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A group of Clifford Chance corporate partners is set to launch a fund of funds to put money into their clients' investments as the private equity boom reaches new heights.
The Lawyer understands that the group is planning to beauty parade a fund manager and invite investment from any member of the global equity partnership in order to target a minimum subscription of E10m (£6.9m).
The group met for the first time to discuss the fund - named the Tulip fund - last week. Although it is not an official management initiative, it is understood that conflict issues have already been cleared with executive partner and general counsel Chris Perrin.
Confirming the plan, corporate partner Jason Glover said: "The matter is under consideration and it's one of those perennial issues at the firm. There seems to be a level of impetus, which means there's a high chance it will come to fruition."
Clifford Chance declined to comment on whether non-equity partners would have the opportunity to invest.
The magic circle firm is understood to have examined a similar proposal in 2000, but backed away from the idea because the regulatory regime did not allow all overseas equity partners to participate in the fund.
SJ Berwin is known to have set up a small closed fund in 2000. Sources close to the firm have suggested that the move might be revisited in order to take advantage of the high levels of investment activity in the private equity market.