Investment Funds: Private Equity: Secondaries | UK

A commanding force in the private equity space, Kirkland & Ellis handles an exceptional volume of high-profile formation work. The funds group is well versed in raising for buyout funds, funds of funds and infrastructure funds, as well as large secondary transactions. The firm represents a large number of the leading European asset managers and private equity sponsors. Its funds practice is complemented by tax, regulatory, securities and ERISA expertise at the firm. The department is also able to draw on the experience of a wide range of international teams to assist on cross-border matters for global clients. Kirkland & Ellis has enjoyed notable growth in its real estate funds capabilities in recent years.

Proskauer Rose has an impressive global client base consisting of sponsors and institutional investors. The team has a standout buyout fund formation offering while also maintaining a flourishing buy and sell-side secondaries practice that acts for some of the largest funds of funds. The firm is also notable for its work relating to debt and venture funds.

Akin has a notable private funds group that advises on hedge and private equity fund formation, as well as advice on regulation. The team has broad experience across an array of asset classes, including real estate, infrastructure and credit. It comes highly recommended in the hedge fund space, where it boasts deep expertise in US and EU regulations, tax and complex restructurings. Akin also advises many large alternative asset managers as well as startups.

With a dominant private funds group, Clifford Chance has expertise across the range of structures and asset classes. The team is well known for debt, real asset and upper mid-market private equity fund formation work, and especially for its market-leading real estate debt offering. The firm's global resources are fully utilised by the London team, which is able to offer advice to clients from around the world. It acts for an impressive list of clients including high-profile UK, European and global fund managers.

Debevoise & Plimpton has a strong private equity funds practice that is regularly called upon for large pan-European formations by managers, large secondary transactions for buyers or sellers, and complex alternative capital raises. Debevoise's funds team also has additional experience in acting for investors in private funds. Funds targeting assets in emerging markets continue to be a core focus for the department, which offers sponsors full compliance and tax advice for both the US and EU regulatory landscapes.

Fried Frank frequently advises clients on fund formation matters across a broad spectrum of asset classes. The team is adept at advising on a wide array of fund work, from fundraisings and acquisitions to secondary investments and co-investments. The London office is able to leverage the firm's strong New York funds offering to advise its client base of European alternative asset managers and private equity sponsors.

Stephenson Harwood boasts an impressive deal flow, combined with an enviable client list and a deep bench of specialists, that justifies a strong international reputation for both its closed-end listed funds group and private equity secondaries team. It acts for the bulge bracket investment banks, brokers and investment trusts on listings, placings and complex secondary offerings. The firm enjoys market plaudits for its distinguished GP-led transactional practice, in addition to its renowned investor-side prowess. The team is also well versed in real estate fund matters and has notable regulatory expertise.

Willkie maintains a global investment funds practice group. Its London office is able to advise on the formation of secondary funds and has experience of secondary transactions, secondary directs, co-investment deals, management spinouts, managed accounts and joint ventures. The group has acted on multiple portfolio acquisitions and dispositions for a range of institutional investors, including investment banks, pension funds, endowments and fund-of-fund investors.