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Alter Legal


Alter Legal is a Spanish independent law firm based in Madrid, which offers full legal advice to companies, shareholders and investors. We offer advice to domestic and international companies, financial institutions, family groups and investors who carry out their activities in our local and global markets.

Alter Legal is formed by an experienced team of professionals specialised in particular in fund formation (both in relation to domestic and international structures), in the establishment of fund management/advisory companies, and the transactions carried out by such investment funds. Alter Legal’s expertise in relation to fund formation may be summarised as follows:

  • Large experience in structuring private funds/carried interest schemes in a number of jurisdictions, including FILs, FCRs, SCRs (Spain), Limited Partnerships and Limited Liability Partnerships (Delaware, England, Scotland, Channel Islands, Cayman Islands, BVI, Ontario, etc.), SICAR, SIF, SOPARFIS (Luxembourg), FCPRs (France), etc.
  • Design and implementation of management/advisory structures.
  • Design and structuring multi jurisdiction parallel funds and feeder/master structures.
  • Design and implementation of tax efficient carried interest structures and incentives to management teams and executives.
  • Agreements between sponsors and management teams; Leavers & Joiners arrangements.
  • Structuring of investments by sponsor/management team.
  • Tax planning from the perspective of the fund/investors/co-investors/ sponsor-team. Tax optimization of the fund’s investment/divestments.
  • Regulatory issues regarding domestic and international institutional investors (banks, insurance companies and pension funds, US pension funds –ERISA issues-).
  • Advising investors with respect to primary and secondary investments in private funds.

Organisation Profile




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