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Investment Funds

Investment funds are a particular area of expertise for Charles Russell Speechlys. Our lawyers are experienced in alternative investment funds and UCITS.

This has become increasingly important as the boundaries between these two types of fund (UCITS funds and alternative investment funds) have become blurred with the implementation firstly of UCTIS III and then the AIFM Directive.

Our clients include retail and institutional funds and their managers, and cover a range of investment strategies:

  • charity funds
  • debt funds
  • hedge funds
  • infrastructure funds
  • long-only funds
  • private equity funds
  • real estate funds.

Our clients may be open or closed ended; onshore or offshore; unauthorised or authorised. They are a mix of corporate funds, limited partnerships and unit trusts. Many of the funds are listed.

We have a particular expertise in acting for quoted investment companies. We also have a leading reputation for charity funds.

Our services cover the full life cycle of an investment fund – from the initial structuring to launch; secondary issues; changes in investment strategies and realisations and liquidations.

We work closely with our funds team in Luxembourg, and with correspondent lawyers in the Channel Islands, Ireland and the Caribbean to ensure we provide the international coverage that the funds industry now requires.

In addition to acting for the managers, we also act for, and work closely with, the other service providers in the funds industry - the depositaries, custodians, fiduciaries and administrators. With this range of expertise, we are able to provide effective solutions based on a fully informed perspective.


Venture capital co-investment fund

Established a venture capital co-investment fund to invest in small/medium-sized companies, with a focus on early stage development rather than seed companies.

Charity funds

Restructured two common investment funds and converted them to non-UCITS retail schemes.

Property investment fund

Established an £800m property investment fund, including parallel and feeder funds in multiple currencies.

Property income fund

Advised Capital Advisory Partners on the establishment of a property income fund to invest in freehold ground rent income opportunities; the fund was established as an open-ended property unit trust.

Debt finance fund

Advised a Jersey protected cell company in relation to the establishment of a Jersey based limited company which will provide senior debt finance.

Mezzanine finance fund

Established a BVI limited partnership to provide mezzanine finance via Luxembourg SPVs.

India fund

Establishing an Irish UCITS investing in India through a Mauritian wholly-owned subsidiary.

UCITS cross-border merger

Advised on the cross-border merger of two UCITS funds in the UK and Ireland.

UCITS restructuring

Advised UCITS manager on various matters relating to their UCITS, including advising on a scheme of arrangement, the termination of various sub-funds and the addition of a sub-fund.


Advised a number of alternative investment funds on the implementation of the AIFM Directive including assisting in restructuring the existing investment management arrangements and contracts.

Short selling

Advised hedge funds on the impact of the Short Selling Regulations.