Investment Funds

Managing a private equity fund requires a deep understanding of specific industries and the potential financial performance of individual businesses over the medium to long term. Fund managers also need to have a comprehensive knowledge of market practice.

Ashurst delivers valuable insights and innovative solutions across the private equity lifecycle. We advise on all types of private equity funds, from single country venture capital funds to the largest international buyouts. We are continually negotiating fund terms with leading institutional investors and have an excellent knowledge of market practice, understanding the key factors which drive decisions. Our investment funds team can provide you with tailored advice across the spectrum of private equity activity, from fund formation through to investment and exit. We have extensive experience acting for leading institutional sponsors and investors in relation to private equity funds.

Infrastructure funds investing in both public and private assets, particularly in relation to renewable assets, can be an attractive addition to any portfolio. For fund managers, setting up an infrastructure fund requires an expert understanding of the infrastructure sector's unique challenges and opportunities.

Ashurst's infrastructure funds legal service covers fund structuring, formation, investment and exit. The infrastructure funds we act on invest in the full range of infrastructure assets, including renewable energy, oil and gas. Our holistic approach through our global network means our lawyers continually advise fund sponsors, investors, principals, financiers and contractors on some of the world's most significant infrastructure projects and infrastructure funds.

Market conditions are mixed for credit and debt funds. While these investments remain attractive for some, the supporting economic and regulatory conditions remain tight. Given the complexity of structuring credit and debt funds, obtaining sound expert advice is essential.

Our highly experienced, multi-disciplinary investment funds team included credit and debt fund specialists, combining global expertise and local knowledge. We advise on strategies encompassing junior and mezzanine funds as well as senior direct lending funds. We have expertise, which includes tax and regulatory issues, in regulated and unregulated fund structures, investment funds, offshore investment companies and acquisition finance. Our experience extends across the full range of fund structures including those based in Luxembourg, Ireland, the Channel Islands and the UK. We also have particular experience in the formation of credit funds, including direct lending funds, in the European market.

While volatile economic conditions have put the global property market under pressure in recent times, most real estate funds have performed well over the past decade. These funds have been considered attractive due to their ability to offer transparency, portfolio diversification, liquidity, dividend-related income, and protection against inflation.

Ashurst delivers expert advice on establishing, investing, restructuring, and operating real estate funds. We advise on open-ended and closed-end real estate funds, utilising all typical fund vehicles, corporate vehicles, and limited partnerships across multiple jurisdictions. We advise on the full range of real estate funds, from multi-investor to club deals on an opportunistic, value add, core-plus or core basis. In addition, we advise on all types of joint ventures for real estate clients and equity clients, including both leveraged and unleveraged ventures, those with local authorities, regeneration agreements, private clubs of investors and two-party ventures.

For expert legal updates and insights from across the global real estate market, see our Real Estate Hub.

While listed funds can offer substantial returns, they can also be subject to considerable market volatility. Fund managers can gain peace of mind by obtaining expert legal advice whenever developing, launching, or restructuring a listed investment fund.

Ashurst advise some of the market's largest, most complex, and high profile listed investment funds. Our team has expertise in the launch, development and reconstruction of listed investment funds across the globe. This includes investment trusts, IPOs, and REITs, as well as offshore investment companies. We also advise investment banks in their capabilities as financial advisers and bookrunners on listed investment company transactions.

Once a last option resort for exiting, or reallocating capital for LPs while allowing GPs to continue managing high-quality assets, the secondaries market is becoming recognised as a liquidity tool, showcasing a growing market for manager-led deals and more individualised liquidity options.

Ashurst's investment funds team have experience and knowledge of key issues relating to secondary transactions and secondary funds. In particular, this expertise covers secondary transactions on private investment fund portfolios and secondary transactions on portfolio companies, including the formation of a new fund when required.

Managed accounts and co-investments often go hand in hand with core funds and can be an option to bridge a funding gap. They can provide a fund manager with greater control over their investment portfolio while developing and improving skills, expertise and knowledge on the investment side.

Ashurst offers extensive experience acting on managed accounts and co-investments. These arrangements have many different forms, ranging from simple management agreements to complex fund structures, tailored to suit the specific needs of the fund managers and investors.

Fund financing is a growing sector that presents an opportunity to generate investment returns by providing loans to private market funds, including credit funds, private equity funds, real estate funds and infrastructure funds. The market for lending to funds is likely to grow significantly in the years ahead as the size of private market funds also grows.

Ashurst delivers integrated, tailored, and cost-effective advice that covers all aspects of fund finance. Our global investment funds team and global finance team work for many of the world’s largest banks, funds, and other industry participants. We advise on a variety of financing structures, including subscription finance, secondaries financing, and asset-backed, hybrid and general partner facilities. Our lawyers have a long track record of successfully managing large, complex multi-jurisdictional transactions.

Australian investment funds face a challenging near-term future amidst ongoing global economic instability. At the same time, new areas of opportunity are likely to appear for funds in areas such as the energy transition, public infrastructure and technology sectors.

Whether you are a fund manager, trustee or service provider, Ashurst can deliver advice across the full spectrum of investment funds. We can also support you on all aspects of the design, establishment, distribution and operation of managed investment schemes and other fund products. Our team covers listed and unlisted fund matters as well as wholesale and retail funds. We are experts in dealing with new offerings in the fintech space. We also have deep experience advising on superannuation law and practice.