A new US$150 million Guernsey closed-end, registered fund that will invest in rare and classic cars has moved out of the pits and on to the starting grid.
The IGA Automobile Fund, which will invest in rare and limited production iconic cars including supercars such as Ferrari and Bugatti, will be the first to allow investors to benefit from increases in the value of classic cars.
The fund manager, IGA Management Limited, has brought together a team of globally experienced automotive professionals to advise on the fund's investment.
The fund has already attracted high-profile involvement, including Nick Mason of Pink Floyd, and Gordon Murray, designer of the McLaren F1 car both being appointed to the advisory board.
The fund is targeting initial capital of US$50m and is hoping to raise up to US$150m in the future. The minimum investment is currently set at US$500,000.
Paul Christopher, Partner of Mourant Ozannes in Guernsey, said: "This is a fund tailored towards such an unusual asset class. The fact that a Guernsey structure was selected for it is a reflection of the flexibility of Guernsey's funds regime. I am delighted that Mourant Ozannes was able to provide the Guernsey advice for such a unique fund, which is a further reflection of the specialist expertise of our Guernsey funds team."
Peter Niven, the Chief Executive of Guernsey Finance – the promotional agency for the Island's finance industry, added: "It is extremely pleasing to see that Guernsey is yet again home to a world first. The Island's finance industry has grown a reputation for innovation and no more so than our investment sector where the combination of flexibility and creativity provide an ideal environment for launching funds specialising in esoteric asset classes, such as iconic cars. The team at IGA Automobile LP have strong credentials and I wish them all the very best with this unique venture."
For more information about Guernsey's finance industry please visit www.guernseyfinance.com.
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