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CMS offers expert advice at every stage of the funds lifecycle – from planning and launch through governance, restructuring and exit.

The international funds industry is changing at unprecedented speed. Concerns about the environment, sustainability and governance are changing the way many funds work and invest. Asset tokenisation, blockchain, fintech and artificial intelligence (AI) have huge disruptive potential, as do innovative alternative indirect investment vehicles and alternative asset classes. And, inevitably, the regulatory and tax environment for funds continues to evolve.

Whether you are launching, operating, lending to or investing in a fund or an alternative indirect investment vehicle, you need lawyers who have got your back, and who understand not only your business and your requirements, but also the funds landscape and its markets:


A complete service

  • We advise on all the key asset classes, including private equity, real estate, infrastructure, hedge, venture capital and debt, as well as across private, listed and authorised funds
  • Our expertise is allied with industry specialism, including energy, real estate, life sciences and healthcare, hotels and leisure, infrastructure and project finance and financial institutions
  • We offer clients a ‘one-stop shop’ service, leveraging various CMS practices such as tax, regulatory, private equity, venture capital, real estate, technology, employment, dispute resolution and finance
  • Our real estate funds practice advises on some of the market’s largest fundraisings, clubs and indirect investments
  • We are the market leader for REITs and closed-ended listed funds, with our team advising on IPOs, private REITs and secondary fund raisings
  • We have a stand-out open-ended and UCITS funds offering.

A global reach

Our clients entrust us with exclusive mandates to advise their multi-manager teams on their investments globally. We have over 130 specialised funds lawyers in core funds jurisdictions:

Austria

Belgium

France

Germany

Italy

Luxembourg

Netherlands

Singapore

South Africa

Spain

Switzerland

UK

Other jurisdictions we are active in: Bulgaria, Hungary, Poland, Romania, Ukraine, US regulatory.


Industry players

  • Our lawyers play a leading role in complex conversations – such as the role of tokenisation and AI – which are shaping the future of the funds sector
  • Through our strong ties with industry organisations (IPF, AREF, INREV, BCO, BPF, LPeC, BVCA, EPRA, IA, and ABBL) we are at the forefront of conversations on the most pressing topics affecting the international and local funds industries.

The quality of our work is recognised by awards, rankings, and landmark deals such as:

  • Affiliate of the Year Award 2019 - AREF (Association of Real Estate Funds)
  • 20 Rankings in Legal 500 and Chambers, including Tier 1 for Real Estate Investments Funds (UK), Retail Investment Funds (UK), Investment Funds (Scotland), and Investment Funds (Poland)
  • 1st French fund invested in crypto assets
  • 1st real estate club-deal through blockchain in Europe
  • 1st corporate venture capital fund in Poland to commercialise new tech startups
  • 1st global gaming-focused VC fund in Singapore
  • 1st Italian credit fund specialised in the business of trade receivables
  • Adviser to innovation projects submitted to the 1st Spanish sandbox

CMS Funds Group is getting recognition as a top tier funds firm in Europe and Asia, growing globally by providing a “one international firm” coordinated, consistently excellent funds platform.


Find out more

CMS Funds Group Directory rankings

CMS Funds Global Brochure

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30/06/2021
CMS Funds Mar­ket Study 2021
Peri­od­ic­ally, CMS takes sound­ings on the state of the mar­ket from our funds-re­lated cli­ents. Giv­en the un­pre­ced­en­ted nature of the last 12 months we thought this was an op­por­tune time to look back over the last few years. This study ana­lyses the key mar­ket trends in fund doc­u­ment­a­tion of over 300 funds es­tab­lished in Europe, Asia, USA and off­shore jur­is­dic­tions ad­vised on by CMS of­fices through­out 2017 to 2020. We have also con­duc­ted cli­ent in­ter­views, which are high­lighted in this re­port, and con­duc­ted a se­lect­ive sur­vey of our in­ter­na­tion­al cli­ent base.We trust this CMS Funds Mar­ket Study will be a use­ful guide for both man­agers and in­vestors this year. The size of our deal sample and the range of coun­tries in­volved means that the study should be a uniquely valu­able and rich re­source for man­agers and in­vestors. Our re­search in­dic­ates that funds in­dustry play­ers are clear on how to move for­ward and that, while strategies may have shif­ted, there are reas­ons for op­tim­ism and bullish­ness, un­like the gloom that des­cen­ded after the glob­al fin­an­cial crisis in 2008.Look­ing for­ward we see an act­ive funds mar­ket, with Lux­em­bourg be­ing the jur­is­dic­tion of choice for European funds. ESG is now a key fo­cus for in­vestors. This mar­ket im­petus and reg­u­lat­ory drivers are mov­ing sus­tain­able in­vest­ment from a niche fo­cus in­to the main­stream for in­vestors and man­agers alike. We also see man­agers in­creas­ingly look­ing at the be­ne­fits and im­pact of AI and tech­no­logy with the token­isa­tion of as­sets and the use of block­chain. We see this pace of change ac­cel­er­at­ing.If you have any feed­back or ques­tions, we would love to hear from you.
05/05/2021
Im­pact of AI & Tech­no­logy on the Funds sec­tor
AI & Tech­no­logy are dis­rupt­ing the in­vest­ment funds sec­tor, and laws and reg­u­la­tions are be­ing amended to move to­wards a more di­git­al en­vir­on­ment for fin­an­cial in­sti­tu­tions, as­set man­agers and in­vestors...
Sus­tain­able In­vest­ment
SF­DR – Are you ready?

Feed

23/07/2021
Con­sumer pro­tec­tion re­forms (again) – this time, will they stick?
Des­pite prom­ises that Brexit would be an op­por­tun­ity to ‘slash the red tape’ and ‘un­shackle’ the UK from un­ne­ces­sary EU reg­u­la­tion, new con­sumer pro­tec­tion pro­pos­als seek to im­pose stricter con­trols...
23/07/2021
Draft Fin­ance Bill 2021-22: key tax changes for the real es­tate sec­tor
The pub­lic­a­tion of draft le­gis­la­tion to be in­cluded in the Fin­ance Bill 2021-22, along­side sev­er­al con­sulta­tions and re­sponses, her­alds sig­ni­fic­ant changes for tax in the real es­tate sec­tor. Real Es­tate...
23/07/2021
Qual­i­fy­ing As­set Hold­ing Com­pan­ies (“QAHCs”) – im­port­ant new UK tax re­liefs
As part of its drive to in­crease the at­tract­ive­ness of the UK as an as­set man­age­ment and in­vest­ment hub, the UK Gov­ern­ment has an­nounced pro­pos­als for a gen­er­ous new re­gime for the tax­a­tion of UK res­id­ent...
22/07/2021
5 things to take away from the FCA’s Busi­ness Plan
On 15 Ju­ly, the FCA pub­lished its Busi­ness Plan and set out its key pri­or­it­ies for the year ahead. There is much talk about the FCA’s own in­tern­al trans­form­a­tion pro­gramme and how the or­gan­isa­tion in­tends...
22/07/2021
5 things to take away from the FCA’s Busi­ness Plan
On 15 Ju­ly, the FCA pub­lished its Busi­ness Plan and set out its key pri­or­it­ies for the year ahead. There is much talk about the FCA’s own in­tern­al trans­form­a­tion pro­gramme and how the or­gan­isa­tion in­tends...
14/07/2021
Ger­man Fed­er­al Con­sti­tu­tion­al Court clears the way for the Uni­fied Pat­ent...
The Ger­man Fed­er­al Con­sti­tu­tion­al Court (FCC) dis­missed two mo­tions for in­ter­im meas­ures against the Ger­man act ap­prov­ing the Agree­ment on a Uni­fied Pat­ent Court (UPCA). The way is thus clear for Ger­man...
13/07/2021
Ger­man Fed­er­al Min­istry of Fin­ance is­sues draft de­cree on in­come tax treat­ment...
Un­til now, the clas­si­fic­a­tion of crypto cur­rency rev­en­ue in­to tax­a­tion re­gimes in Ger­many was based on pub­lic­a­tions by the Ham­burg Tax Au­thor­ity, the Re­gion­al Tax Of­fice of North Rhine West­phalia, tax...
30/06/2021
CMS Funds Mar­ket Study 2021
Peri­od­ic­ally, CMS takes sound­ings on the state of the mar­ket from our funds-re­lated cli­ents. Giv­en the un­pre­ced­en­ted nature of the last 12 months we thought this was an op­por­tune time to look back over the last few years. This study ana­lyses the key mar­ket trends in fund doc­u­ment­a­tion of over 300 funds es­tab­lished in Europe, Asia, USA and off­shore jur­is­dic­tions ad­vised on by CMS of­fices through­out 2017 to 2020. We have also con­duc­ted cli­ent in­ter­views, which are high­lighted in this re­port, and con­duc­ted a se­lect­ive sur­vey of our in­ter­na­tion­al cli­ent base.We trust this CMS Funds Mar­ket Study will be a use­ful guide for both man­agers and in­vestors this year. The size of our deal sample and the range of coun­tries in­volved means that the study should be a uniquely valu­able and rich re­source for man­agers and in­vestors. Our re­search in­dic­ates that funds in­dustry play­ers are clear on how to move for­ward and that, while strategies may have shif­ted, there are reas­ons for op­tim­ism and bullish­ness, un­like the gloom that des­cen­ded after the glob­al fin­an­cial crisis in 2008.Look­ing for­ward we see an act­ive funds mar­ket, with Lux­em­bourg be­ing the jur­is­dic­tion of choice for European funds. ESG is now a key fo­cus for in­vestors. This mar­ket im­petus and reg­u­lat­ory drivers are mov­ing sus­tain­able in­vest­ment from a niche fo­cus in­to the main­stream for in­vestors and man­agers alike. We also see man­agers in­creas­ingly look­ing at the be­ne­fits and im­pact of AI and tech­no­logy with the token­isa­tion of as­sets and the use of block­chain. We see this pace of change ac­cel­er­at­ing.If you have any feed­back or ques­tions, we would love to hear from you.
24/06/2021
What’s next for non-per­son­al data pro­tec­tions? A leg­al primer (open data...
The fair trade between so­ci­ety and cre­at­ors of in­tel­lec­tu­al prop­erty Most in­tel­lec­tu­al prop­erty laws jus­ti­fy the strong mono­pol­ist­ic powers they vest in cre­at­ors by sim­ul­tan­eously grant­ing free rights...
24/06/2021
Em­bra­cing open data is now more im­port­ant than ever (open data note 2 of...
Ima­gine a world where any in­di­vidu­al for any pur­pose can freely use, freely modi­fy and freely share non-per­son­al data. This is the concept of ‘open data’ and the world sought by the Open Know­ledge...
22/06/2021
Up­com­ing new rules on pre-mar­ket­ing and mar­ket­ing of AIFs for Lux­em­bourg...
Reg­u­la­tion (EU) 2019/1156 (the “Reg­u­la­tion”) and Dir­ect­ive (EU) 2019/1160 (the “Dir­ect­ive”) and (to­geth­er the “Cross-Bor­der Mar­ket­ing and Dis­tri­bu­tion Rules”) in­tro­duced new rules con­cern­ing...
22/06/2021
Shift­ing the Dial: The move to­wards Sus­tain­able In­vest­ing in Singa­pore
This art­icle is pro­duced by CMS Hol­born Asia, a Form­al Law Al­li­ance between CMS Singa­pore and Hol­born Law LLC. The Mon­et­ary Au­thor­ity of Singa­pore (MAS) re­cently an­nounced that it would de­ploy US$1.8...