Guernsey's position as a successful home for new managers
has been underlined by the launch of an energy fund which is
believed to be the largest fundraising by a start up in recent
Blue Water Energy LLP has launched the Guernsey registered,
closed-ended Blue Water Energy Fund I. Its first closing in
September 2012 was oversubscribed and it closed at its hard cap in
May 2013 raising $861 million.
The fund will invest in transactions across the global energy
supply chain with a focus on mid-market, growth-oriented
investments in European-domiciled companies. With significant
investing experience in this sector, the Blue Water Energy team has
invested in, acquired or established more than 28 companies
(including add-on transactions).
Blue Water Energy was founded by partners Jerker Johansson
(former CEO of UBS investment bank), Tom Sikorski (former London
Head of First Reserve Corporation), and Graeme Sword (former
Partner and Head of 3i Oil, Gas and Power) and is supported by six
other investment professionals. They have attracted a broad, well
diversified base of investors including pension funds, sovereign
wealth funds, endowments, foundations, funds of funds, insurance
companies and family offices from the U.S., Europe and Asia.
Andrew Boyce, Corporate Partner and David Crosland, Senior
Associate (now Partner), from
Carey Olsen in Guernsey worked with Blue Water Energy LLP
throughout the project advising on all Guernsey aspects of the
structuring, establishment and closing of the fund.
Advocate Boyce said: "The success of the launch of the Blue
Water Energy Fund is significant in a challenging fund raising
environment as it demonstrates that there is still an ability to
attract substantial investor commitments even if you are a new
entrant to the market provided you have a quality team, an
attractive strategy and an established track record.
"Carey Olsen is seeing increased investment activity in
natural resources as world demand for traditional energy
commodities, such as oil and gas, continue to grow and Guernsey is
well thought of for this work. Investors and private equity firms
are familiar and comfortable with Guernsey's fund structures;
our robust regulatory policies and expertise are important elements
when firms, like Blue Water Energy, choose where to establish their
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