Investment Funds: Closed-ended Listed Funds | UK

Gowling WLG remains a prominent practice in the closed-ended listed funds space. The Gowling WLG funds team undertakes a huge number of the largest IPOs, fundraises and significant secondary issuances for both sponsors and issuers. The group is particularly proficient with AIM-quoted funds and investment trusts targeting real estate and student accommodation. Its clients include investment managers, brokers and investment banks.

Herbert Smith Freehills is a leading firm in the listed funds space and is known for advising on the largest, most high-profile and complex IPOs. It represents a wide selection of the most prominent investment banks and asset managers, and provides comprehensive regulatory and compliance advice. Herbert Smith Freehills is also experienced in advising on fund formation and restructuring matters.

Stephenson Harwood boasts an impressive deal flow, combined with an enviable client list and a deep bench of specialists, that justifies a strong international reputation for both its closed-end listed funds group and private equity secondaries team. It acts for the bulge bracket investment banks, brokers and investment trusts on listings, placings and complex secondary offerings. The firm enjoys market plaudits for its distinguished GP-led transactional practice, in addition to its renowned investor-side prowess. The team is also well versed in real estate fund matters and has notable regulatory expertise.

The Hogan Lovells team has a strong real assets funds practice with extensive expertise in fund formation and a core focus on infrastructure funds. It regularly advises clients investing in social infrastructure and other PPP assets. The team receives instructions from institutional managers, cornerstone investors and large brokers, and is equally well versed in listed closed-ended structures, as well as traditional private funds.

Norton Rose Fulbright has a deep bench of investment fund practitioners who are recognised for their work on listed funds. The department is highly visible in its representation of investment banks and investment trusts in IPOs, with particular strength in the crossover space of real asset and debt listed funds. The team is also capable of advising on private fund matters, with a focus on real asset funds.

Travers Smith has a notable team of capable investment fund practitioners who regularly advise clients in the real asset and mid-market private equity space, while continuing to compete for the highest-profile closed-ended fund IPOs and secondary offerings. The department counts funds, global asset managers and sponsors among its client base. The group is well supported by strong tax and financial services regulatory practices for investment funds.