Clifford Chance remains a market-leading funds practice, acting for hedge fund managers across Hong Kong, China and Singapore. Under the leadership of Viola Lui, the team also fields expertise in private equity, real estate and registered funds as well as secondary transactions and related regulatory matters. Lui focuses her practice on the structuring and formation of a wide array of closed-ended and open-ended funds. Liyong Xing acts for sponsors and regional fund managers across a range of mandates, from private equity strategies to secondary transactions, joint ventures and sponsor internal equity arrangements. Rocky Mui is an expert in fund formation as well as associated regulatory issues. Matthias Feldmann retired in May 2025.

Regulatory expert Jeremy Lam heads up the financial services team at Deacons. The team is particularly notable for its work on retail funds and also leverages capabilities across the full range of alternative investment funds as well as licensing and compliance issues. Taylor Hui leads the China funds team and has extensive experience acting for asset managers, private equity companies and multinational investment banks in both retail and private funds. Fiona Fong leads the private funds offering and specialises in fund formation. Alwyn Li has a particular focus on ESG, RMB-dominated, QFI and UCITS funds and routinely handles matters with an SFC element. Ming Chiu Li is another key contact for SFC authorised funds, while Pinky Siu handles a broad range of retail funds.

Debevoise & Plimpton LLP offers advice on a range of fundraising matters as well as associated secondary transactions, managed accounts, co-investments and carried interest planning. Shawn Yang and Gavin Anderson jointly lead the practice. Yang lends his expertise to private equity fund formation, secondary transactions and select investor-side representations. Anderson is the firm’s key contact for matters with an international element, splitting his time between London and Hong Kong. Mai Shapiro acts for sponsors on fund formation and structuring matters as well as operational issues.

Led by Albert Cho, the investment funds team at Gibson, Dunn & Crutcher LLP acts for both global and Asia-based private fund sponsors and leverages a strong bench of lawyers with expertise in US-related issues. Cho lends his expertise to fund formation matters as well as co-investment transactions, GP-lead secondaries transactions and related compliance issues. Kathy Wen and Brian Ham are also key members of the team, with the former acting for Asia-based private fund sponsors and the latter bringing international expertise as a US-Registered Lawyer.

King & Wood Mallesons draws on support from offices across the PRC, Singapore, Japan and Australia and is well-equipped to handle a range of fund formations and regulatory issues. In particular, the team is notable for its capabilities in real estate, infrastructure and venture funds. Practice head Jingjing Jiang lends his expertise to both Hong Kong and PRC cross-border and high-value fund formation deals. Guo Sun Lee handles private equity, real estate and emerging market funds, while Cindy Shek advises on a range of mandates from SFC authorised funds to private equity, crypto and venture capital funds. She also excels in licensing applications and compliance matters. Hayden Flinn and Helena Huang also come recommended.

The investment funds group at Kirkland & Ellis is notable for its work on private equity matters and financial sponsor-backed M&A, catering to top sponsors across a range of sectors and jurisdictions. Carol Liu is well-versed in complex fund structuring and formation matters as well as fund liquidity and GP solutions. She leads the practice alongside Jennifer Feng, whose diverse practice encompasses fundraising, structuring and restructuring, fund formation, and carried interest schemes. Jerry Choi handles private fund formation and related matters, with a particular focus on private credit. Justin Dolling left the firm.

Simpson Thacher & Bartlett Hong Kong continues to excel in both Chinese and Japanese fund formation and other alternative investment products and strategies. The Asia private funds team leverages extensive experience in a broad variety of fund types, including private equity, real estate, credit, infrastructure, energy and technology. Adam Furber acts for funds in a wide array of asset classes, from buyout, growth and venture capital to credit, special situations and debt. With experience in both the firm’s London and New York offices, Michael Ceulen is well-placed to advise global private equity funds and leads the team alongside Furber.

A&O Shearman acts for international and local private equity sponsors as well as institutional investors across the full range of fund matters, from structuring and tax to incentive compensation and complex regulatory issues. Lorna Chen spearheads the practice, her background across Europe, Asia and New York making her a key contact for cross-border transactions. She advises on fund structuring, restructuring, and formation, in addition to alternative investment products, and is regularly engaged with new regulatory reforms.

The investment funds team at Baker McKenzie continues to act for both GP and LP side clients across Asia and boasts particular strength in the private equity real estate market. Jason Ng helms the practice and continues to represent the firm’s key client Gaw Capital in a range of complex transactions within Asia. Edwin Wong offers advice on GP-side fund formation, JV fund platforms and strategic private credit, logistics, AI, technology and healthcare funds. Sophia Man has a strong focus on pension products, while Hayley Irons oversees a range of fund mandates including formations, bespoke club funds and joint ventures. Jeremy Ong maintains connections with both the SFC and HKEx and is an expert in Real Estate Investment Trust formation.

Luke Gannon heads up the investment management and funds practice at DLA Piper. The team leverages extensive expertise across private equity, real estate and infrastructure as well as alternative investments and regulatory capabilities. Gannon specialises in new fund structures and acts for both first-time and seasoned fund sponsors. Shinong Wang joined the team from Kirkland & Ellis in February 2025 and has a wealth of experience in private investment fund formation and structuring as well as co-investment arrangements, separate accounts and secondary transactions.

K&L Gates boasts capabilities across a broad range of fund products, spanning private equity fund formation and co-investments, hybrid funds, hedge fund structuring and formation, as well as digital asset structures and related regulatory matters. Team head Scott Peterman focuses his practice on the creation of alternative investment vehicles and has extensive experience across a number of funds, from pan-Asian private equity funds to venture capital funds and emerging exchange-traded funds. Sook Young Yeu acts for institutional investors, investment funds, sponsors, investors and managers in private equity and venture capital investment mandates.

Morrison & Foerster fields a strong bench of lawyers with particular expertise in private equity, venture capital and real estate funds. Serena Tan counts both international and Asian fund sponsors among her clients and is noted for her abilities in USD, RMB and dual-currency fund formation and investment. She also offers advice on regulatory issues, carried interest plans and operational matters. Matthew Lau supports her and leads the firm’s tax practice, advising on tax matters connected to the formation and investment of private equity, real estate, and hedge funds, alongside co-investment vehicles and alternative investments.

Ropes & Gray LLP is notable for its representation of high net worth US funds as well as an impressive range of sovereign wealth clients. Under the leadership of Vincent Ip, the team routinely handles a broad range of issues from fund formation and direct investments to special focus vehicles and secondary transactions. Ip caters to China and Asia-focused private investment funds on formation and related asset management issues. Chune Loong Lum specialises in structuring, formation and capitalisation matters, while Billy Zhang is the firm’s key contact for cross-border mandates.

The investment funds team at Sidley Austin LLP handles a range of mandates, such as GP strategic solutions and fund restructurings and formations. Team head David Lee has a wealth of experience on private equity fund formation and related M&A transactions across China, Japan and the US. He is particularly notable for his work on transactions within the technology and healthcare sectors. Co-head Dominic James is the firm’s key contact for regulatory matters, alongside Felicity Wong who also acts for financial service industry clients across a range of investment schemes.

White & Case's Hong Kong offering advises on the full spectrum of alternative investment fund matters and draws on expertise from offices in Singapore and Tokyo. The team is led by Anthony Wong and is particularly well-regarded for its capabilities in private equity real estate matters. Wong is active in restructurings, co-investments, pension plans and secondaries transactions, among other mandates. Alongside him, Ilan Wong advises institutional investors across Asia, North America and Europe in investments in private and hedge funds as well as separate accounts and secondaries transactions.

The private funds team at Cleary Gottlieb Steen & Hamilton acts for sponsors on a broad variety of fund matters, including strategic minority investments, co-investment arrangements, alternative investment funds and structuring funds with an international investor base. Chris Lee has a wealth of experience across a range of private funds such as healthcare, climate, social impact and real estate funds. He also has expertise across several private fund strategies from buyouts and ventures to special situations and hybrid funds in several jurisdictions.

Linklaters acts for both sponsors and investors across a range of jurisdictions and in a wide variety of issues relating to private funds. Under the leadership of Hibban Ahmed, the investment teams is particularly well-regarded for its ESG capabilities, leveraging expertise in regulations and sustainability-linked investment funds and asset management businesses. Ahmed lends his expertise to the structuring, marketing and formation of alternative investment funds. He also has extensive experience across co-investments and fund debt financing  as well as private equity style joint ventures and equity syndication.

Geoffrey Chan heads up the investment management team at Skadden, Arps, Slate, Meagher & Flom LLP. The team has a wealth of experience advising both GP-side and LP-side clients across private equity, venture capital, private credit, real estate, healthcare and corporate investment capital funds matters. Alongside his extensive list of GP-side clients, Chan acts for institutional investors in Asia-based private equity fund issues as well as other alternative investment vehicles.

Stephenson Harwood is well-placed to handle issues relating to the full spectrum of open-ended and close-ended funds, from hedge funds to venture capital, private equity and credit funds. The team offers advice on formations, structurings and regulatory issues as well as fund documentation, management agreements, side letters and investment arrangements. Penelope Shen spearheads the practice and is noted for her expertise in ESG and CSR initiatives. Brian Ho is an expert in private funds formation.

Having joined the team in January 2025, James Ford leads the investment funds offering at Ashurst. The firm acts for a range of fund managers, sponsors, financial institutions, investors and sovereign wealth funds. Ford brings a wealth of experience in fund structuring and related regulatory and tax transactions, working closely with Asian and Middle Eastern sovereign wealth funds.

CMS Hong Kong LLP ‘s investment funds team is headed up by Paul Moloney. The team leverages expertise in hedge and private equity funds and acts for both asset managers and financial institutions on fund formations and related regulatory issues. Moloney has a particular focus on the negotiation of side letters and profit share arrangements. Helen Wang joined the team in November 2024 and has extensive experience on the full spectrum of investment funds mandates.

The investment funds team at Fangda Partners is well-versed in a broad range fund formation, structuring and negotiation matters, including private equity, venture capital, credit, mezzanine, real estate and hedge funds. The team is jointly led by Richard Guo and Yue Zhang. Dividing his time between Hong Kong and Beijing, Guo is a private equity specialist, while Zhang focuses on USD-dominated fund formation and associated regulatory issues.

Reed Smith Richards Butler LLP covers a broad range of investment fund matters, from fund formation and structuring to regulatory and compliance issues. Mark Cornell leads the team and is well-versed in formation and restructuring matters as well as investments into fund vehicles and joint ventures.

Boutique investment fund firm Willa Legal is well-equipped to advise fund managers, sponsors, investors as well as family offices on specialist private investment fund matters. Founder and practice head Willa Chan is noted for her expertise in Hong Kong fund structures, including limited partnership funds.

The funds team at Withers is well-regarded for its capabilities across both regulatory and commercial matters. Led by regulatory expert Simon Wong, the team excels in tax issues relating to fund formation and transactions, as well as mandates involving cryptocurrency and digital assets.