Funds

Investment Funds, including venture capital firms, growth funds, private equity funds, hedge funds, mezzanine funds and infrastructure funds have become a fundamental drivers of the Indian corporate and investment eco-system. We provide end-to-end legal and regulatory support for both the creation / formation of these vehicles and the deployment of their capital.

Fund Formation and Structuring

We advise sponsors, investment managers, and general partners on the establishment of domestic and/or offshore investment funds, ensuring optimal structures that balance commercial objectives with regulatory compliance.

Our services within Fund Formation include:

• Fund Structuring and Jurisdiction: Advising on the optimal fund structure (open-ended/closed-ended) and jurisdiction (domestic, GIFT City IFSC, or offshore), including tax and regulatory considerations for key geographies.
• Vehicle Selection: Advising on the appropriate entity or vehicle for the fund such as pass-through trusts, limited liability partnerships and companies, protected cell companies, etc. based on the objective of the fund and regulatory environment of the investor’s home jurisdiction.
• Documentation: Drafting of fund documents including the charter documents for the fund entity, private placement memorandum, investment management agreement, investment advisory agreement, contribution agreement and other required documents.
• Regulatory Compliance: Assisting in applying for required regulatory approvals and complete handholding with respect to all and any compliances, including the extant exchange control regulations, for setting up funds in India or channelling investments overseas.

LP Representation

We also act for institutional investors, sovereign wealth funds, development finance institutions and large family offices in their capacity as limited partners (LPs) investing in domestic and global funds.

Our services for LP representation include:

• Due Diligence & Review: Conducting legal and commercial due diligence on the fund structure, sponsor track record and underlying investment strategy.
• Negotiation of Terms: Advising on and negotiating key provisions of the fund documents including the contribution agreement, focusing on alignment of interests, governance rights, economic terms (e.g., waterfall, hurdle, carried interest, management fees), indemnities and claw back provisions and exit mechanisms.
• Side Letter Negotiation: Drafting and negotiating side letters to secure specific preferential terms, disclosure rights and compliance covenants for the LP.

Investment Advisory & Deployment

While our specialist teams (M&A, Private Equity, Banking & Finance, etc.) handle the detailed execution and deployment of capital into portfolio companies, we provide the foundational advice on the legal framework, including the fund’s overall permissible investment strategy, sector caps, concentration limits, and investment compliance under relevant SEBI/RBI guidelines.