Gowling WLG is noted for its expertise across closed-ended listed investment funds, advising investment banks, brokers and listed investment funds on IPOs, fund-raising, restructurings, reorganisations, M&As and takeovers. Nick Heather, who leads the group, regularly advises brokers and investment banks on closed-ended listed funds. John Reed handles a range of corporate finance transactions, including public M&A involving investment funds as well as fund structuring and fundraising matters. Oliver Riley advises on launching, structuring and reconstruction of onshore and offshore closed-ended funds. Kristian Rogers advises on capital raisings for a range of funds, while Kate Seabourne-Pugh advises companies on IPOs, secondary fundraises, and transactions for closed-ended listed funds.
Listed funds in London
Gowling WLG
Responsables de la pratique:
Nick Heather
Autres avocats clés:
John Reed; Oliver Riley; Kristian Rogers; Kate Seabourne-Pugh
Principaux clients
Aberdeen Equity Income Trust plc
European Assets Trust plc
Social Housing REIT plc
Shires Income plc
Panmure Liberum Limited
Winterflood Securities Limited
Shore Capital Markets Limited
Atrato Group Limited
Empiric Student Property plc
Home REIT plc
Harmony Energy Income Trust plc
Pacific Investments Limited
Develop North plc
Hydrogen Capital Growth plc
Urban Logistics REIT plc
Life Science REIT plc
Downing Renewables & Infrastructure Trust plc
Weiss Korea Opportunity Fund Limited
BlackRock Frontiers Investment Trust plc
BlackRock American Income Trust plc
Montanaro European Smaller Companies plc
Achilles Investment Company Limited
Castelnau Group plc
AEW UK REIT PLC
Molten Ventures plc
Onward Opportunities Limited
Investec Bank plc
Cordiant Digital Infrastructure Limited
Deutsche Numis
Cavendish Securities plc
JPMorgan Japan Small Cap Growth & Income Plc
Rockwood Strategic Plc
Octopus Renewables Limited
Hipgnosis Songs Fund Limited
AssetCo plc
Marex Group plc
Foresight Sustainable Forestry Company plc
Triple Point Energy Transition plc
Temple Bar Investment Trust PLC
Octopus Renewables Infrastructure Trust plc
CEIBA Investment Limited
Peel Hunt LLP
Jefferies International Limited
Singer Capital Markets Limited
Ruffer Investment Company Limited
BlackRock Energy and Resources Income Trust plc
J.P. Morgan Cazenove
Odyssean Investment Trust plc
Tufton Oceanic Assets Limited
Mercia Asset Management plc
RBC Europe Limited
Chenavari Toro Income Fund Limited
abrdn European Logistics Income PLC (formerly Aberdeen Standard European Logistics Income PLC)
International Biotechnology Trust plc
ICG-Longbow Senior Secured UK Property Debt Investments Limited
Montanaro UK Smaller Companies Investment Trust plc
Joh. Berenberg, Gossler & Co. KG
DCI Advisors Limited
Principaux dossiers
- Advised Empiric Student Property plc on the £723m recommended cash and share acquisition by The Unite Group PLC for the entire issued and to be issued ordinary share capital.
- Advised Life Science REIT plc on its strategic review and decision to enter managed wind-down, including a change of investment objective and policy.
- Advised Harmony Energy Income Trust plc on its £210m recommended takeover by funds managed by Foresight Group LLP, following a contested bidding process.
Herbert Smith Freehills Kramer LLP
Herbert Smith Freehills Kramer LLP is engaged by a host of issuers and funds on closed-ended listed fund formation matters, excelling across a diverse array of structuring, M&A, tax and regulatory mandates. A key port of call for public, private and regulated funds, practice head Tim West regularly advises on fund formation matters across numerous asset classes. Nigel Farr is noted for his expertise in fund launches, secondary money raisings and reconstructions, advising across an array of fund structures and assisting clients with private fund formation. Asset managers engaged Nish Dissanayake for his capabilities across regulatory mandates, fund formation matters, and corporate transactions.
Responsables de la pratique:
Tim West
Autres avocats clés:
Nigel Farr; Nish Dissanayake; Shantanu Naravane; Stephen Newby
Principaux clients
Abrdn Asia Income Fund
Amedeo Air Four Plus
Apax Global Alpha
Baillie Gifford China Growth Trust
Baillie Gifford Shin Nippon
Baillie Gifford UK Growth Trust
Baillie Gifford US Growth Trust
BioPharma Credit
BlackRock Greater Europe Investment Trust
BlackRock Smaller Companies
BlackRock World Mining Trust
Boussard & Gavaudan Holdings
Brunner Investment Trust
CVC Income & Growth
Doric Nimrod Air Two
Doric Nimrod Air Three
Edinburgh Worldwide Investment Trust
European Smaller Companies Trust
Gabelli Merger Plus+
GCP Infrastructure Investments
HarbourVest Global Private Equity
Henderson European Focus Trust
Impax Environmental Markets
JPEL Private Equity
JPMorgan American Investment Trust
JPMorgan Asian Growth & Income
JPMorgan Asian Investment Trust
JPMorgan European Discovery Trust
JPMorgan European Growth & Income
JPMorgan Global Growth & Income
JPMorgan UK Smaller Companies Investment Trust
M&G Credit Income Investment Trust
Marble Point Loan Financing
Menhaden Resource Efficiency
Mercantile Investment Trust
Merchants Trust
NB Global Monthly Income Fund
NB Private Equity Partners
Numis Securities Limited
Pershing Square Holdings
Polar Capital Global Financials Trust
Polar Capital Global Healthcare Trust
Polar Capital Technology Trust
Real Estate Credit Investments
RTW Biotech Opportunities
Schiehallion Fund
SDCL Energy Efficiency Income Trust
SME Credit Realisation Fund
Third Point Offshore Investors
TR European Growth Trust
Volta Finance
Witan Investment Trust
Worsley Investors
Principaux dossiers
- Advised Malibu Life Holdings Limited on its reverse takeover and resulting transformation into a reinsurance holding company re-IPO through its acquisition of a reinsurance company.
- Advised The Schiehallion Fund on its migration from the specialist fund segment to the official list and adoption of UK investment trust tax status.
- Advised HarbourVest Global Private Equity Limited on the adoption of a separately managed account structure alongside its existing listed fund platform.
Hogan Lovells Cadwalader
Noted for its capabilities in listed investment company work, Hogan Lovells Cadwalader acts for both issuers and banks on transactions involving listed funds, advising on M&A, capital raisings and investments. Erik Jamieson, head of the listed funds practice, is known for his expertise across alternative asset range classes, regularly advising on London-listed infrastructure funds, and acting for both issuers and underwriters of infrastructure and renewables funds. James Alder regularly works with issuers, banks and investment managers on capital raisings, M&A, corporate actions and regulatory issues. Amy Williamson is noted for her skills in IPOs, secondary issuances, corporate actions, restructurings and regulatory issues. Michael Newell, an expert in real asset and credit funds, and Jack Andrew Kelly, who focuses on fund formation and impact investing, are also recommended.
Responsables de la pratique:
Erik Jamieson
Autres avocats clés:
James Alder; Amy Williamson; Michael Newell; Jack Andrew Kelly
Principaux clients
Bellevue Healthcare Trust plc
BH Macro Limited
Bluefield Partners LLP
Clipstone Industrial REIT plc
HICL Infrastructure PLC
International Public Partnerships Limited (INPP)
Investec Bank plc
JP Morgan Cazenove
Property Hub
Riverstone Energy Limited
TwentyFour Income Fund
Greencoat UK Wind PLC
Residential Secure Income PLC
Greencoat Renewables PLC
Civitas Social Housing Limited
Principaux dossiers
- Advised HICL Infrastructure PLC on its proposed combination with The Renewables Infrastructure Group by way of a s.110 scheme.
- Assisted Bluefield Partners LLP, Bluefield Services Limited and their subsidiaries with the take private of Bluefield Solar Income Fund Limited and the restructuring of the Bluefield group.
- Advised Bellevue Healthcare Trust plc on its successful relaunch as CT Healthcare Trust plc, including the appointment of Columbia Threadneedle as replacement investment manager.
Stephenson Harwood
The corporate funds team at Stephenson Harwood regularly works with companies on matters concerning activist shareholders, consolidations, liquidations and returns of value to shareholders. The team also assists clients on mandates concerning investment manager changes, fundraising and admissions to trading. Fund specialist William Saunders excels in transactions involving investment trusts, offshore funds and investment managers. Practice head Alex Haynes advises on establishments, raising funds, reconstructions, and reorganisations of listed investment funds. Carolyn Hall handles a range of corporate transactions for issuers and investment banks, while Nick Horton regularly advises on launches of closed-ended listed funds. Kate Longman is noted for her experience handling reconstructions and secondary issues.
Responsables de la pratique:
Alex Haynes
Autres avocats clés:
William Saunders; Carolyn Hall; Nick Horton; Alexa Whitehead; Kate Longman
Principaux clients
Akur Limited
Allianz Global Investors GmbH
Allianz Technology Trust PLC
Alternative Liquidity Fund Limited
Alti RE Limited
APQ Global Limited
Artemis UK Future Leaders plc
Aseana Properties Limited
Ashoka India Equity Investment Trust plc
Ashoka WhiteOak Emerging Markets Trust plc
Asian Energy Impact Trust plc
Augmentum Capital LLP
Augmentum Fintech plc
AVI Japan Opportunity Trust plc
Baillie Gifford US Growth Trust plc
BDO LLP
Bellevue Healthcare Trust plc
Better Society Capital Limited
BlackRock Income & Growth Investment Trust plc
BlackRock Smaller Companies Trust plc
BlackRock Throgmorton Trust plc
Canaccord Genuity Limited
Cantor Fitzgerald Europe
Capital Gearing Trust P.l.c.
Cavendish Securities plc
CC Japan Income & Growth Trust plc
CG Asset Management Limited
Chikara Investments LLP
City of London Investment Trust plc
Corevestis Portfolio Management GmbH
Custodian Property Income REIT plc
Development Partners International LLP
Digital 9 Infrastructure plc
Dr. Peters Holding GmbH
Dragon Capital Limited
Eighteen East Capital Limited
Ellora Partners Limited
European Opportunities Trust plc
Fair Oaks Income Limited
GCP Asset Backed Income Fund Limited
GCP Infrastructure Investments Limited
Geiger Counter Limited
Gore Street Capital Limited
Gore Street Energy Storage Fund plc
Gravis Capital Management Limited
Grit Real Estate Income Group Limited
Gulf Investment Fund plc
Henderson European Trust plc
Henderson International Income Trust
Home REIT plc
Impax Asset Management Group plc
Invesco Asia Dragon Trust plc
Invesco Fund Managers Limited
Investec Bank plc
J.P. Morgan Cazenove
Jefferies International Limited
Joh. Berenberg, Gossler & Co. KG
JPMorgan European Discovery Trust plc
JPMorgan Japanese Investment Trust plc
Jupiter Green Investment Trust plc
KR1 plc
Kudu Investment Management, LLC
Lazard Asset Management Limited
Lowland Investment Company plc
Manchester & London Investment Trust plc
Menhaden Resource Efficiency PLC
Middlefield Canadian Income- GBP PC
MIGO Opportunities Trust PLC
Mobius Emerging Markets LLP
Mobius Investment Trust plc
Molten Ventures VCT plc
Numis Securities Limited
Oakley Capital Investments Limited
Panmure Liberum Limited
Peel Hunt LLP
PME African Infrastructure Opportunities plc
PMM Partners
Premier Miton Global Renewables Trust plc
Premier Miton Investors
Recognition Music Limited
Sancus Lending Group Limited
Scape Living plc
Scape Student Limited
Schroder Asian Total Return Investment Company plc
Schroder British Opportunities Trust plc
Schroder BSC Social Impact Trust plc
Schroder European Real Estate Investment Trust plc
Schroder Income Growth Trust plc
Schroder Investment Management Limited
Schroder Real Estate Investment Management Limited
Schroder Real Estate Investment Trust Limited
Schroder UK Mid Cap Fund plc
Schroders Capital Global Innovation Trust PLC
Seraphim Space (Manager) LLP
Seraphim Space Investment Trust plc
Shore Capital and Corporate Limited
Shore Capital Stockbrokers Limited
Singer Capital Markets Securities Limited
Stifel Nicolaus Europe Limited
Strand Hanson Limited
Strategic Equity Capital plc
Sturgeon Capital Limited
SuperSeed Capital Limited
SuperSeed Ventures LLP
SVM UK Emerging Fund plc
The Bankers Investment Trust PLC
The Bauhaus Investment Trust plc
The Brunner Investment Trust PLC
The Diverse Income Trust plc
The European Smaller Companies Trust plc
The Investment Company plc
The Law Debenture Corporation plc
The Lindsell Train Investment Trust plc
The Merchants Trust PLC
Third Point LLC
Victory Park Capital Advisors
Vietnam Enterprise Investments Limited
Vietnam Holding Limited
VPC Specialty Lending Investments PLC
Whiteoak Capital Group
Winterflood Securities Limited
Principaux dossiers
Dentons
Noted for its specialist expertise in listed funds tax issues, Dentons‘ investment fund formation and management team for listed funds often works closely with its team in Edinburgh to advise managers of closed-end listed funds on a range of issues. The team frequently advises on regulatory issues, such as managing regulatory risk and financial promotions, as well as transactional matters, including M&A and sales. London practice head Guy Norfolk is a corporate finance and investment fund specialist who advises on a range of issues from corporate structures to partnerships, commercial contracts and M&A.
Responsables de la pratique:
Guy Norfolk; Claire Armstrong
Principaux clients
Aberdeen Asia Focus PLC
Baillie Gifford & Co
Baillie Gifford Shin Nippon PLC
Brown Advisory US Smaller Companies PLC
Cavendish Capital Markets Limited
CQS Natural Resources Growth and Income Trust plc
Edinburgh Worldwide Investment Trust plc
Franklin Global Trust plc
Geiger Counter Limited
Golden Prospect Precious Metals Limited
Hansa Investment Company Limited
Impax Environmental Markets PLC
Invesco Bond Income Plus Limited
Invesco Global Equity Trust plc
Investec Bank plc
The Edinburgh Investment Trust plc
The North American Income Trust plc
The PRS REIT plc
UK Foreign Commonwealth and Development Office
Winterflood Securities Limited
Principaux dossiers
- Advised The PRS REIT on its review and the ultimate sale of its portfolio to Waypoint for £628m.
- Advised Hansa Investment Company Limited on its recommended merger with Ocean Wilsons Holdings Limited.
- Advised the Board of Edinburgh Worldwide Investment Trust on the proposed settlements with Saba.
Norton Rose Fulbright
Norton Rose Fulbright works with funds and asset managers on a range of regulatory issues, fund formations, and asset management M&A. The team is also noted for its skills in listed fund fundraising. Global funds and asset management head Richard Sheen's expertise covers launching and structuring investment funds, capital market transactions, as well as fund and asset manager M&A. Ian Fox advises on a mix of structuring, establishment and restructuring of listed investment funds.
Responsables de la pratique:
Richard Sheen
Autres avocats clés:
Ian Fox
Principaux clients
BBGI Global Infrastructure SA
Bluefield Solar Income Fund Limited
F&C Investment Trust plc
JP Morgan Cazenove
Investec Bank plc
Macau Property Opportunities Fund
Numis Securities Limited
Brookfield Asset Management
RBC Capital Markets
Singer Capital Markets Limited
The Renewables Infrastructure Group Limited
Trian Investors 1 Limited
UIL Limited
UIL Finance Limited
Winterflood Securities Limited
Amova (formerly Nikko) Asset Management
Jefferies International Limited
Merrill Lynch International
Goodbody Stockbrokers
Utilico Emerging Markets Trust PLC
Panmure Liberum
Principaux dossiers
- Advised The Renewables Infrastructure Group Limited on its proposed combination with HICL Infrastructure PLC.
- Advised BBGI on the £1.062bn recommended cash offer by British Columbia Investment Management Corporation.
- Advised Deutsche Numis, as sponsor and bookrunner, on the 2025 realisation opportunity and placing of shares for TwentyFour Income Fund Limited.
Reed Smith LLP
Reed Smith LLP advises listed funds on fund formation, structuring, admission to listing, secondary fundraising, investment, M&A and takeovers. Noteworthy recent additions to the listed funds practice include Samantha Myers in early 2025 and then David Brennan in February 2026, both of whom were formerly at Gowling WLG. Myers is an expert in IPOs, secondary transactions and cross-border M&A and joint ventures, while Brennan advises on fundraising for issuers and banks. Delphine Currie is noted for her expertise in IPOs, public company takeovers and corporate transactions.
Autres avocats clés:
Delphine Currie; Samantha Myers; David Brennan
Principaux clients
Canaccord Genuity Limited
Cavendish Capital Markets Limited
Kroll LLC
Northern Venture Trust PLC
Northern 2 VCT PLC
Northern 3 VCT PLC
Strand Hanson Limited
Warehouse REIT PLC
Principaux dossiers
- Advised Northern Venture Trust PLC, Northern 2 VCT and Northern 3 VCT PLC on two joint offers for subscription.
- Advised Warehouse REIT on the competing takeover offers received from Blackstone and Tritax Big Box, which saw Blackstone ultimately acquiring Warehouse REIT for £489m.
- Advised Kroll on its role as an independent valuer on the takeover recommended acquisition of Apax Global Alpha Limited by Janus Bidco Limited.
Travers Smith LLP
The listed funds practice at Travers Smith LLP is experienced in handling IPOs, secondary issues, restructurings and structuring for managers, financial sponsors, and London-listed investment funds. More recently, the team has advised on a range of multi-jurisdictional transactions, including fund mergers, corporate acquisitions, and reorganisations, as well as a number of regulatory issues. Aaron Stocks is a key figure for listed funds matters, focusing on fund mergers, restructuring, placings and activism. Will Normand and Stuart Mackenzie both advise on closed-ended listed funds, assisting funds and their managers as well as investment banks and brokers.
Autres avocats clés:
Aaron Stocks; Will Normand; Stuart Mackenzie
Principaux clients
Oakley Capital Investments Limited
Fundsmith LLP
Schroder British Opportunities Trust plc
Chrysalis Investments Limited
Singer Capital Markets Securities Limited
Nippon Active Value Fund plc
Panmure Liberum
Stifel Nicolaus Europe Limited
Literacy Capital plc
Book Asset Management LLP
RM Infrastructure Income plc
Marwyn Capital LLP
Principaux dossiers
- Advised Fundsmith LLP on the £680m open ending of Smithson Investment Trust plc.
- Advised Oakley Capital Investments Limited on the transfer of its listing to the main market of the London Stock Exchange and admission to the Official List of the FCA and the FTSE 250.
- Advised Stifel Nicolaus Europe Limited on its £700m tender offer for Polar Capital Global Financials Trust plc.
CMS
CMS works with a range of issuers, banks and investment managers, advising on a mix of corporate and commercial mandates, including wind-down strategies and public takeovers. Practice head Jack Shepherd advises on corporate mandates for investment banks and issuers. Alasdair Steele focuses on investment company deals, while Kristy Duane handles M&A, IPOs and secondary fundraisings.
Responsables de la pratique:
Jack Shepherd
Autres avocats clés:
Alasdair Steele; Kristy Duane
Principaux clients
Aquila European Renewables
Aquila Energy Efficiency Trust
Sequoia Economic Income Infrastructure Fund
Tritax Big Box REIT
Templeton Emerging Markets Investment Trust
STS Global Income & Growth Trust plc
CT Private Equity Trust
New Star Investment Trust PLC
LMS Capital
Jefferies International
Panmure Liberum
Stifel Nicolaus Europe
Peel Hunt
JP Morgan Cazenove
Principaux dossiers
- Advised Aquila European Renewables plc on the disposal of its Danish and Greek assets for EUR 61.9m as part of its managed wind-down.
- Advised LondonMetric Property plc on its recommended cash and shares offer for Urban Logistics REIT plc.
- Advised Tritax Big Box REIT on its £485m competitive cash and shares offer for Warehouse REIT.
Eversheds Sutherland (International) LLP
Working across its Edinburgh and London offices, Eversheds Sutherland (International) LLP advises a mix of funds and their service providers, portfolio managers, sponsors and brokers. The team is sought out for its expertise in transactions such as capital and debt raising, borrowings, liquidations and M&A, and is also well-positioned to advise on regulatory issues. Edinburgh-based Sarah Burnside specialises in investment fund matters, including ESG and responsible investing. London-based Sarah Kopec is recommended.
Autres avocats clés:
Sarah Kopec
Principaux clients
Gresham House Energy Storage Fund plc
VH Global Energy Infrastructure plc
Impax Asset Management Limited
Rights & Issues Investment Trust Public Limited Company
Finsbury Growth & Income Trust plc
TwentyFour Select Monthly Income Fund Limited
Principaux dossiers
- Advised VH Global Energy Infrastructure plc on implementing its policy of realising all existing assets in the portfolio in an orderly manner.
- Advised Finsbury Growth & Income Trust plc on amendments to the articles of association to protect against potential shareholder activism.
- Advised TwentyFour Select Monthly Income Fund Limited on an increase in its authority to issue and allot ordinary shares on increasing the Board’s share issuance powers.