Investment Funds

Fundraising is hyper competitive, while the world of investment funds is in a state of flux. Knowing what the market terms are for your specific strategy is key. Complex marketing rules have spread across the European Union (EU) and registration requirements have escalated in the United States (U.S.). Media attention has heightened around the globe and assaults on longstanding tax benefits have become commonplace.

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Our fund formation lawyers are present in more than a dozen countries around the globe and represent a diverse range of fund sponsors and institutional investors, constantly navigating this rapidly changing market.

We provide pragmatic and proactive advice to new and established fund managers. We know how best to structure and domicile your fund to meet the needs of both your team and your investors. We are always attuned to the current market terms and we frequently advise institutional investors on state-of-the-art fund terms relating to economic alignment, conflicts of interest, fund reporting, and co-investment and secondary rights.

Our Investment Funds practice is known for its breadth – we represent both fund sponsors and fund investors across:

all fund types (closed-ended, open-ended, private funds, listed funds, pledge funds, funds-of-one, co-investment vehicles and other special purpose vehicles (SPVs), and separately managed accounts (SMAs));
all fund structures (limited partnerships, investment companies, unit trusts, common trust funds, contractual schemes, master-feeder funds and parallel funds);
all the major alternative sectors (infrastructure, renewable energy, real estate, private equity, private credit and venture capital);
all the major jurisdictions (especially the U.S., United Kingdom (UK), Luxembourg, Germany, Channel Islands, Cayman Islands, Mauritius, Hong Kong, and Singapore);
all transaction types (fund formation, co-investments, secondaries – including general partner (GP)-led and continuation funds), feeders, discretionary and non-discretionary advised accounts, and initial public offerings (IPOs); and
both developed and developing markets, including environmental, social and governance (ESG) funds and other social impact funds.

With us by your side, you can enter the market feeling prepared, informed, and confident.

Our capabilities at a glance

Judicial review wins

Ex-government policy advisors

Pieces of legislation changed

Private Funds – advising managers / General Partners

Private Funds – advising investors / Limited Partners

Secondaries

Listed Funds

Small Business Investment Companies (SBICs)

Funds regulatory

As the global marketplace evolves, establishing a private investment fund has become increasingly complex. We can help you identify the best structure and domicile for your fund to meet the needs of both your team and your investors. We understand current market terms and provide pragmatic and proactive advice to new and established fund managers across the globe. Our global investment funds team represents sponsors and managers in the structuring and formation of all types of funds, including: infrastructure, real estate, energy, private equity, venture capital, private credit, and other private investment funds.

Institutional investors need to be sure their strategies cater for macroeconomic shifts as they seek consistent returns in a volatile market. Far more than an adjunct to our sponsor/GP practice, we have built a strong Limited Partner (LP)/investor practice in its own right. Our diverse client base includes funds of funds, sovereign wealth organizations, governmental and policy-driven investor organizations (including development finance institutions), and the pension plans of some of the world's leading commercial businesses. We represent lead and passive investors as well as financial and strategic investors.

The market for secondaries has evolved beyond recognition. They are now a key means for investors to access capital rather than waiting for the life of the fund to receive their return. We advise LPs and GPs on the buy-side and sell-side across all asset classes and have also represented intermediaries and Limited Partner Advisory Committees on large secondary transactions. Additionally, we have advised both GPs and investors on GP stake transactions.

We have one of the leading listed investment company practices in London and have worked on a considerable number of high-profile, complex fund launches. We know the market from every angle, acting for issuers, sponsors, investors and activists.

Having represented dozens of Small Business Investment Company (SBIC) licensees and applicants for over 20 years, we have one of the most established SBIC practices in the field. We advise SBIC licensees and applicants on all aspects of their lifecycle and business operations, including structuring, licensing, fund formation, fund maintenance, regulatory compliance, investments, and liquidation matters.

We are well-versed in global regulatory requirements relevant to fund transactions. In the U.S., our team has extensive experience advising clients on the U.S. Investment Advisers Act, the U.S. Securities Act, banking laws (such as the Volcker Rule), Employee Retirement Income Security Act (ERISA), anti-money laundering and counter-terrorist financing regulations, Committee on Foreign Investment in the United States (CFIUS), and “pay-to-play” rules.
In the UK, we have deep expertise advising funds and fund managers on all areas of UK financial regulation, including retained EU law following Brexit.
Our team also advises on the full range of major EU financial services directives and regulations, including Markets in Financial Instruments Directive (MiFID II), the Alternative Investment Fund Managers Directive (AIFMD), the Sustainable Finance Disclosure Regulation (SFDR), the Taxonomy Regulation, the Non-Financial Reporting Directive (NFRD), and the Corporate Sustainability Reporting Directive (CSRD).
Whether it is a complicated regulatory issue or a commercial perspective on a particular matter, we have the experience and insight to guide you.

Hear from our clients and industry leaders

They are quite simply the best.”

Legal 500 UK 2026

The Hogan Lovells team are absolutely excellent. They are very user-friendly, pragmatic and conscious of the bigger picture. They get to the point of things extremely quickly.”

Chambers UK 2025

A strong and deep team who understand the market well and don't waste time negotiating just to negotiate. They are all about getting the deal done while protecting their client.”

Chambers UK 2025

Strong real assets funds practice with extensive expertise in fund formation and a core focus on infrastructure funds.”

Chambers UK 2024-2025

Strong real assets funds practice with extensive expertise in fund formation and a core focus on infrastructure funds."

Chambers UK 2024

Well-placed to advise on cross-border issues by virtue of its large global network, Hogan Lovells handles the full range of closed-ended and open-ended real estate funds matters."

Legal 500 UK 2024

Commitment to the transaction, knowledge and expertise."

Legal 500 UK 2024

Represents international clients across its full-service scope, providing an excellent cross-border service for a range of contentious, transactional and regulatory work."

Chambers Global 2023

The funds team are at the vanguard of the latest trends and techniques in the fund space. They are able to explain complex issues in an easy-to-understand manner and convey the connection of current day decisions to potential future events."

Legal 500 USA 2023

Key contacts

Nicholas Holman

Partner

Nicholas Holman

Partner

London

Pierre Reuter

Office Managing Partner

Pierre Reuter

Office Managing Partner

Luxembourg

David A. Winter

Partner

David A. Winter

Partner

Washington, D.C.

Thomas Kim

Partner

Thomas Kim

Partner

Singapore

Meet the Investment Funds team

Representative experience

M&G Real Estate on the establishment of numerous funds investing in a range of asset classes, including real estate, private equity, infrastructure, real estate debt and corporate debt.

Canapi Ventures on the formation of Canapi Ventures Fund II and its parallel SBIC fund, Canapi Ventures SBIC Fund II. These fintech venture capital funds have raised approximately US$678m across two separate investment vehicles.

J.P. Morgan Asset Management for over 35 years in the formation, operation, and restructuring of multiple open-end real estate funds, debt funds and infrastructure funds as well as closed-end real estate funds, debt funds, qualified opportunity funds with investments in virtually every real estate sector in the United States and globally.

Partners for Growth Managers on the formation of Partners for Growth VI, its seventh flagship fund, Partners for Growth VI.

Aberdeen on the launch of 12 concession-focused regional infrastructure funds.

Motion Ventures on the formation of Motion Ventures Fund II, its US$100m venture capital fund, Motion Ventures Fund II, which is the largest maritime-focused tech fund in the market to date.

Latticework Capital Management on the final closing of their second buyout fund focused on control equity investments in lower middle market healthcare companies.

Camco Management on the launch of Camco REPP 2, a blended finance fund domiciled in Luxembourg, which targets investment in the small to medium scale renewable energy sector in Sub-Saharan Africa.

International Finance Corporation (IFC), Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden (FMO), Swedfund, Proparco and Deutsche Investitions- und Entwicklungsgesellschaft (DEG) on numerous complex fund investments and co-investments with emerging market sponsors.

Private Infrastructure Development Group’s project development solution, InfraCo, on its anchor investment in the KINETIK Affirma Capital Climate Transition Fund I, an Indonesia-focused climate transition fund managed by Affirma Capital, a Singapore-headquartered private equity firm.

Awards and recognitions

Represents international clients across its full-service scope, providing an excellent cross-border service for a range of contentious, transactional and regulatory work.

Chambers Global

2023

Strong real assets funds practice with extensive expertise in fund formation and a core focus on infrastructure funds.

Chambers UK

2024

Well-placed to advise on cross-border issues by virtue of its large global network, Hogan Lovells handles the full range of closed-ended and open-ended real estate funds matters.

Legal 500 UK

2024

The funds team are at the vanguard of the latest trends and techniques in the fund space. They are able to explain complex issues in an easy-to-understand manner and convey the connection of current day decisions to potential future events.

Legal 500 USA

2023

Commitment to the transaction, knowledge and expertise.

Legal 500 UK

2024

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Investment Funds

Our fund formation lawyers are present in more than a dozen countries around the globe and represent a diverse range of fund sponsors and institutional investors, constantly navigating this rapidly changing market.

Our capabilities at a glance

Judicial review wins

Ex-government policy advisors

Pieces of legislation changed

Explore our capabilities

Private Funds – advising managers / General Partners