The Guernsey office of International Administration Group (IAG) has been appointed to provide fund administration services to the recently launched Octopus Zenith Opportunities Fund II (Octopus Opportunities fund).
Aimed at providing growth capital to successful fast-growing later-stage companies across Europe, the US$140 million fund has been launched by Octopus Ventures, part of the Octopus Group. The fund is dedicated to follow on investments into existing companies within the Octopus portfolio, as well as having the opportunity to back later-stage high growth businesses new to Octopus. The institutional-only fund is now closed to new money.
The Octopus Opportunities fund will see Octopus invest between £250,000 and £25 million into Europe's most talented entrepreneurs, enabling the team to back businesses from inception through to the later stages of development.
As fund administrator, IAG in Guernsey will provide accounting, financial reporting, cash management, investor reporting and company secretarial services to the structure.
Mark Woodall, Managing Director of IAG, said, "We are delighted with this appointment. It is a ringing endorsement for the high quality of service provided by IAG and demonstrates that our Guernsey office has the expertise and infrastructure to service complex multi-jurisdictional fund structures."
Headquartered in Guernsey with offices in Europe and Asia, IAG delivers specialist fund administration services for private equity, real estate, alternative assets and listed corporate structures. Since its inception, IAG has administered more than 400 funds and globally has assets under administration of over US$16 billion.
The first investment from the Octopus Opportunities fund has already been made, with Octopus leading the recent US$60 million round with Google Ventures into Secret Escapes, the London-based members only luxury travel site.
Alex Macpherson, Head of Octopus Ventures, commented: "The Octopus Opportunities fund is a really exciting development that enables us to keep travelling with some of our existing entrepreneurs for longer, while also providing additional funding to find new investment opportunities.
"We are often one of the first investors into a start-up and have long felt comfortable investing at the very earliest stage of a company's life. It's a long term partnership and we want to be there supporting the management team as they continue to realise the full potential of their businesses during the course of its lifetime, working to achieve growth for the team, the company and our own investors.
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