimonials
‘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.’
‘Good partner availability in a large firm with a global footprint.’
‘Aaron Stocks and Will Normand are very available. Aaron has done great work helping the LSE on their Voluntary Carbon Market initiative and Will speaks very well at funds conferences.’
‘Aaron Stocks is an expert in his field. Stuart MacKenzie is an excellent and knowledgeable associate.’
‘Technically very strong.’
Key clients
Alternative Income REIT plc
Assura plc
Chrysalis Investments Limited
Franklin Templeton
finnCap Group
Impact Healthcare REIT
Investec Bank
Jefferies
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
Work highlights
- 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.
Practice head(s):
Victoria Younghusband; Andrew Collins
Other key lawyers:
Charlie Ring
Testimonials
‘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.’
‘Victoria Younghusband possesses extensive expertise in UK listed closed-ended funds and remains up-to-date with emerging issues.’
‘Victoria Younghusband consistently meets our needs in a timely and thorough manner.’
Key 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
Work highlights
- 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
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.
Practice head(s):
Cathy Pitt
Other key lawyers:
Alasdair Steele; Jack Shepherd; Kate Darracott
Testimonials
‘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.’
Key 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
Work highlights
- 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.
Practice head(s):
Delphine Currie
Other key lawyers:
Kat McGriskin