The global go-to firm for Scottish private fund structuring and establishment.

Burness Paull's funds lawyers advise leading international fund managers, investors, banks and law firms.

Our team acts as primary funds counsel to a range of clients, both in relation to fund formation and fund investment work. We work collaboratively with firms worldwide and offer top-tier investor-side services. In addition, the team acts as Scottish counsel to many of the largest international fund houses.

Our funds partners are internationally recognised, with top-tier rankings in legal directories Chambers and Legal 500. Paula Kennedy, Head of Funds, is ranked Band 1 (Chambers), a Leading Partner (Legal 500) and listed in the International Who’s Who of Private Funds Lawyers 2024 (formation). Andrew Christie is ranked in Chambers and has been named a Leading Partner by Legal 500 and Ruaridh Cole also appears in Chambers and has been named as a Next Generation Partner by Legal 500.

Get in touch to find out how we can offer you support on all matters relating to funds.

Key Contacts

Areas of Expertise

Fund structuring, formation, raising and operation

For over 30 years Burness Paull's funds lawyers have been advising fund managers through all stages of a fund’s life; from initial structuring, formation and regulatory issues through marketing, establishment and closing.

We work closely with clients throughout the life of the fund, in particular negotiating bank funding and the structuring of security.

We are experienced in many types of private equity and debt funds, including fund of funds, where Scottish limited partnerships are a preferred vehicle.

Investments in private funds

Burness Paull's position as the global go-to firm for Scottish private fund work means we have a unique understanding of the global funds market. Using our market knowledge, we regularly advise leading institutional and other investors on the terms of their investments in alternative investment funds domiciled in the UK, the US, various European jurisdictions and elsewhere.

As well as primary investments, the firm's funds lawyers have specialist knowledge of Secondaries and co-investment.

Fund finance

Recognised in the City and international fund finance markets as experts, we advise on debt and security structures, often in complex cross-border transactions.

Our unique market position and engagement with the Fund Finance Association means we are at the forefront of developments and changes in market practices in this sector. In particular, the continuing growth in the use of subscription line facilities and lifetime facilities by ever more complex fund structures has led to our being instrumental in the development and use of cascading security structures.

Scottish limited partnerships in private funds and other structures

Burness Paull's funds lawyers were at the forefront of the development of the use of Scottish limited partnerships (SLPs) in private fund structures and we invest heavily in the development of our team to make sure we remain at the cutting edge for our clients.

For law firms and international fund managers, we deal with all aspects of setting up Scottish limited partnerships for use as carry vehicles, feeders, fund of funds vehicles, acquisition structuring vehicles and in other situations. This is our core business and we do it every day.

Carry limited partnerships

Scottish limited partnerships (SLPs) have been the carried interest vehicle of choice in domestic UK structures for over 20 years. We were involved in the first-ever use of a Scottish limited partnership as a carry vehicle, and have worked on countless carry structures over the years.

Our market-leading position in relation to carry structures means that our dispute resolution colleagues are at the forefront of litigation arising from carry disputes.

Economic Crime and Corporate Transparency Act 2023

The Economic Crime and Corporate Transparency Act increases powers to tackle economic crime and improve the transparency of corporate entities in the UK. Filing requirements for UK limited partnerships, limited liability partnerships and limited companies will be reformed. Further legislation will be introduced to detail how these changes will take effect.

We are ready to assist you in satisfying new requirements under the Act when these new requirements come into force.

For more information how a funds lawyer can advise on the ECCTA, click here.

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