Investment Funds

Fundraising is hypercompetitive, 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 abound in the United States. 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 where to 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);
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.

Private Funds – advising investors / Limited Partners

Secondaries

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 where to domicile, 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 address 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.

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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), (ERISA), anti-money laundering and counter-terrorist financing regulations, (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 capabilities at a glance

More than 40 lawyers globally

Hear from our clients and industry leaders

They are quite simply the best."

Legal 500 UK 2026 (client quote)

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 (client quote)

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 (client quote)

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

Chambers UK 2025

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 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

They have deep industry knowledge and experience across multiple managers and jurisdictions. They explain complex matters in an easy-to-understand manner and have a deep bench."

Chambers USA 2025 (client quote)

Hogan Lovells team demonstrates its ability to advise clients on the formation of a wide spectrum of funds, including buyout and debt funds. The team has notable strength in advising clients in the real estate, healthcare and energy sectors."

Chambers USA 2025

Commitment to the transaction, knowledge and expertise."

Legal 500 UK 2024

Hogan Lovells US LLP‘s growing investment funds practice stands out for its expertise advising Small Business Investment Company licensees and applicants on various fund formation and organizational matters."

Legal 500 USA 2024

Key contacts

Nicholas Holman

Partner

Nicholas Holman

Partner

London

David A. Winter

Partner

David A. Winter

Partner

Washington, D.C.

Thomas Kim

Partner

Thomas Kim

Partner

Singapore

Pierre Reuter

Office Managing Partner

Pierre Reuter

Office Managing Partner

Luxembourg

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 that have raised approximately US$678m across two separate investment vehicles.

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

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, 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.

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.

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.

IFC FMO, Swedfund, Proparco and DEG on numerous complex fund investments and co-investments with emerging market sponsors.

Awards and recognitions

APAC Law Firm of the Year, Transactions

2024

Other ways we can help you

The Private Capital Lifecycle

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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 practices shaped by your issues

Private Funds – advising managers / General Partners

Private Funds – advising investors / Limited Partners

Secondaries

Small Business Investment Companies (SBICs)

Funds regulatory

Private Funds – advising managers / General Partners

Private Funds – advising investors / Limited Partners

Secondaries

Small Business Investment Companies (SBICs)

Funds regulatory

Our capabilities at a glance

More than 40 lawyers globally

Hear from our clients and industry leaders

They are quite simply the best."

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."

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."

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

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

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."

They have deep industry knowledge and experience across multiple managers and jurisdictions. They explain complex matters in an easy-to-understand manner and have a deep bench."

Hogan Lovells team demonstrates its ability to advise clients on the formation of a wide spectrum of funds, including buyout and debt funds. The team has notable strength in advising clients in the real estate, healthcare and energy sectors."

Commitment to the transaction, knowledge and expertise."

Hogan Lovells US LLP‘s growing investment funds practice stands out for its expertise advising Small Business Investment Company licensees and applicants on various fund formation and organizational matters."

Key contacts

Representative experience

Awards and recognitions

APAC Law Firm of the Year, Transactions

Other ways we can help you

Tax

ESG/Impact Funds

Infrastructure

Private Equity

Private Capital

Real Estate

The Private Capital Lifecycle

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