Expertise

Comprehensive expertise in funds and investment management law

We advise clients in asset management and private capital on the full range of transactional and regulatory aspects of their operations, regardless of the underlying asset class (real estate, infrastructure, receivables, private equity, listed equities).

Advising clients in asset management and private capital

Legal structuring and life cycle of asset management and investment industry participants
  • Creation of asset management companies, representative offices and investment firms.
  • Authorisation procedures and support before French regulatory authorities (AMF, ACPR).
  • Management and marketing passports, licences and local/international compliance.
  • Changes of control, resolution procedures and regulatory capital.
  • Secondary transactions, restructurings, mergers and spin-offs of asset management companies.
Structuring, management and life cycle of funds and investment vehicles
  • Structuring, formation, management and fundraising of authorised or alternative investment vehicles.
  • Master-feeder structures, side-by-side structures and separately managed accounts.
  • Authorisation or registration procedures.
  • Negotiations with investors, trading counterparties and service providers.
  • Drafting of legal and contractual documentation, side letters and MFN provisions.
  • Co-investments, club deals, joint ventures, shareholders' agreements, reorganisations, restructurings and governance.
  • Secondary transactions and liquidity and capital solutions (recapitalisations, continuation vehicles).
  • Bridge financings, fund mergers, demergers and acquisitions, and acquisitions of stakes in managers (GP interests).
  • Spin-outs, GP-led restructurings, unwind and exit of vehicles.
  • Incentive schemes and carried interest for management teams.
  • Operational matters relating to the life of investment vehicles.
Distribution and international expansion
  • Marketing, including private placement of foreign funds.
  • Review of marketing materials (presentations, flyers, pitches).
  • Support for managers in their cross-border expansion.
Investment activities
  • Investments, disposals and due diligence.
  • Management mandates, advisory agreements, investment banking agreements and operating partner arrangements.
  • Co-investments, management incentive arrangements and financings.

Advising investors (LPs)

  • Review and negotiation of investors' admission into funds (including subscription agreements, side letters and legal analysis of fund documentation).
  • Advice at the main stages of the fund life cycle and on fund exits.
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