Accessing private wealth investors

As private funds sponsors’ focus on private wealth has evolved over recent years, a number of direct and indirect routes have been created to attract this source of capital. These include partnerships with distribution platforms, the development of access and conduit funds and the increasing use of side by side and parallel products. We advise on the establishment and launch of the full range of private wealth focused funds and semi-liquid strategies. We are recognised as experts in open ended, long dated and semi-liquid funds (including Part II UCIs, ELTIF products and open-ended RAIFs), and have worked extensively in this market for infrastructure, private credit, private equity, real estate, and secondaries sponsors. We are market leading in advising on the establishment and launch of access funds and conduit funds enabling non-institutional investors and private wealth in Europe, the U.S. and APAC to gain exposure to leading funds across a diverse range of asset classes.

Around the globe, the team has a deep understanding of the sector and has acted for a number of leading sponsors, platform providers and distributors in accessing non-institutional capital across asset classes, advising our clients on all aspects of these fundraises. We also regularly advise clients on developing distributions channels and platforms to support the capital raising of these products. Our global knowledge and experience, as well as the breadth of our local regulatory expertise in this space, allows us to help you navigate the path through a complex commercial and regulatory landscape.

• KKR: advising on the structuring, formation and fundraise (including to HNW investors) of their semi-liquid product pursuing a private credit strategy (blend of senior corporate lending and asset-based finance), as well as assisting with (i) negotiations with cornerstone investors and distributors, and (ii) the asset warehouse facility arrangements.
• A leading European investment bank: advising on the structuring and setting-up of their first self-sponsored evergreen Luxembourg ELTIF. The fund pursues an infrastructure strategy, investing in primary and secondary target funds, as well as co-investments, fund continuation vehicles and other similar structures facilitating investment in a defined asset or several assets of an infrastructure fund.
• BlackRock Investment Management: advising on the establishment of their first ELTIF open to retail investors, including structuring, distribution and regulatory aspects. The closed-ended private equity ELTIF follows a co-investment strategy with other group vehicles.
• Union Investment: advising on the establishment of UniPrivatmarkt Infrastruktur ELTIF. This was a landmark project both for Union Investment (as Germany’s largest fund house) and the overall ELTIF market, as this is the first ELTIF available for “real” retail investors in Germany and which invests in infrastructure in a very broadly diversified manner.
• A market leading access fund provider and global fintech platform: advising on its European platform launch and operations of its expansive European and U.S. funds platform – facilitating access to private wealth and non-institutional capital by leading sponsors for their infrastructure, credit, real estate and private equity vehicles. Advising on the structuring and launch of its European access funds, including umbrella vehicles permitting flexible access to private wealth and retail capital, and including open-ended and closed-ended strategies. Funds launched include RAIFs, tailored to accommodate specific target investor base, investment flexibility and time to market. Providing ongoing advice on the operation of the fund platform, as well as distribution and placement activities globally to access non-institutional capital, and other regulatory aspects across Europe, the U.S. and Asia, as well as their ESG/SFDR positioning.
• A market leading access fund provider: advising on its European platform launch and operations of its European funds platform – facilitating access to private wealth and non-institutional capital by leading sponsors for their infrastructure, credit, real estate and private equity vehicles. Advising on the structuring and launch of its European access funds, including umbrella vehicles permitting flexible access to private wealth and retail capital, and including open-ended and closed-ended strategies. Funds launched include UCI Part II, ELTIFs and RAIFs, tailored to accommodate specific target investor base, investment flexibility and time to market.
• Advising two global US investment banks: advising on the establishment and ongoing operation of various single investment conduit funds, providing certain of its private bank investors with the opportunity to indirectly invest into a wide range of private equity, growth, credit, real estate funds, secondaries and GP-led solutions by leading sponsors. As fund counsel we advised our client on all aspects of the conduit fundraise and the investment into the underlying funds from a U.S. legal perspective, including drafting relevant conduit documentation, reviewing and negotiating underlying fund documentation, side letters and placement agent agreements, providing conduit-structuring, tax and regulatory advice, assisting with the onboarding of conduit investors and assisting with post-closing U.S. securities laws filings.