在上述背景下，冉律师带领团队时刻在工作中践行汉坤一脉相承的理念——Growing with clients（与客户一起成长）；Legal mind, business sense （法律思维、商业意识）。
聊及未来规划，冉律师希望打造一支业界顶尖的律师团队， 将汉坤建立为中国私募基金律师界的一面旗帜，不断吸引并大力培养优秀的法律人才。与此同时，随着汉坤四版VC/ PE基金募集项目数据报告和中国私募基金监管蓝皮书的发布，冉律师还希望借助汉坤的经验促进行业的良好发展。
A leading team in the investment funds sector: An interview with Ran Lu, partner at Han Kun Law Offices
Ran Lu, a partner with Han Kun Law Offices, has focused her practice on investment funds formation and operation since joining the firm in 2011. In this interview, she shares with ALB her industry observations and her strategies as a lawyer.
Investment Funds Sector Trends
Ran believes that the past ten years have been a decade of vigorous development of the investment funds sector in China. She tells ALB that three main features that have appeared in the past three years: first, for limited partnerships, the proportion of State-owned PE investments has been high. Secondly, fundraising periods have become longer. For example, around 2016, on average, the first closing of a PE fund took about three months (in fact, many PE funds completed their first closing within one month), and it took about 6 to 12 months to reach the final closing. But, in the past three years, it has been quite common for the first closing to take 6 to 12 months, and 18 to 24 months to reach the final closing. And thirdly, fund-raising structures have become more complex.
“In recent years, in order to meet fund-raising needs, RMB funds have commonly utilized the parallel fund structure, the multi-parallel fund structure, the connecting fund structure, the umbrella fund structure, and combinations of these structures,” Ran says.
It is a major trend that the investment funds practice will continue to maintain its blue ocean status. However, Ran also points out that regulation of the investment funds sector will intensify and that this will cause the industry to develop in a more standardized and robust way, particularly with the Regulations on Supervision and Administration of Private Investment Funds having been included in the State Council’s 2021 Legislative Work Plan. Meanwhile, as early PE funds gradually enter their exit periods, the value of S funds and S transactions to the liquidity and continuity of the PE market will be more obvious. Additionally, the investment funds sector will enter a new era of cross-border capital allocation with the liberalisation of QFII, QFLP, QDLP, QDIE, QDII policies and quotas and the growing importance of allocating capital to the Chinese market.
Ran also adds: “Private equity and private placements are no longer limited to their traditional advantages, rather, they complement each other and this synergy drives growth upward.”
Han Kun’s strategy
In the above context, Ran has been leading her team to implement Han Kun’s longstanding principles to their practice: “growing with clients” and “legal mind, business sense”.
“Having specialized in the investment funds sector for many years, we practice these principles in all our internal training programs as well as during each specific project, to continuously polish our professional skills. We develop business sense through in-depth research of the industry and interactions with industry insiders. In addition, we actively collaborate with our clients to develop and to innovate together,” Ran says.
Looking into the future
As for the future, Ran’s vision is to build a top-tier team in the sector to make Han Kun an iconic firm in the investment fund sector in China. They will continue to attract and coach outstanding talents and help them grow together with the firm. Furthermore, Han Kun has released the fourth edition of the Fund Formation Data Analysis Report and the China Private Equity Regulation Blue Book, by which Ran hopes to help promote robust development of the industry.
“As legal service providers in the sector, we ought to seize on the chance to live up to its prosperity and live up to its glory!” Ran says.