Norwegian based promoter Offshore Merchant Partners (OMP) has
received commitments of US$ 381 million for its Guernsey
closed-ended Offshore Merchant Partners Asset Yield Fund.
The commitments come from a diversified and global investor base
comprising pension funds, financial institutions, and family
Offshore law firm Mourant Ozannes acted as Guernsey legal adviser,
together with Gentoo as fund administrator and Advokatfirmaet BA-HR
DA as lead counsel, on the establishment and final close of the
The fund is targeting privately negotiated, long-term credit
financing solutions for modern, high quality, standardised assets
in the offshore oil and gas industry. The total fundraising
exceeding the target of US$ 300 million.
OMP Chief Executive Carl Petter Finne said: "Many of the
offshore oil and gas companies are faced with limited access to
capital as a result of more restrictive banks and capital markets
practically being closed. OMP provides the industry with long-term
capital solutions. We have seen a solid increase in interest for
privately negotiated transactions during this year, and expect
activity level to remain high going forward. We focus on being a
provider of sustainable financial solutions to the benefit of all
stakeholders in the companies we do business with."
The Mourant Ozannes legal advisory team of Partner Gavin Farrell
and Managing Associate Helen Wyatt, together with paralegal Jessica
Webb, assisted on all Guernsey legal and regulatory aspects. Gentoo
Fund Services Limited acts as fund administrator and depositary to
Mr Farrell said: "It is particularly pleasing to introduce a
new promotor to the Island with a fund raising that has exceeded
initial expectations. It is also gratifying to be able to continue
to attract and service our international client base, including
those from the Nordic region, from Guernsey."
Mark Hooton, Director of Gentoo Depositary Services Limited,
commented: "Gentoo is delighted that Offshore Merchant
Partners have selected Guernsey for their new fund and that they
have chosen the combined service offering of depositary and fund
administration via Gentoo Depositary Services and Gentoo Fund
Services. We place a great deal of importance on client service and
client relationships and are pleased to establish this new
relationship with fund promoter OMP."
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).