Next Generation Partners

Leading Associates

Firms To Watch: Investment funds

A&O Shearman‘s real estate-focused funds practice advises asset managers on the establishment of funds and subsequent transactions, with the team under Dorothee Atwell working closely with the firm’s international offices in the UK and Luxembourg to advise on cross-border matters. November 2025 saw the firm expand its scope with the hire of Goodwin’s Sebastian Bruchwitz, who handles the formation of infrastructure and credit funds.

Investment funds in Germany

Clifford Chance

Clifford Chance accompanies clients across the life cycle of their fund structures, including those domiciled in Germany, Luxembourg and further afield. The practice offers expertise in a broad variety of asset classes, with notable strength in handling, inter alia, private equity, real estate and infrastructure funds. Core members of the team include Marco Simonis, whose expertise spans both the structuring of funds and associated tax arrangements, and Sonya Pauls, who handles fund formations in the private equity and VC arenas. Jan Grabbe adds further private equity expertise and is also well versed in the real estate, energy and private debt fields, advising on both regulatory and tax matters. Andrius Bielinis is the key contact for tax matters impacting the investment funds space, while Gregor Evenkamp is called upon by fund managers requiring assistance with matters of European capital markets and regulatory law.

Praxisleiter:

Jan Grabbe; Sonya Pauls; Marco Simonis


Weitere Kernanwälte:

Andrius Bielinis; Gregor Evenkamp


Referenzen

‘In particular, the fast response time and good availability as well as the practical approach should be emphasised. The approach and the people fit in very well with our own corporate philosophy and approaches.’

‘Jan Grabbe should be emphasised because he brings a very high level of expertise in his field and his approach to communicating with clients and finding solutions is better and often more pragmatic than that of his competitors.’

Kernmandanten

eevolve


DI Technology Fund I


Mercer Private Investment Partners


Wachstumsfonds Deutschland


Golding Capital Partners (Luxembourg) S.A.


Maguar Capital


Partners Group


CONREN Land KVG


Partners Group


Lakestar


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Linklaters

Linklaters‘ funds specialists work closely with the firm’s real estate, tax and M&A teams to provide an all-encompassing service to its fund manager clients, overseeing fund formations and handling their acquisitions and divestments. Under the purview of Markus Wollenhaupt, the team has been active in the private credit and infrastructure funds spaces, advising on both L.P. and G.P. structures. Wollenhaupt himself specialises in the structuring of funds targeting illiquid assets, working with private equity and real estate managers on the launch of new investment vehicles. Providing further expertise in these fields is Olena Tokman, who advises institutional investors on the structuring of funds and subsequent transactions.

Praxisleiter:

Markus Wollenhaupt


Weitere Kernanwälte:

Olena Tokman


Kernmandanten

Affinius Capital


Allianz Capital Partners


Aurelius


BNP Paribas REIM


CBRE


Commerzbank


DWS


Fosun


GARBE


Genesta


Hines


KKR


Macquarie


Niam


Principal Real Estate


TUI


Union Investment


Highlight-Mandate


  • Advised Macquarie on the sale of all shares in Macquarie’s global core/core+ real estate platform, GLL Real Estate Partners, to an investment vehicle held by GLL’s existing management.
  • Advised an insurance company on the complete restructuring of a regulated single investor fund structure, investing in real estate project developments, including insolvency and tax advice.
  • Advised an international asset manager on the structuring and documentation of a new Luxembourg-based property debt fund.

Dechert LLP

Dechert LLP‘s Munich-based funds team is well positioned to leverage the firm’s wider network to advise on the structuring and launch of funds targeting myriad asset classes, ranging from real estate to private equity and credit. The practice’s members are well versed across numerous fund structures, including managed accounts, funds of funds and master-feeder structures, while also helping clients navigate regulatory regimes and tax challenges. Heading the team in tandem are Angelo Lercara, whose expertise covers both the structuring and marketing of funds offerings, and Hans Stamm, a specialist in tax matters concerning private funds.

Praxisleiter:

Angelo Lercara; Hans Stamm


Weitere Kernanwälte:

Michael Bayr


Kernmandanten

Crescent Capital Group


JP Morgan


Allianz Global Investors GmbH


Robus Capital


Stepstone Group


Prime Capital


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King & Spalding LLP

King & Spalding LLP counts a number of noted real estate fund managers among its clients, providing them with comprehensive advice from fund structuring and launch through to transactions and their ultimate liquidation. The firm is also able to assist clients with regulatory challenges across a range of German and European funds regimes, while also being increasingly active in the private equity and infrastructure fields. Alexandra Weis is experienced in overseeing the set-up of closed and open-ended structures, and also oversees the regulatory aspects of fund transactions. She heads the team alongside Andreas Böhme, who is able to assist fund manager clients secure financing for their acquisitions and oversee the transactions themselves.

Praxisleiter:

Alexandra Weis; Andreas Böhme


Weitere Kernanwälte:

Axel Schilder; Cüneyt Andac


Referenzen

‘Technically excellent, reliable, punctual, and solution oriented. Consulting that focuses on the client and their needs.’

‚King & Spalding LLP impresses with its international orientation, in-depth industry expertise, and strategic consulting skills at the highest level. Particularly noteworthy is its ability to resolve complex cross-border issues efficiently and in a client-focused manner. Potential clients should know that they are dealing with a globally networked team that combines legal excellence with a clear focus on commercial objectives. Compared to other firms, King & Spalding impresses with its international presence, its responsiveness, and its ability to deliver reliable results, even under extreme pressure.‘

‚The people I work with at King & Spalding are characterized by exceptional professionalism, international experience, and a high level of commitment. What sets them apart from others is their ability to quickly grasp complex issues, think in a solution-oriented manner, and always maintain a client focus. I particularly valued the clear communication, the commitment to collaboration, and the strong sense of responsibility shown by each individual.‘

‘The firm stands out from other law firms due to its combination of professional expertise, personal commitment, and innovative approaches. They prioritise developing individualised solutions for their clients and maintaining transparent and clear communication.‘

‚The team has extensive experience in investment law and regulatory laws, and always works in line with the latest case law. The lawyers who advise us are technically excellent and empathetic, and are committed to achieving the best possible results for us, their clients.‘

‚Innovation plays a central role in this. The firm uses modern technologies, such as digital document management, online appointment scheduling, and secure communication platforms, to streamline processes and increase transparency. Compared to other law firms, this one provides individualised support, quick responses, and innovative tools.’

‚First of all, they are extremely competent and have in-depth expertise in their respective fields. But what really sets them apart is their passion for their work and their commitment to always finding the best solutions for us as client. They are reliable, responsible and work with great care to ensure the highest quality standards.‘

‚The team is a very dynamic. It has a strong focus on ESG and collaboration.‘

Kernmandanten

AEW Invest GmbH


Ares Management UK Limited


Commerz Real Investmentgesellschaft


Hannover Leasing


HANSAINVEST Hanseatische Investment GmbH


PATRIZIA


Savills Fund Management


Tishman Speyer


VALUES Institutional Invest GmbH


Wertgrund


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POELLATH

POELLATH is the first port of call for a number of German fund managers active in the private equity and venture capital fields, advising them on the structuring of new investment vehicles in addition to helping them ensure compliance with fund regulations and German and European law. The group is headed by Jens Steinmüller, whose practice encompasses both regulatory and tax issues, and Peter Bujotzek, an expert on the structuring of alternative investment funds across a range of asset classes including private equity, credit and real estate. Amos Veith offers further regulatory expertise and is also well versed in transactions on the secondaries markets.

Praxisleiter:

Jens Steinmüller; Peter Bujotzek


Weitere Kernanwälte:

Amos Veith


Referenzen

‘We have worked closely with Poellath’s investment fund practice on a range of complex real estate private equity matters. Their performance has been exceptional across the board. What sets their practice apart is a rare combination of deep technical expertise, commercial acumen and a truly client-centered approach.’

‘Peter Bujotzek stands out as a partner not just for his legal skills, but for his responsiveness, pragmatism and ability to distill complex issues into clear, actionable advice. He is a true business partner rather than just external counsel.’

‘Highly reputed law firm in Germany with strong international focus. The firm showcases its expertise in various industry-leading events and seminars across Germany which presents an added value for clients.’

‘Peter Bujotzek: a leading investment fund lawyer in Germany who combines deep expertise in all legal, regulatory and tax matters relevant to investment funds. His service is comprehensive and best in class. He is very pragmatic and solution oriented and has implemented this approach within all of his team. If it’s true that every client gets the lawyer it deserves then we are truly honored.’

‘The team has a deep understanding of the needs of private equity funds and its investors with respect to structuring and tax consideration.’

‘Leading in fund formation.’

‘High customer orientation, good GP & LP understanding.’

Kernmandanten

Acton Capital Partners GmbH


Advent International


AltamarCAM Partners GmbH


Ampega Asset Management GmbH


Apax


BRIGHT CAPITAL


Capiton AG


Capnamic Ventures GmbH


ECONA Management GmbH


EIF European Investment Fund


EMERAM Capital Partners GmbH


Extantia Capital


Maxburg Capital Management GmbH


Ruhrgründer Management GmbH


Senovo Capital Management GmbH


SIGNAL IDUNA Gruppe


Sophora Unternehmerkapital GmbH


Venture Stars


Highlight-Mandate


  • Advised Senovo on fund structuring, contract documentation and negotiations with investors for Senovo Capital Fund IV.
  • Assisted EMERAM Private Equity Fund II SCSp with fund structuring and fundraising in the DACH region.
  • Advised Extantia Capital on fund structuring, distribution and the admission of investors for the first closing of Extantia Climate Flagship II.

YPOG

Both private equity and venture capital fund managers instruct YPOG when they look to structure new investment vehicles or continuation funds, with expertise in setting up funds domiciled in Germany and Luxembourg. The team is headed by Lennart Lorenz, whose practice spans the gamut of fund structuring and regulatory issues, including licensing matters, and with a focus on private equity, credit and VC funds. Jens Kretzschmann adds experience in real estate funds to the firm’s lineup, also advising funds that focus on investments in crypto-assets, while Julian Albrecht‘s practice combines both fund structuring and restructuring expertise.

Praxisleiter:

Lennart Lorenz


Weitere Kernanwälte:

Jens Kretzschmann; Julian Albrecht; Niklas Ulrich


Referenzen

‚Very experienced, goal oriented and great to work with.‘

‚Julian Albrecht – great mix of risk averse and pragmatic.‘

Kernmandanten

42CAP


Cherry Ventures


Amberra


Vsquared Ventures


Armira Growth


FLEX Capital


Armira


Capmont


Apollo Health Ventures


Greenfield Capital


TPG Capital


Yttrium GmbH


Moonfare


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CMS

CMS advises a range of fund managers and investors on issues affecting the structuring of private equity, credit and venture capital sectors, including fund of funds, and is also well versed in overseeing fund restructuring projects. Alongside its structuring work, the team also handles fund-led transactions across multiple asset classes. The core team consists of Tillman Kempf and Daniel Voigt, both of whom specialise in the set-up of open and closed-ended funds, with the former also specialising in tax matters, and Sebastian Sedlak, who alongside his fund structuring expertise is well versed in the regulations governing insurance sector investments.

Praxisleiter:

Tillman Kempf; Sebastian Sedlak; Daniel Voigt


Weitere Kernanwälte:

Laura Bungart


Referenzen

‘I greatly appreciate Daniel Voigt’s commitment, pragmatism, and deal orientation.’

‘Profound knowledge in legal, tax, regulation issues in Germany and Luxembourg – In our case also profound track record related to real estate funds and complex investment structures – Pragmatic solution approach – Can „translate“ complex issues in a way that it is understandable for investors.’

‘Daniel Voigt – understands complex structures; helps to find pragmatic solutions and to mediate in negotiations; wide range of knowledge besides legal issues (tax, regulation, etc.).‘

Kernmandanten

Joh. Berenberg, Gossler & Co. KG


Aquila Capital


Encavis Asset Management


Universal Investment


KENFO – German Nuclear Waste Management Fund


DEKA Investment


WillisTowerWatson


Highlight-Mandate


  • Advised Joh. Berenberg, Gossler & Co. KG on the launch of a credit fund with an investment focus on renewable energy sources within an existing umbrella in the form of an S.A.
  • Assisted Universal Investment Gesellschaft mbH with the rollout of the Future Fund, with which the federal government intends to promote investment in start-ups.
  • Advised KENFO on the development of its ESG strategy for the real estate asset class.

Debevoise & Plimpton LLP

A number of noted private equity sponsors rely on Debevoise & Plimpton LLP for advise on SFDR, AIFMD and a variety of other regulatory regimes governing the establishment and operation of funds domiciled in Germany and Luxembourg. Taking the lead on matters of European fund regulation is Patricia Volhard, who splits time between Frankfurt, Paris, London and Luxembourg and is also well versed in assisting sponsors with the structuring of investment vehicles. Heading the team alongside Volhard is Jin-Hyuk Jang, whose fund structuring work spans private equity, real estate and credit, amongst other asset classes.

Praxisleiter:

Patricia Volhard; Jin-Hyuk Jang


Referenzen

‘Very strong understanding of relevant considerations of both sponsors and investors.’

‘Patricia Volhard is excellent. She is commercial, and her expertise is both broad and deep.’

‘Outstanding long-term experienced and stable team around Patricia Volhard and Jin-Hyuk Jang. from a professional and personal view a pleasure to work with. ’

Kernmandanten

Apera


Ardian SAS


Asante Capital Group


Deutsche Beteiligungs AG


Hanover Finanz GmbH


Intermediate Capital Group


KKR


LGT Capital Partner


Highlight-Mandate


  • Provided ongoing regulatory and corporate advice to Adams Street Partners’ German subsidiary after licensing as an investment firm.
  • Advised Apera Asset Management GmbH on structuring funds for a German institutional investor base and also on AIFMD and MiFID compliance matters.
  • Advised Ardian Access Infrastructure Fund on the disclosures of the fund under SFDR.

GSK Stockmann

GSK Stockmann provides an all-encompassing service to fund managers and sponsors looking to structure investment vehicles targeting private equity and infrastructure assets. Alongside this, the firm is also able to support fund sector clients implement governance systems and maintain compliance with the AIFMD, ELTIF and MiFID regimes, among others. Heading the team are Robert Kramer, whose focus lies in the structuring of open and closed-ended funds and the advising of investors on their transactions, and Petra Eckl, a specialist in the set-up of tax-optimised investment vehicles.

Praxisleiter:

Robert Kramer; Petra Eckl


Referenzen

‚Excellent team.‘

‚Robert Kramer is very prudent, conscientious and very clever. A very important advisor and extremely important for our company. He is also very pleasant to work with.‘

‚GSK is able to adapt dynamically and complement the core client team with deep-dive experts for the relevant subject matter.‘

Kernmandanten

Real Blue Kapitalverwaltungsgesellschaft


Competo Capital Invest GmbH


Kingstone Debt Advisory


AACHENER GRUNDVERMÖGEN Kapitalverwaltungsgesellschaft mbH


Amundi Deutschland GmbH


Catella Real Estate AG


Five Quarters Real Estate AG


HANNOVER LEASING Investment GmbH


hep global GmbH


KfW Capital GmbH & Co. KG


MEAG MUNICH ERGO AssetManagement GmbH


Investment Company


Highlight-Mandate


  • Advised Real Blue Kapitalverwaltungsgesellschaft on the structuring and implementation of a transfer fund for the real estate portfolio of a cooperative bank.
  • Supported the Catella Group in the strategic merger of its two German subsidiaries, Catella Residential Investment Management and Catella Real Estate AG.
  • Provided ongoing legal advice to Hannover Leasing Investment GmbH.

Luther Rechtsanwaltsgesellschaft mbH

Luther Rechtsanwaltsgesellschaft mbH‘s funds expertise extends to both the structuring and restructuring of investment vehicles, making use of its office in Luxembourg to assist funds domiciled there or in Germany. The team is also sought after for assistance with tax structuring matters as they relate to the operation of funds. The team is spearheaded by a trio consisting of Achim Pütz, who alongside his fund structuring work advises institutional investors on their investments, Martin Hüwel, a specialist in the structuring of funds, and Bela Jansen, whose practice is centred on the tax and regulatory regimes governing investment products.

Praxisleiter:

Achim Pütz; Martin Hüwel; Bela Jansen


Referenzen

‚Good and deep knowledge of legal and tax topics in investment funds area but also practical approach and support. Smooth combination of tax and legal advise.‘

‚Bela Jansen has a comprehensive and deep understanding of tax topics in the area of fund investments. Not only at the level of investment funds but also tax topics at the level of investors. Further, he connects legal topics and can provide comprehensive tax and legal advisory services.‘

‚In Luther, we have a very competent and capable partner in all fund-related questions, particularly in regulatory and tax matters. What we like is the very efficient communication and the quick responsiveness.‘

‚We value the experience and the ease of communication. Luther always adapts to our needs, especially in situations where we need timely feedback.‘

Kernmandanten

AMP CAPITAL INVESTORS LIMITED


AEW Invest GmbH


HanseMerkur Trust AG


HIH Invest Real Estate GmbH


Quadoro Investment GmbH


aam2cred Debt Investments GmbH


Highlight-Mandate


  • Advised AEW Invest GmbH on tax and regulatory matters for acquisitions and sales of real estate assets across Europe.
  • Advised HanseMerkur Trust AG on corporate, tax, employment, and regulatory matters regarding the restructuring of distribution for German and Luxembourg investment assets through a newly established distribution company for asset management firms within a major insurance group.
  • Advised HIH Invest Real Estate GmbH on structuring and launching the HIH Green Energy Invest Renewables Fund.

Simmons & Simmons

Private equity sponsors and other institutional investors come to Simmons & Simmons for advice regarding the establishment of closed and open-ended structures and the corresponding regulatory regimes. Private equity, real estate and hedge fund formation form the core of practice head Benedikt Weiser‘s practice, with expertise in setting up fund-of-fund and investment platform structures. Bernulph von Crailsheim is the key contact for fund taxation matters, while Daniel Lühmann‘s practice spans both financial regulatory law and transactional work.

Praxisleiter:

Benedikt Weiser


Weitere Kernanwälte:

Bernulph von Crailsheim; Daniel Lühmann; Sabrina Schwiebert


Referenzen

‚The team at Simmons are collaborative, commercial and always on point from a technical perspective. They are clearly driven by a desire to become their clients‘ trusted advisor, and this shows in the quality of their work.‘

‚Daniel Lühmann is a real standout partner. He is responsive and really understands his clients‘ needs and commercial concerns. A great advisor to the business.‘

‚Due to the very close cooperation and collaboration between the partners, the advice is very holistic and considers all relevant aspects. This provides particularly good results for clients who do not have the relevant local expertise but come from different markets.‘

Highlight-Mandate


Greenberg Traurig Germany

Greenberg Traurig Germany leverages its expertise in the real estate field to assist sponsors looking to set up and operate real estate funds, and is also well versed in assisting with fundraising and closing for these, private equity and venture capital investment structures. Practice head Kati Beckmann handles the spectrum of structuring, regulatory and transactional matters for her funds sector clients, which include both alternative asset managers and institutional investors. Claudia Stremel takes the lead on tax structuring matters.

Praxisleiter:

Kati Beckmann


Weitere Kernanwälte:

Claudia Stremel; Peter Zingel


Referenzen

‚Always close to the client, always knows what’s going on.‘

‚This practice works for the biggest international investment funds and handles most technical challenges. Its team is highly connected, skilled and an example of reaction times and coordination.‘

‚Kati Beckmann is in my view Germany’s leading lawyer for investment funds – her technical and soft skills are exceptional and her connections unbelievable.‘

‚Straightforward, hands on, highly professional and make it fun to work with them.‘

‚Kati Beckmann is a reliable partner and advisor for us, with constant knowledge improvement, team spirit and pragmatic.‘

‚A team with unique knowledge of the investment fund industry in general and the real estate finance segment in particular. Great experience and thoroughly gathered special knowledge for our business in Germany and Luxembourg.‘

‚A highly trusted relationship built over years with a partner who knows our business inside out. Business development happens naturally and I truly appreciated the excellent independent advice we are getting from the partner directly and their global practice indirectly.‘

‚Kati Beckmann is an outstanding lawyer with exceptional expertise in her field. She always treats us with respect and as equals, never being arrogant. She is also very accessible and can deliver results very quickly when needed.‘

Kernmandanten

FAP


HanseMerkur Krankenversicherung


Castlelake, L.P.


HanseMerkur Grundvermögen


Highlight-Mandate


Heuking

Alongside its fund structuring expertise, Heuking‘s funds practice is well versed in the ESG frameworks governing sustainable investments, frequently being called upon to advise on the EU’s SFDR. Beyond this, the firm is expanding its presence in the crypto funds space and is also active in the venture capital and real estate markets. Michael Dröge heads the team, handling both structural funds issues and subsequent transactions.

Praxisleiter:

Michael Dröge


Weitere Kernanwälte:

Christoph Gringel


Referenzen

‘Very pragmatic approach, good availability, broad and deep expertise within the team.’

‘Very good understanding of our business model, able to provide advice based on past experience.’

Kernmandanten

Aquila Capital Investment Company


Paribus Kapitalverwaltungsgesellschaft mbH


VALUES. Institutional


Kontora Kapitalverwaltungs GmbH


Alpha Ordinatum GmbH


Highlight-Mandate


  • Advised Paribus Kapitalverwaltungsgesellschaft mbH in connection with the acquisition of a real estate fund portfolio and the design and launch of a new real estate AIF and a new private equity fund of funds.
  • Advised Kontora Kapitalverwaltungs GmbH on the establishment of an open-ended special fund pursuant to Section 282 of the German Investment Code (KAGB) as an Article 8 Fund within the meaning of the SFDR.
  • Advised w3.fund Management GmbH on the establishment of an externally managed German special investment company, to be managed by w3 as an external capital management company and whose sub-fund invests as an open-ended special AIF primarily in crypto assets and NFTs.

Heussen Rechtsanwaltsgesellschaft mbH

Heussen Rechtsanwaltsgesellschaft mbH is particularly adept at advising funds and other asset managers in the real estate and infrastructure sectors, assisting with the structuring of both regulated and unregulated investment vehicles and overseeing their compliance efforts. The team is headed jointly by Martin Wolfstetter, whose expertise spans closed-ended funds in particular, and Alexander Lehnen, a specialist in fund and transactional taxation.

Praxisleiter:

Martin Wolfstetter; Alexander Lehnen


Referenzen

‚Highly qualified in data protection, corporate law, fund structuring, investment management companies, and insolvency law. We tried other firms to have a greater variety of lawyers, but there was nothing comparable.‘

‚Martin Wolfstetter demonstrates a strong work ethic and exceptional expertise in the field of investment management companies and fund structuring. Available at short notice and delivers prompt, knowledgeable responses across a range of areas, including corporate law.‘

Kernmandanten

GTC Origine/Globe Trade Centre S.A.


Periskop Investment


Habona Invest GmbH


Deutsche Rückversicherung AG


AIF Capital


LLB Immo KAG


Verifort Capital


DeWert KVG


BVT Holding GmbH & Co. KG


derigo GmbH & Co. KG


IntReal International Real Estate Kapitalverwaltungsgesellschaft mbH


INDUSTRIA WOHNEN GmbH


greentech asset management GmbH


McDermott Will & Schulte

McDermott Will & Schulte‘s funds work spans the gamut of structuring and transactional matters, acting for both alternative and institutional investors across asset classes ranging from real estate to private equity. Practice co-head Frank Müller combines fund structuring and regulatory expertise with his knowledge of real estate law, while Kian Tauser takes the lead on both fund and transactional tax matters.

Praxisleiter:

Frank Müller; Kian Tauser


Referenzen

‚They provide good and relevant client trainings at regular intervals.‘

Kernmandanten

Art-Invest


BF.capital GmbH


CommerzReal


FOM Invest GmbH


Hansainvest


HEP Kapitalverwaltung AG


HT Group


MEAG


Real I.S. AG Gesellschaft für Immobilien


ReInvest


Swiss Life Kapitalverwaltungsgesellschaft


Universal Investment


VALUES. Institutional Invest GmbH


Highlight-Mandate


  • Advised BF.capital on regulatory licenses and fund formation.