Next Generation Partners

Leading Associates

Firms To Watch: Investment funds

With the addition of Dorothee Atwell from Pinsent Masons Rechtsanwälte Steuerberater Solicitors Partnerschaft mbB in May 2023, A&O Shearman established its funds & asset management practice, which focuses on regulatory support.

Investment funds in Germany

Clifford Chance

Clifford Chance is a popular address for investment companies, financial institutions, asset managers, insurance companies and private investors in connection with the structuring and launch of investment funds, which includes tax structuring as well as investment law matters. Marco Simonis and Sonya Pauls are among the key contacts here. The team is well versed in German, Luxembourg and English fund structures, while investors also benefit from regulatory expertise. These competencies are frequently drawn on in the context of alternative assets such as real estate, infrastructure, private equity and private debt. Cross-border aspects pertaining to international funds are routinely covered thanks to the cooperation with the international network. In January 2024, the team strengthened its expertise in fund tax structuring and fund investments with the addition of Stefan Herr from PwC Legal (PricewaterhouseCoopers Legal AG Rechtsanwaltsgesellschaft); the latter is experienced in supporting investment funds, asset managers, institutional investors and family offices.

Referenzen

‘The cooperation with Andrius Bielinis is characterized by extremely fast communication, thorough examination of tax issues for investment funds, highlighting of tax risks and pragmatic proposals for solutions.’

‘The performance is of very high quality.’

Kernmandanten

Universal Investment


KfW Capital


Aquila Group


DWS


ELF Capital


Invision AG


Deutsche Finance


Genui


Lakestar


HQ Equita


Montana Capital


Highlight-Mandate


  • Advising KfW Capital and Universal Investment on the successful fundraising of the Growth Fund Germany.

  • Advising the Aquila Group on the sale of a majority stake of 74.9% in the Aquila Capital investment company.

  • Advising DWS on the structuring and launch of the first German infrastructure special fund, which was launched at the end of April 2023.

Linklaters

Linklaters investment law advice is based on the three cornerstones of fund structuring, fund regulations and fund investments, while related tax matters are also covered. The focus is on alternative asset classes, with most recent instructions pertaining to real estate. The client roster includes financial institutions, investment and asset managers as well as funds, which benefit from cross-location cooperation, particularly the Luxembourg and US locations. Key contacts include Alexander Vogt and Markus Wollenhaupt, who both comprehensively advise on the structuring, management and regulation of funds.

Referenzen

‘Professional and quick feedback, very good analytical understanding, solution-oriented.’

‘What I value most is the team’s English language skills and their ability to create a synthesis of German, Luxembourg and US law.’

‘Alex Vogt supported us excellently.’

Highlight-Mandate


  • Advising Moonfare on the launch of a new umbrella investment fund (ELTIF) that raises capital from investors and invests it in a co-investment strategy with various private equity funds, on the development of an innovative retail product to make various assets accessible for investment by individual investors and on strategic advice on retail marketing.

  • Advising Fosun International Limited on the sale of the private bank Hauck Aufhäuser Lampe Privatbank AG to ABN AMRO Bank NV.

  • Advising Genesta Nordic Capital Fund Management on the launch of a new closed-end fund and ongoing advice as fund counsel for three real estate funds.

Dechert LLP

Dechert LLP's financial services team is regularly instructed on the structuring and launch of financial and investment products by financial institutions, fund providers and institutional investors. The practice frequently covers cross-border matters in cooperation with the locations in Luxembourg, London and the US, while interfacing regulatory and tax matters are another core focus. Hans Stamm (tax structuring) jointly heads the team with banking supervisory and investment law expert Angelo Lercara. The latter is also experienced in ESG-related regulatory matters. The team supports various regulated open and closed funds and recently assisted with loan, venture capital, real estate and debt funds.

Weitere Kernanwälte:

Arne Bolch


Kernmandanten

Altarius Asset Management Ltd.


Crescent Capital Group


Investec Bank


Prime Capital AG


Robus Capital Management Ltd


Rubinstein&Schmiedel AG


Swiss Capital Alternative Investments AG


Stepstone Group


Union Investment


Highlight-Mandate


King & Spalding LLP

King & Spalding LLP advises asset management companies and investment managers on the structuring, launch, marketing, management, restructuring and liquidation of open and closed real estate funds and, to a lesser extent, infrastructure and other asset funds. Here, the two practice heads Alexandra Weis and Andreas Böhme frequently lead; they are experienced in regulatory and investment law. Clients increasingly draw on this expertise in the context of ESG-related topics, while investment tax law matters are also covered.

Referenzen

‘Very carefully managed boutique with attention to detail – clients can clearly feel that in the consultation.’

‘The practice is part of the group of leading law firms in the support/advice on regulatory issues in the real estate fund asset class and has many years of experience in this area.’

‘Andreas Böhme is characterized by high professional competence and proactivity. He also shows an extremely high willingness to take the practical needs of clients into account when finding solutions and not just answer legal questions. His solutions can always be used without adjustments and he is valued by all colleagues across all departments.’

‘Very well connected, very motivated and committed.’

‘Alexandra Weis: Very structured, tireless in finding a solution to the problem, always very knowledgeable and friendly.’

Kernmandanten

AEW Invest GmbH


Ares Management UK Limited


Commerz Real Investmentgesellschaft


CP Capital (US) Partners


Hannover Leasing


HANSAINVEST Hanseatische Investment GmbH


Institutional Investment Partners GmbH (2IP)


PATRIZIA Frankfurt Kapitalverwaltungsgesellschaft mbH


PATRIZIA Immobilien Kapitalverwaltungsgesellschaft mbH


PATRIZIA Augsburg Kapitalverwaltungsgesellschaft mbH


PATRIZIA Investment Management S.à r.l.


Savills Fund Management


Tishman Speyer


VALUES Institutional Invest GmbH


Wertgrund


Highlight-Mandate


POELLATH

POELLATH impresses with expertise in the structuring, launch and distribution of private equity and venture capital funds as well as other alternative investment funds and international investments. The mainstays include the advice on regulatory as well as tax issues, which are key strengths of Amos Veith. The latter is also well versed in secondaries and GP-led transactions. He is part of the practice led by Jens Steinmüller, who frequently advises on investment solutions and fund investments, and Peter Bujotzek (comprehensive advice on the structuring of alternative investment funds and fund investments). Among the client roster are initiators, investors and management teams.

Referenzen

‘The Poellath team has extensive, up-to-date know-how for setting up a German VC fund. This saves a lot of time and effort.’

 

Kernmandanten

Nordwind Growth


YTTRIUM


Acton Capital Partners GmbH


Future Energy Ventures GmbH


Grazia Capital Management GmbH


Hightech Gründerfonds


DeepTech & Climate Fonds (DTCF)


Bundesministerium für Wirtschaft und Klimaschutz (BMWK)


KfW Capita


General Catalyst


G-Fund Management GmbH


Life Science Valley Management GmbH


Matterwave Ventures


Motive Ventures Management GmbH


Afinum Management GmbH


EOS Partners GmbH


Castik Capital S.à.r.l.


SHS Gesellschaft für Beteiligungsmanagement mbH


Maxburg Capital Management GmbH


Elvaston Capital Management GmbH


Highlight-Mandate


  • Advising YTTRIUM on the fund structuring and fundraising of the Digital Growth Fund II.

  • Advising Maxburg Capital Management GmbH on the €450 million final closing of Maxburg |Fund IV.

YPOG

YPOG focuses on advising venture capital funds, including regulatory and tax law issues, and also increasingly supports national and international infrastructure, debt and private equity funds; here, the team assists institutional investors with investments in the private equity segment. Andreas Rodin is a key contact for this, while practice head Lennart Lorenz also advises German and international clients across the private equity, venture capital and private debt areas, including regulatory issues as well as the structuring of regulated and unregulated investment vehicles.

Praxisleiter:

Lennart Lorenz


Referenzen

‘Julian Albrecht has outstanding expertise and is able to put himself in the customer’s shoes. He has very good communication skills, which are highly valued in our company.’

‘Stephan Bank knows the deal side and also the structuring side.’

‘Stephan Bank: High commitment, cooperative, solution-oriented.’

Kernmandanten

10x Founders


Armira


Deutsche Beteiligungs AG (DBAG)


Deutsche Invest Capital Partners


Digital Infrastructure Vehicle II SCSp SICAV-RAIF


DTCP Growth Equity III


ERIC Fund Management GmbH


Golding Capital


KKA Partners


La Famiglia


Picus Capital Management


Planet A GmbH – Below One Fund I


Rethink Ventures


Speedinvest


Vidia Equity


Highlight-Mandate


  • Advising La Famiglia GmbH on its strategic merger with US venture capital manager General Catalyst.

  • Advice on the establishment of the independent infrastructure fund Digital Infrastructure Vehicle (DIV) with a fund volume of approximately €2 billion.

  • Advising HV Capital GmbH on the structuring of its 9th fund generation with a fund volume of approx. €750 million as well as providing regulatory advice with regards to obtaining a full BaFin license.

CMS

CMS is well versed in fund structuring, including recent instructions in connection with real estate, loan and umbrella funds, the support for investors regarding various target funds and the advice on fund terms and conditions, as well as fund-related transaction support, including crisis management and restructuring; whereas the latter two areas are recent growth topics. Sebastian Sedlak and Daniel Voigt comprehensively advise on regulatory issues, such as the structuring, launch and distribution of investment funds and other investment products, while Tillman Kempf and counsel Yvonne Hohler boast investment tax law expertise.

Praxisleiter:

Daniel Voigt


Referenzen

‘Daniel Voigt, Tillmann Kempf, Yvonne Hohler: Very good knowledge in regulatory and tax law areas, high level of experience, very professional and easy to contact.’

‘Balanced team, in-depth content knowledge across all associate and counsel levels. Fast response times and always reliable.’

‘Daniel Voigt is always characterized by high technical competence coupled with strong communication skills. Even extremely complex issues are broken down in an understandable way. A satisfactory solution is found for every problem. Overall, the entire team works in an extremely solution-oriented manner.’

‘The CMS team was extremely flexible. CMS also handled tight deadlines and a large number of simultaneous mandates very well. Daniel Voigt was also able to bring in additional resources from other locations very spontaneously.’

‘Daniel Voigt: I am particularly pleased with his proactivity; he also provides strategic food for thought. Together we develop pragmatic workarounds for problems. Mr. Voigt is also a good relationship manager who understands our company.’

Highlight-Mandate


Debevoise & Plimpton LLP

Debevoise & Plimpton LLP's cross-locational approach is mirrored in the practice group management: Patricia Volhard acts from the Luxembourg, Paris and London locations in addition to Frankfurt, whereas the team focuses on German and Luxembourg fund structures as well as European regulatory law. In line with Volhard's key strengths, the Frankfurt-based practice regularly supports private equity clients in fund launches and related regulatory issues, including ESG-related issues, such as the requirements of the Sustainability Disclosure Regulation in the Financial Services Sector (SFDR), the Taxonomy Regulation and the new Corporate Sustainability Reporting Directive (CSRD). Volhard jointly heads the practice with international counsel Jin-Hyuk Jang, who focuses on regulatory aspects in connection with the structuring, management and distribution of funds.

Kernmandanten

Adams Street Partners


Asante


The Carlyle Group


Coller Capital


Deutsche Beteiligungs AG


Finance in Motion


Tikehau Capital


KKR


LGT Capital Partners


Morgan Stanley


Novum Capital


Highlight-Mandate


  • Advising the Intermediate Capital Group on its obligations under the Disclosure Regulation at company level and at product level. Additional advice on other sustainability-related transparency obligations at company level.

  • Advising Ardian SAS on the implementation of sustainability-related disclosure obligations under SFDR for funds managed by Ardian. This includes advice on SFDR as well as the implementation of the requirements in the fund documentation and in the ongoing reports.

  • Advising LGT Capital Partners AG on various fund matters and on ESG issues.

GSK Stockmann

GSK Stockmann advises asset managers, capital management companies, start-ups and financial institutions and fields regulatory and investment law expert Robert Kramer, who is experienced in the structuring and launch of closed special and public AIFs, and Petra Eckl, who specialises in tax-optimised fund structuring. Kramer and Eckl jointly head the practice and have recently increasingly assisted with strategic issues both on the asset side, such as the restructuring of real estate funds, and on the investor side, including measures to avoid the suspension of share redemption. This is complemented by expertise in ESG-related issues, which are frequently handled in cross-practice cooperation.

Referenzen

‘Practical proximity, good accessibility.’

‘High level of specialization in the real estate fund sector. The law firm provides a perspective on upcoming legal changes, including implications under European law, and is always up to date.’

‘Robert Kramer from Munich is the head of investment law advice and a valued contact and solution-oriented colleague.’

Kernmandanten

AACHENER GRUNDVERMÖGEN Kapitalverwaltungsgesellschaft mbH


AIF Kapitalverwaltungs-AG


Amundi Deutschland GmbH


Catella Real Estate AG


Competo Capital Invest GmbH


Competo Capital Partners GmbH


DekaBank – Deutsche Girozentrale


Deutsche Investment Kapitalverwaltung AG


KanAm Grund Kapitalverwaltungsgesellschaft mbH


NordVest GmbH


Real I.S. AG , Gesellschaft für Immobilien Assetmanagement GmbH


WohnSelect Kapitalverwaltungsgesellschaft mbH


Highlight-Mandate


  • Advising AIF Kapitalverwaltungs-AG on the launch of a closed real estate special AIF as a service KVG; negotiation of the entire fund documentation and the cooperation agreements with the external asset manager.

  • Ongoing advice to Catella Real Estate AG on the strategic and legal implementation of the requirements arising from ESG regulation at company and product level. In addition, ongoing investment law advice on all matters regarding company and product-related regulatory law.

  • Advising Competo Capital Invest GmbH on the structuring and launch of a second loan fund and on the parallel issuance of mezzanine loans from two loan funds to finance a project development in Berlin.

Hengeler Mueller

Hengeler Mueller fields the two banking supervisory law experts Christian Schmies (also payment services law) and Carl-Philipp Eberlein (also insurance and investment law) and supports clients in the launch and distribution of funds, regulatory and ESG issues as well as transactions and reorganisation across the asset management sector. The team regularly cooperates with the M&A experts in its transaction support, while contentious matters pertaining to the asset management sector are routinely handled in close cooperation with the litigation practice. Among the client roster are institutional investors, asset managers, financial services providers and fund managers.

Highlight-Mandate


Luther Rechtsanwaltsgesellschaft mbH

Luther Rechtsanwaltsgesellschaft mbH impresses with regulatory and tax support for fund managers and asset management companies as well as in advising (regulated) institutional investors on ​​alternative asset classes. The mainstays include the structuring and launch of funds, investments in target funds and co-investment structures as well as transaction support and the assistance with asset and investment platforms. Clients also benefit from the close cooperation with the Luxembourg location. The practice is jointly led by Achim Pütz (design, documentation and distribution of structured financial products and packaging solutions), Martin Hüwel (investment and insurance supervisory law) and Bela Jansen ((investment) tax and regulatory issues in the asset management area).

Weitere Kernanwälte:

Henning Brockhaus; Nicole Bittlingmayer


Referenzen

‘Excellent cross-border cooperation between Luther’s teams in Germany and Luxembourg. Luther actually manages to act like a team here, without the friction that is otherwise common in cross-border coordination. This ability to deliver the relevant topics from a single source is what particularly distinguishes the relevant teams. In addition, the team is also consistently characterized by a very high level of expertise in all aspects of the relevant practice area. There is always a very good interaction between the different specialist areas, so that questions and solutions are considered from all relevant perspectives.’

‘The excellent cooperation at all levels from associate to partner is characterized by a high level of professionalism, trust and goal orientation.’

‘In the area of ​​investment funds, Achim Pütz is certainly one of the most renowned lawyers in Germany. He has an excellent network and enormous experience in the area of ​​alternative assets.’

‘The collaboration with Achim Pütz is characterized by a consistently high level of reliability and profound professional expertise. We value the always solution-oriented exchange with Achim Pütz and his high level of willingness to find pragmatic solutions to complex issues.’

‘The collaboration with Achim Pütz is very trusting and good. We also value his always open and honest manner, especially in difficult legal issues and complex transactions.’

‘Experienced team with particular strengths in alternative investments and securitization.’

‘Martin Hüwel is excellent at his work on mandates.’

‘Achim Pütz: Excellent connections to the market.’

Kernmandanten

AEW Invest GmbH


Quadoro Investment GmbH


aam2cred Debt Investments GmbH


CEE 1. Vermögensgesellschaft mbH


Hauck & Aufhäuser Alternative Investment Services SA


I Squared Capital Advisors (US) LLC


R+V Lebensversicherung AG


HIH Invest Real Estate GmbH


Investitions- und Förderbank Niedersachsen – NBank


Highlight-Mandate


  • Tax and regulatory advice to AEW Invest GmbH on the acquisition of real estate located in other European countries for various real estate AIFs.

  • Advising CEE / Brookfield on the establishment of a new Luxembourg renewable energy fund in the legal form of a SCS SICAV RAIF.

  • Tax and regulatory advice to AMP Capital Investors Limited for the AMP Capital Infrastructure Debt Fund V.

Simmons & Simmons

National and international asset managers, institutional investors and fund sponsors instruct Simmons & Simmons on regulatory and tax law matters pertaining to investments as well as fund launches and structuring. Further mainstays include the advice on ESG topics and other regulatory issues in connection with reporting obligations, the EU Sustainable Finance Disclosure Regulation (SFDR) and the taxonomy regulation. Clients also benefit from the cross-location approach, particularly the cooperation with the Luxembourg location. Practice head Benedikt Weiser is well versed in asset management as well as regulated and unregulated funds and specialises in supporting investors and sponsors in the structuring and design of investment funds.

Praxisleiter:

Benedikt Weiser


Referenzen

‘S&S has a powerful team in the area of ​​investment funds and their regulation. The team in Frankfurt coordinates all other necessary jurisdictions for us in the background. The legal advice is pragmatic and proactive, especially in the “novel” area of ​​ESG, where much is still developing or unclear. The high proportion of very competent women in the team is worth highlighting.’

‘Benedikt Weiser has a lot of experience in the market.’

Kernmandanten

Allianz Global Investors


Cambridge Associates


Fidelity


Wellington


Highlight-Mandate


  • Advising various investment companies such as Harris, Threadneedle, Jane Street, Odey Capital Baillie Gifford, Two Sigma and DE Shaw on the implementation of notification obligations, in particular voting rights notifications and short selling notifications.

  • Advising asset manager Wellington on voting rights notification obligations.

  • Advising various German and Swiss pension funds and insurance companies on their investments in private equity, real estate, infrastructure and debt funds, each between €30 and €80 million.

Goodwin

Led by Sebastian Bruchwitz, Goodwin's private investment funds practice focuses on cross-border support for funds and investors, accordingly, the team frequently cooperates with the international network. The mainstays include the comprehensive advice on regulatory issues, including investment due diligence, as well as transaction support and the launch of funds across various asset classes with a particular focus on Luxembourg structures. Joachim Kayser (fund tax and regulatory law) joined Dentons in February 2024.

Praxisleiter:

Sebastian Bruchwitz


Referenzen

‘Sebastian Bruchwitz: Outstanding understanding of fund structures.’

‘Very good market knowledge, global firm covering many aspects.’

Kernmandanten

Capital Bay Fund Management


Highlight-Mandate


  • Advising Arbaro Advisers GmbH, a subsidiary of Finance in Motion GmbH, on the structuring and launch of a fund in the form of a Luxembourg SCSp that invests in timber assets and carbon credits. The investor is a US industrial company that invests indirectly via a US fund.

  • Advising eValue Family Office on the structuring and launch of a Luxembourg venture fund that makes direct and indirect investments in the EU.

  • Advising PGIM Real Estate in connection with the establishment of a closed-end real estate fund. The targeted fundraising amounts to $500 million. The structure includes a Delaware limited partnership and a Luxembourg SCSp to accommodate German and other European institutional investors.

Greenberg Traurig Germany

Greenberg Traurig Germany supports institutional and private investment managers in target investments and the structuring of funds with a particular focus on alternative asset classes, including various real estate funds, as well as all regulatory, supervisory and investment law issues; clients also benefit from a cross-location approach. The team is led by fund structuring and investment law expert Kati Beckmann.

Praxisleiter:

Kati Beckmann


Weitere Kernanwälte:

Claudia Stremel


Kernmandanten

GARBE Institutional Capital GmbH


Linus Digital Finance


Europa Capital


FAP Group


HanseMerkur Krankenversicherung AG


HanseMerkur Grundvermögen


Highlight-Mandate


  • Advice to six umbrella funds of HanseMerkur Health Insurance with different investment strategies for various target fund investments.

  • Advising GARBE on the acquisition of the fund and management platform GRR Real Estate Management GmbH, one of the leading platforms for retail real estate with a focus on the food sector.

  • Advising Europa Capital on its first institutional open core fund with a target size of €2 billion.

Heuking

Heuking advises asset management companies, institutional investors and financial institutions on the structuring and launch of funds with a focus on alternative asset classes as well as on investments, fund-related transactions and ongoing regulatory issues. Michael Dröge heads the group from Hamburg.

Praxisleiter:

Michael Dröge


Referenzen

‘They understand business models.’

‘Goal-oriented, promoting innovation.’

Highlight-Mandate


McDermott Will & Emery Rechtsanwälte Steuerberater LLP

McDermott Will & Emery Rechtsanwälte Steuerberater LLP recently increasingly advised on real estate, private equity, ESG and infrastructure funds and comprehensively covers regulatory and investment law issues. The team is also experienced in managing investments and launching funds, here, Frank Müller frequently takes the lead; the latter is regularly instructed by asset management companies, institutional investors, asset managers and their regulated and unregulated fund vehicles. Müller jointly heads the practice with Kian Tauser, who complements this offering with investment tax law expertise.

Praxisleiter:

Frank Müller; Kian Tauser


Referenzen

‘Very good cooperation, flexible, quick availability.’

‘Frank Müller provides very practical solutions.’

‘Claudia Benz has detailed knowledge of the KAGB regulations.’

Kernmandanten

Hansainvest


HT Group


BF.capital GmbH


CommerzReal


Empira Asset Management


FOM Invest GmbH


FOM Invest KVG


Hansainvest


HEP Kapitalverwaltung AG


Real I.S. AG Gesellschaft für Immobilien


ReInvest


Swiss Life Kapitalverwaltungsgesellschaft


Universal Investment


UnternehmensGut


VALUES. Institutional Invest GmbH


WealthCap Kapitalverwaltungsgesellschaft


Highlight-Mandate


Orbit

Orbit specialises in investment fund law and offers a full-service approach tailored to the needs of fund initiators and fund managers, here, Christian Hillebrand, Philip Mostertz , Philipp Neidel and Simon Schachinger are the key contacts, as well as private, institutional and public fund investors, where Joachim Mogck is the key contact. The team is experienced in the launch and structuring of funds, most recently venture capital and private equity funds, and advises on fundraising, fund management and investments, including all related tax and regulatory issues.

Referenzen

‘Always available, trustworthy and conscientious. Extremely easy and pleasant to work with.’

‘Philip Mostertz is the reason we switched to Orbit. We continue to be extremely happy with our collaboration.’

‘Philipp Neidel: Very responsive and always available. We really appreciate his precise statements. His good overview of the industry also helped us a lot in the negotiations.’

Kernmandanten

Alpine Space Ventures


Bid Equity


Bioventure


Burda Principal Investments (BPI)


caesar.


CARMA FUND Management


Deutsche Beteiligungs AG (DBAG)


Earlybird


Earlybird Health


eCAPITAL


equation


European Investment Fonds (EIF)


FINVIA


First Momentum Ventures


GREENPEAK PARTNERS


heal.capital Management


Interface Capital Management


Lucid Capital Managament


Mätch.VC


Merantix


MOMENI Ventures Management


Nucleus Capital


Puzzle Ventures


rentenbank (Landwirtschaftliche Rentenbank)


chRobin Capital


Santo Private Equity


SCALEHOUSE


SEVEST Management


StellaVent


Superangels


UNIQA


Vanagon Ventures Management


Vireo Ventures


w3.fund


2bx


415 CAPITAL


Highlight-Mandate


  • Advising the private equity company BID Equity on the €310 million closing of Fund III.

  • Advising GREENPEAK on the structuring of the €350 million Continuation Fund.

  • Advising the European Investment Fund (EIF) on an infrastructure commitment of over €150 million.