International Funds

Dedicated and market leading China investment funds practice

Lawyers in our Hong Kong funds practice have been forming funds in Hong Kong for well over a decade. We know international funds inside out. We combine that market experience with in-depth regulatory knowledge to give our clients practical, cost-effective legal advice that can be implemented quickly.

Our Hong Kong international funds team is experienced at every stage in a fund-raising process, including but not limited to fund structuring and formation, carry and co-investment structuring for investment teams, advice on fund marketing in global jurisdictions, and regulatory and compliance advice. Our team has grown into one of the largest funds-focused teams in Hong Kong with more than 30 legal professionals qualified to practice the laws of the Hong Kong SAR and PRC and other international laws. This combination allows us to gain substantial market ownership, including niche areas and client base.

Unique China and Global coverage

We have one of the most dedicated cross-border funds practices in the region. We have the flexibility to act for Chinese clients on domestic and international transactions and act for international clients on PRC-related funds matters. We provide both offshore fund formation and our PE and M&A team can seamlessly assist with downstream investments for private equity funds clients.

We are one of the very few firms licensed to practice the laws of the PRC, Hong Kong SAR, Australia, the US, England & Wales and a range of European laws. Our strategic presence in key US and EUME markets in New York, London, Frankfurt and Dubai and affiliated offices in Madrid, Milan and Brussels offer on the ground support for outbound investments. 

We adopt a multi-disciplinary approach, integrating specialist expertise from our funds, corporate, capital markets, regulatory and finance teams in Hong Kong and across the globe.

International, regional and Chinese fund managers and investors including sovereign wealth funds, financial institutions and other parties rely on our advice on cross border fund raising including:

  • Venture funds
  • Private equity and other private investment funds
  • Real estate funds
  • Infrastructure and energy funds
  • Fund of funds
  • Credit funds
  • Hedge funds
  • Fixed income funds
  • Spin-offs
  • Secondary transactions
  • Authorized funds/retail funds
  • Exchange trade funds (ETFs)
  • Real estate investment trusts (REITs)

Leader and first-in-market for Hong Kong LPF regime

Hong Kong launched its own Hong Kong limited partnership fund (LPF) regime on 31 August 2020.

Our team has been highly active with the launch of the LPF regime and has participated with other key market players towards its development. We acted on the first-ever Limited Partnership Fund (LPF) application in Hong Kong and advised on the set-up of Hong Kong limited partnership funds more than any other law firms by a large margin in the market. We are a clear leader in this space and our substantial market share continues to grow.

Comprehensive coverage of fund structures

Retail funds and ETFs

Our practice is supported with an integrated regulatory and tax capability by our established regulatory practice and tax specialists.

We regularly advise on fund launch involving the Securities & Futures Commission (SFC), the regulator of Hong Kong's securities and futures markets and have been acting for leading players in the retail funds and the ETF market. We advise investment managers of Mandatory Provident Fund (MPF) schemes and approved pooled investment funds on product issuance and ongoing product maintenance and regulatory matters.

Segregated liability fund structures

Due to the flexibility of this structure and the cost efficiency in the long run, more and more clients are choosing to structure their funds in the form of a Cayman segregated portfolio company (SPC) or a Hong Kong open-ended fund company (OFC), instead of the traditional limited partnership structure. We assist clients in setting up SPC structures for both open-ended and closed-ended funds. We acted on the setup of one of the first two OFCs in the market when the OFC regime launched.

Over the years, the KWM funds team enjoys a market leading reputation in tribute to our industry specific knowledge, having consistently ranked Band 1 in the Asia-Pacific Region by the Chambers Asia-Pacific Guide 2021.

Testimonials

The team is well experienced in structuring bespoke private funds partnerships. Another client noted, in terms of value, the firm is outstanding. It is proficient, commercial and provide practical advice. In short, it has not only delivered what we would expect in a fund formation counsel, but exceeded our overall expectations.

Chambers Asia-Pacific

They're very unique in the funds space as they have both a US and UK working culture while at the same time are able to work with Chinese clients very well, and they understand the local Chinese regulation and law very well.

 

Chambers Asia-Pacific

They take a very commercial approach in balancing our legal needs and business objectives, and they consistently and constantly provide commercially practical, timely and thoughtful solutions.

Chambers Asia-Pacific

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