Simpson Thacher & Bartlett

The clearest way in which Simpson Thacher separates itself from every competitor in London is its position as the leading adviser globally on private equity fund formation. Private Equity International's 2024 Fund Formation League Table placed the firm #1 by aggregate capital raised, at a total figure of $187 billion. Kirkland placed second, having raised $178 billion, while Linklaters ranked third with “only” $41 billion raised. This only shows just how much of a gap there is between Simpson Thacher and Kirkland on one side, and the rest of the market on the other. In this context, one may be forgiven for thinking that the PE fund formation world is a duopoly of the two US giants. However, in truth, the firms operate in different segments of the market and have markedly different reputations. Simpson Thacher helped raise $178 billion across 34 funds, while Kirkland raised $178 billion across 122 funds. Simpson Thacher’s strategy, however, is laser-focused on capturing the top segment of the market of the fund formation world, where legal complexity and profitability are often the highest.