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Matthew Nortcliff

Partner
Head of Funds and Indirect Real Assets, Asia

CMS Holborn Asia
7 Straits View
Marina One East Tower
#19-01
Singapore 018936
Languages English

Matthew heads CMS’ Funds and Indirect Real Assets team in the APAC region, having been based in Singapore since 2010.

Matthew advises on fund formation, fund investments and fund closings and on related regulatory and compliance issues, including AIFMD and its impact on non-EU fund managers. Within the real estate sector Matthew advises on complex investment joint ventures and structured acquisitions and disposals. He advises on transactions across the APAC region, as well as advising Asia-based investors on their investments into the UK and Europe.

Matthew’s experience encompasses multiple fund structures established across all major fund domiciles. He has advised funds and investors across a wide range of sectors including real estate, infrastructure, PE, VC, debt, bonds and credit funds. Matthew also has experience of establishing and advising on Shariah-compliant funds.

Matthew’s clients include global and regional fund managers and corporates, as well as property developers, multi-manager investors and family offices. He is a regular speaker on a range of fund and real estate related topics including Proptech and the impact of technology on the built environment.

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Relevant experience

  • Two institutional investors on their respective investments into a SGD 585 million fund investment partnership with Logos to acquire the REC Solar Panel Plant in Singapore.
  • Fairway Capital on the establishment, closing and operation of FC Property Fund Ltd, a real estate fund focused on the Prime Central London residential market in the UK.
  • Play Ventures on the establishment, closing and operation of the world's first global gaming focused venture capital fund, including advising on the establishment and licensing of the MAS-licensed venture capital fund manager.
  • UBS’ global multi manager team on more than USD 5 billion of investments into multiple pan-Asian and North American real estate funds, co-investments and other structured real estate transactions. 
  • Ship Street Advisors on the structuring, establishment, closing and operation of UKRO II, a Real Estate Fund focused on regional office buildings in the UK.
  • Sun Venture on its GBP 180m acquisition of One New Oxford Street, in London from Nuveen Real Estate and the BA Pension Scheme.
  • City Developments Limited on the acquisition of 125 Old Broad Street and Aldgate House (both in London) for total consideration of approximately GBP 568 million.
  • Global Student Accommodation Group on the establishment and closing of a four party club-fund to invest in Japanese purpose built student accommodation assets.
  • LaSalle GPS on a co-investment fund established to acquire a major office building in mainland China for in excess of USD 200 million.
  • The trustees of three UK pension schemes on more than USD 600 million of investments into two funds established to participate in the US Federal Reserve’s Troubled Asset Relief Program (TARP).
  • SLB Developments on its joint venture with Pinnacle Funds Management to establish and manage a real estate fund focused on the UK residential sector.
  • Peakside Capital in connection with the marketing of Peakside Income Fund I, S.C.S, SICAV-RAIF, a part-tokenised fund, to accredited and institutional investors in Singapore.
  • Global Student Accommodation Group on the establishment and closing of a four party club-fund to invest in Japanese purpose built student accommodation assets.
  • Employees Provident Fund of Malaysia (EPF) on the establishment of a EUR multi-billion Shariah complaint European real estate fund.
  • Infocomm Investments - the Singapore government’s VC incubator fund on its early-stage investments, including its investment into Entrepreneur First in both London and Singapore.
  • The Monetary Authority of Singapore (MAS) on the appointment of third party investment managers in respect of the investment of Singapore's financial reserves.
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Education

  • 2003 – Legal Practice Course, Oxford Institute of Legal Practice, Oxford
  • 2002 – LL.B., University of Exeter, Exeter
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Expertise

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25 November 2020
CMS Ex­pert Guide to pop­u­lar in­vest­ment vehicles
This guide gives a quick re­view of some of the most pop­u­lar fund vehicles for in­sti­tu­tion­al in­vest­ment in real as­sets.The se­lec­tion of a vehicle has a num­ber of com­mon themes in­clud­ing the loc­a­tion of...
Comparable
18 Septemnber 2019
CMS gets in the game on launch of Play Ven­tures I LP
CMS Singa­pore has ad­vised Play Ven­tures on the launch and clos­ing of their de­but gam­ing-fo­cused VC fund, Play Ven­tures I. The fund was over­sub­scribed at $40m and in­cludes a num­ber of gam­ing stal­warts...
21 August 2019
CMS - Fo­cus­ing on Funds – Lux­em­bourg Brexit
This Fo­cus­ing on Funds is an alert with re­spect to the Brexit re­mind­ers is­sued by the Lux­em­bourg reg­u­lat­or ("CSSF") to all firms cur­rently au­thor­ised un­der CRD, Mi­FID II, PSD 2 or EMD in the United King­dom...
24/07/2019
CMS - Fo­cus­ing on Funds - More than a token ges­ture
This Fo­cus­ing on Funds looks at the evolving hot top­ic of ar­ti­fi­cial in­tel­li­gence (AI) and tech­no­logy for the funds sec­tor. Crypto-as­sets, par­tic­u­larly “se­cur­ity tokens” and dis­trib­uted ledger tech­no­logy...
23 October 2018
CMS - Fo­cus­ing on Funds - AIFMD pre-mar­ket­ing pro­pos­als
This Fo­cus­ing on Funds up­date looks at the hot top­ic of funds mar­ket­ing and pro­pos­als for a pre-mar­ket­ing re­gime for al­tern­at­ive in­vest­ment funds. This is an area we are of­ten asked to ad­vise on as vari­ous...
08 October 2018
FCA con­sults on il­li­quid open-ended re­tail funds
Today, the FCA has launched a con­sulta­tion pa­per (CP 18/27) on open-ended re­tail funds in­vest­ing in il­li­quid as­sets.  After the Brexit vote in 2016, there were sig­ni­fic­ant in­vestor out­flows from open-ended...
02 October 2018
CMS - Fo­cus­ing on Funds – Changes for over­seas own­ers of UK real es­tate
This Fo­cus­ing on Funds looks at three pro­posed changes for over­seas own­ers of UK real es­tate in­clud­ing hold­ing en­tit­ies and funds. The first change is a tax charge on cap­it­al gains on dis­pos­als and the...
28 September 2018
CMS - Fo­cus­ing on Funds - Tough­er Tax Rules for Ger­man Real Es­tate
This Fo­cus­sing on Funds up­date looks at the con­tinu­ing hot top­ic of how tax changes af­fect fund struc­tures and deals. Fol­low­ing our pre­vi­ous look at the France and Lux­em­bourg double tax treaty, the fo­cus...
14 September 2018
Singa­pore's new S-VACC fund struc­ture – worth wait­ing for?
Singa­pore’s long awaited new cor­por­ate struc­ture for in­vest­ment funds, the Vari­able Cap­it­al Com­pany ("S-VACC") has taken a sig­ni­fic­ant step for­wards this week with the Vari­able Cap­it­al Com­pan­ies Bill...
12 September 2018
CMS - Fo­cus­ing on Funds - Re­spons­ib­il­ity and Sus­tain­ab­il­ity Mat­ters
This Fo­cus­ing on Funds up­date looks at a de­vel­op­ing hot top­ic of sus­tain­able, re­spons­ible and im­pact in­vest­ment (SRI) and why this mat­ters for funds. En­vir­on­ment­al, so­cial and gov­ernance (ESG) and SRI...
06 June 2018
CMS - Fo­cus­ing on Funds
CMS - Fo­cus­ing on Funds  |  Double Trouble - France and Lux­em­bourg double tax treaty   This Fo­cus­ing on Funds up­date looks at a spe­cif­ic hot tax top­ic af­fect­ing how and where funds are struc­tured...
June 2018
Part­ner In­ter­view - Mat­thew Nort­cliff
What will be the most im­port­ant mar­ket trend af­fect­ing your cli­ents’ sec­tor over the next 12 months?We have be­come used to the huge amount of cap­it­al flow­ing out of Hong Kong and China in­to UK and European...