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
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
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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