Guernsey firms Carey Olsen and Northern Trust have assisted
Coller Capital, the leading global investor in private equity
secondaries, on one of Guernsey's largest fund launches of 2015
with the $7.15 billion final close of Coller International Partners
VII ("CIP VII").
Like its six predecessor funds, CIP VII will take a flexible
approach. Advised by a multinational team based in London, New York
and Hong Kong, the fund will target a wide array of secondary
transactions, targeting assets and sellers located anywhere in the
world, and making individual investments ranging in size from $1
million to $1 billion plus. CIP VII, which had a Limited Partner
re-up rate of 82%, has approximately 170 Limited Partners from 27
different countries. Pension plans account for some 62% of the
fund's committed capital; sovereign wealth funds/government
entities for 15%; andinsurance companies for 11%; with the
remaining commitments coming from endowments and foundations,
family offices and other types of asset manager.
The Carey Olsen team was led by Partner David Crosland and
included Gemma Campbell, Chris Hutley-Hurst, Alexandria du Jardin
and Asim Arshad.
David Crosland said: "Coller have a longstanding
relationship with Guernsey but have historically chosen to domicile
their fund vehicles elsewhere. It is testament to Guernsey's
growing international profile and attractiveness to a global
investor base that they chose Guernsey for their latest and largest
fund. We were delighted to help them with their
Northern Trust, which has a longstanding relationship with
Coller, has been appointed to provide fund administration,
banking and depositary services for the new fund.
"Northern Trust has provided services to Coller for more
than 20 years and we are delighted to continue to evolve with
them, offering innovative solutions that meet their changing
requirements," said Belinda Burgess, head of Northern Trust in
the Channel Islands. "Northern Trust offers a full range
of specialist private equity solutions supported by our robust
technology and global presence. "
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With effect from 18 April Jersey is introducing a new regime in respect of private funds - simplifying the regulatory regime, and extending the benefits of flexibility and speed across Jersey's private funds space.
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