Press Release 10.24.23
Gawain Hughes advises global institutional fund managers and investors on the structuring of and investment into unregulated investment funds and has developed a market-leading transactional practice in secondary and co-investment deals.
Gawain is often sought after by the media to comment on key issues arising in the funds sector and contributes articles and thought leadership. He is a member of UK AREF’s corporate governance committee and provides training to UK BVCA members on key investor issues. Additionally, he was the sole private practice lawyer asked to contribute written and oral submissions to the original House of Lords European Union Committee looking at the impact of the Alternative Investment Fund Managers Directive (AIFMD).
Prior to joining Pillsbury, Gawain was a partner and head of the investment funds practice at the London offices of international law firms.
Representative Experience
Prior to and since joining Pillsbury, Gawain’s notable representations include sponsors, investors and secondary investments and co-investments across Europe, including:
- Representing the seller on the largest secondary transaction in Europe in relation to the sale of over 130 separate fund interests.
- Representing a large global fund of funds manager on the successful launch of a number of innovative funds in Europe in the private equity and debt sectors.
- Representing the world’s largest investment manager (by assets under management) on its secondary and co-investment activity in Europe and Asia.
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- Select Sponsor Representations
- Represented a real estate investment management firm on the transfer of management mandates and accompanying equity/debt interests in 11 real estate funds to a new management spin-out.
- Represented a U.S. investment management on the establishment of its first European growth debt fund structured using an innovative Irish section 110 securitization vehicle.
- Represented a UK private equity spin-out business on the successful closing of its inaugural fund.
- Represented a leading global fund of funds manager on the launch and successful closings of its inaugural and innovative European credit fund-of-funds product.
- Represented a leading U.S. manager on the launch and successful closing of a pan European real estate fund together with its successor funds.
- Represented a leading global fund of funds manager on the launch and successful closings of its latest European private equity fund of funds product.
- Select Investor Representations
- Represented a leading global fund of funds manager and its clients on their investments in large number of global infrastructure funds and subsequent strategic relationship and co-investment arrangements.
- Represented a leading global secondary fund manager on its investments in large number of global private equity, real estate and infrastructure funds.
- Represented a leading Swiss bank and its clients on their participation in a number of third-party private equity investment funds.
- Represented a leading global consumer product corporate venturer on its participation in a number of innovative funds with complementary investment strategies investing in synergistic businesses in Europe and Asia.
- Represented several Middle Eastern sovereign wealth funds on their large cornerstone investments in third-party funds across various asset classes.
- Represented one of the largest UK state pension funds on its investments and managed account arrangements with a leading global investment manager structured though a specialised offshore “fund of one” arrangement.
- Represented a number of leading pension and other investors on their managed account and “fund of one” arrangements.
- Select Secondary/Co-investment Representations
- Represented a quoted real estate investment manager on the completion of its high-profile restructuring program involving the divestment of a number of its current investment mandates for its global real estate business to other leading investment managers and the ultimate sale of the remainder of its business.
- Represented a leading UK investment manager on the restructuring, consolidation and relaunch of its historic Guernsey PCC investment platform into a singular focused fund of funds vehicle including the secondary sale of a number of historic interests.
- Represented a leading global fund of funds manager and its clients on a large number of direct secondary transactions in a wide range of real assets including airports and telecoms infrastructure in Europe and Asia, often undertaken on a co-investment basis with other leading managers.
- Represented a leading global secondary fund manager on a number of secondary investments acquiring portfolio fund interests.
- Represented a leading global secondary fund manager on a number of direct secondary transactions acquiring direct and indirect interest in real assets.
- Represented a leading Swiss bank and its clients on the sale of several portfolios of fund interests.
- Represented a large global corporate on the secondary sale program of its entire European indirect fund interest portfolio.
- Represented a leading U.S. manager on its co-investment arrangements across a number of funds with the Future Fund of Australia.
Professional Highlights
- Recognized by Chambers UK for Investment Funds: Private Equity: Secondaries (2021-2024) and Investment Funds: Private Equity: Venture Capital (2021-2023) and The Legal 500 UK in Investment Fund Formation and Management: Private Funds (Including Infrastructure Funds) (2023).
- Member, Practice Group of the Year, Asset Management, Law360 (2017)
- Committee Member, UK Association of Real Estate Funds (AREF)
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- Member, UK Association of Real Estate Funds (AREF)
- Member, British Private Equity & Venture Capital Association (BVCA)
Education
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LL.B. (Hons), University of Glamorgan, 1992
Law Society Finals
Admissions
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England and Wales