Guernsey: Investment Management - Setting Up And Operating In Guernsey

Last Updated: 8 October 2008

INVESTMENT FUNDS

Acero TMT Offshore Fund, Ltd.

This Fund's objective is to grow and preserve capital through investments in the telecommunications, media and technology industries, while minimising overall risk. The strategy is based on the premise that the ever-changing environment for telecommunications and media products and services, and the related changes in technology requirements represent a significant investment opportunity for a sustained period of time. The Investment Manager continuously monitors developments within sectors and effectively selects attractive investment candidates through rigorous research driven fundamental analysis.

Aladdin Ottimo Conduit Fund

A Cayman trust feeder to a Delaware LLC master, this fund invests in the preferred shares of a Cayman structured finance vehicle (Ottimo Funding Ltd.). The Conduit will invest in residential mortgage-backed securities (the "Eligible Securities") satisfying certain eligibility criteria consistent with the requirements for debt ratings assigned to the debt issued by the Conduit.

Binjai Hill

This Cayman master/feeder fund's investment objective (indirectly through its interest in the Master Fund) is to maximise absolute returns with moderate volatility. The master fund aims to achieve its investment objective through investments in the securities of high-quality smaller and mid-cap companies which are listed, quoted or traded on stock exchanges and over-the-counter ("OTC") markets in Asia Ex- Japan.

Castle Property Company Limited

Ogier acted as Guernsey legal adviser on the establishment of this closed-ended, registered, Guernsey investment fund. This US$150 million fund was established to invest in a diversified portfolio of real estate assets in Egypt.

Dominion Chic Fund

Ogier acted as Guernsey legal adviser to Dominion Fund Management Limited on the establishment of "Dominion Chic Fund Limited" in Guernsey; an open-ended investment fund listed on the Irish Stock Exchange. The fund is the world's first retail investment fund to cover comprehensively the fashion, luxury goods and services sector with a target of £1billion in subscriptions set for the first 18 months. Chic will invest in a range of the world's top branded names such as Burberry, Apple, Hermés, L'Oreal, BMW and Sony and has attracted widespread international media coverage.

Dry Brook Credit Opportunities Fund, Ltd.

This fund invests in a diversified portfolio of credit-based instruments primarily in high-grade, high-yield, distressed and bankrupt segments of the market. The Investment Manager's initial focus will be on North American securities and other instruments, but may include Europe, Asia and other non-U.S. markets.

Gabelli Capital Structure Arbitrage, Ltd.

This Cayman master/feeder fund opportunistically allocates capital among various strategies to create the best risk/reward profile for the Fund. Portfolio holdings may include positions designed to provide non-directional, leveraged exposure to senior/subordinated debt, preferred/common stock, derivatives, merger arbitrage, convertible arbitrage, fixed income arbitrage, long/short equity pairs trading, volatility arbitrage and distressed investments.

Grey K Environmental Offshore Fund II, Ltd

Ogier acted as Cayman counsel for this fund which makes structured investments in the environmental markets by investing the Fund's assets in a diversified portfolio of environmental products. Environmental products include emissions credits providing the right to emit a specific substance during a specific time period and the rights to receive credits which may be generated by projects.

Halbis US Credit Alpha Offshore Fund, Ltd.

Ogier acted as Cayman counsel on the establishment of this Cayman master/feeder fund, which is managed by Halbis Capital Management (USA) Inc., a wholly owned indirect subsidiary of HSBC Holdings plc. The fund invests primarily in a diversified portfolio of obligations and instruments related to the performance of US based corporations.

Ironshield Special Situation Fund

Ogier acted as Cayman counsel in the establishment of a master/feeder structure which seeks to achieve high absolute returns by investing in special situations, primarily in Europe with a focus on distressed, stressed and leveraged credit investments and distressed, value or event-driven equity situations. This innovative investment strategy commonly involves acquiring securities of companies that are experiencing restructurings, workouts and liquidations or other abnormal corporate events.

Kelusa Asian Discipline Master Fund, Ltd.

This Cayman-domiciled fund is structured to seek superior long-term capital appreciation through investment primarily in corporate equity and debt securities of companies in Asia and financial instruments related to Asian markets.

MBA Multistrategy Investment Fund

Ogier acted as Cayman counsel in the establishment of this stand-alone umbrella-type open ended investment company, which invests in a wide array of Argentine and Latin American assets including external sovereign debt instruments.

Mid Europe Fund III LP

Ogier acted as Guernsey legal adviser on the establishment of Mid Europa Fund III LP, the largest Central European buyout fund, in excess of €1 billion. The fund manager was Mid Europa Partners, a private equity firm that specialises in the buyouts in Central Europe. Mid Europa Fund III LP was its third successful fund, which was launched in May 2007. Mid Europa, which operates from London, Budapest and Warsaw, is to invest between €50 million and €200 million in cash-flow generative companies with enterprise values of up to €1 billion. It was expected to achieve €1.5 billion of capital commitments in the 4th quarter of 2007.

FUND OF FUNDS

Audubon Partners, Ltd.

A Cayman registered fund of funds is managed by Corbin Capital Partners LP. The Fund operates as a fund of funds and invests through Portfolio Managers and Portfolio Funds across a range of strategies weighted towards lower volatility. Underlying investments comprise a diversified portfolio of securities including securities of U.S. and non-U.S. corporations.

INVESTMENT MANAGERS

Dexion Absolute Limited

Ogier acted as Guernsey legal adviser in the placing of C Shares for Dexion Absolute Limited which was originally launched in 2002 and is listed on the London Stock Exchange. The Placing and Offer for Subscription of C Shares was significantly oversubscribed which resulted in the Board determining, after consultation with the Placing Agents and the Investment Adviser, to increase the maximum Issue size from US$750 million to US$950 million, at which level the Issue remains oversubscribed. As a result of the Issue, the Company will have aggregate net assets of approximately US$2.78 billion (£1.35 billion) and will be the world's largest listed closed-ended hedge fund product.

ETHEMBA Capital No 1 L.P

This is a closed ended structure replicated now through ETHEMBA Capital No 2 L.P., ETHEMBA Capital No 3 L.P. and ETHEMBA Capital No 4 L.P. The entities seek investment opportunities of a venture capital type, the first structure having purchased a controlling interest in a pharmaceutical business in Egypt. The other capital raising vehicles have entered into preliminary investment deals or conditional transactions to acquire other businesses.

Royalton Capital Investors II, LP

Ogier acted as Guernsey legal adviser on the establishment of Capital Investors II LP, a closed-ended Guernsey limited partnership. This €300 million investment fund was established to invest in private equity companies in Central and Eastern Europe.

LISTINGS

Bramdean Alternatives Limited

Ogier acted as Guernsey legal adviser to Bramdean Asset Management LLP on the establishment of this closed-ended Guernsey investment company which was listed on the London Stock Exchange. The investment objective is to invest in a diversified portfolio of private equity funds, hedge funds and other speciality funds.

European Special Opportunities Fund I Ltd and Master Fund Ltd

The funds are both Cayman companies and are organised in a master-feeder structure and are registered with the Cayman Islands Monetary Authority. The shares of both funds are listed on the Cayman Islands Stock Exchange. The funds focus on multiple investment strategies in Europe incluing illiquid investments (investment opportunities not traded through securities exchanges or organised brokerage networks), principally Private Equity and Private Debt and liquid or quasi liquid investments.

Gottex Fund Management Limited CHF

Ogier acted on the listing of Gottex Fund Management Holdings Limited (GFMH), a Guernsey registered company on the Swiss Stock Exchange, with a market capitalisation of CHF 2.196 billion (approximately US$2 billion) marking it the largest listing on the Swiss Stock Exchange in 2007. GFMH is a leading independent global alternative investment management group whose core business is the provision of investment management services to a diversified range of funds of hedge funds.

Northern European Properties Limited

Ogier acted alongside Ashurst in relation to a £350 million IPO of Northern European Properties (a Jersey company) on AIM in 2006. In December 2007 Northern European Properties also listed on Euronext Amsterdam and became authorised as a Jersey listed fund. The fund invests in real estate in the Nordic and Baltic regions and Russia.

Vision Opportunity China Fund

Ogier acted as Guernsey legal adviser on the establishment of a new investment company, the Vision Opportunity China Fund (VOCF), which was listed on AIM, raising $100 million (£50.4 million). The fund has been established and will be run by fund management firm Vision Capital Advisors LLC (VCA). The fund, based in Guernsey, will invest in companies with principal operations in China. The $100 million was raised through placing 100,000,000 shares at $1 per share.

PRIVATE EQUITY

Arceland Strategic Partners, L.P.

Ogier acted as Cayman counsel in the establishment of this closed ended private equity fund which makes investments in real estate projects in Romania and Bulgaria in conjunction with Baupost which invests as limited partner in the fund. The properties are acquired through subsidiaries in Luxembourg and Bulgaria or Romania.

Coller International Partners V

Ogier acted as Guernsey legal advisers to Coller Investment Management Limited on the establishment of Coller International Partners V. With investor commitments of $4.5 billion, it is the largest secondaries fund ever established. Coller International Partners V was formed to invest in portfolios of private equity assets – interests in established private equity funds and privately held companies – providing liquidity to the original investors in these assets. Coller International Partners V has a broad remit and provides liquidity to private equity investors anywhere in the world, invests in assets located all round the world, and makes investments ranging in size from $1 million to $1 billion or more.

Index Ventures Growth I

Ogier acted as Jersey legal adviser on the establishment of a EUR 400,000,000 Jersey limited partnership private equity vehicle structured as expert funds to invest in late stage venture capital and growth companies in Europe and the United States.

UFG Real Estate Fund, L.P.

The Fund is a Cayman Islands exempted limited partnership. The Fund's objective is to provide its investors with superior risk-adjusted returns by making and managing investments in real estate assets and portfolios in Russia. The Partnership may also invest in other countries of the former Soviet Union.

RESTRUCTURINGS

Absolute Capital Management Holdings Limited ("Absolute Capital")

Ogier acted as lead counsel in the successful restructuring of four equity funds to implement side pocket share classes and to defer redemptions for 12 months after the fund experienced difficulty in liquidating the funds' portfolios due to their exposure to illiquid assets. Together, the funds represented approximately $1.3 billion of Absolute Capital's assets under management.

This restructuring, thought to be the first of its kind, has signaled a change in the way hedge funds react against liquidation when faced with accelerated redemption crisis. The move increased investor confidence as the shares climbed 28% on the Alternative Investment Market (AIM) the following day as a result of the successful restructuring.

Aquamarine Master Fund, LP

This is a BVI master fund whose investment objective is long/ short equity. The set up and launch of this fund formed part of a larger reorganisation and restructuring of Aquamarine group which consolidated a previous side by side onshore/offshore fund structure into an onshore/ offshore master feeder structure.

SEGREGATED PORTFOLIO COMPANIES

Celtic SPC

The primary investment objective of each Class in the Fund is to follow a multi-manager investment approach by seeking exposure to a group of Portfolio Managers. The exposure will be achieved by investing a Class's assets directly with investment vehicles managed by the Portfolio Managers or other investment instruments.

Muirfield Eagle Fund, SPC

The Fund's strategy will be implemented by investing in The Muirfield Offshore Fund SPC, Ltd. which is a fund of funds predominantly comprised of equity long/short managers. Investments are made globally and include securities, currencies, commodities and their derivatives, including investments in emerging markets.

Steeplechase Fund Ltd and Steeplechase Master Fund Ltd.

companies and are organised in a master-feeder structure. The feeder fund is registered with the Cayman Islands Monetary Authority. The master fund has entered into a seed arrangement with SkyBridge Capital LLC, whereby SkyBridge receives portions of the investment manger's management and incentive fees. The funds' investment objective is to seek consistent absolute returns primarily through capital appreciation, while also attempting to preserve capital and mitigate risk through diversification of investments and hedging activities.

UBS Banco Pactual (Kondor) SPC

This is a Cayman registered segregated portfolio company focusing on long and short investments in Latin America. The primary investment objective is to seek capital appreciation by trading and investing, both long and short, in a wide range of fixed income securities, currencies, equities, commodities, and related derivatives, issued by, or representing an investment in, governments or companies. Most of the investments shall be located in Latin American Countries, concentrated, however, in local and international instruments related to the Brazilian securities markets.

Van Tracker Fund SPC

A Cayman fund, the first segregated portfolio company of which will attempt to track the performance of the Greenwich-Van Composite Investable Index ("GVI2"), an investable index that tracks the performance of the Greenwich-Van Global Hedge Fund Index ("GVGHFI"), a widely-recognized benchmark for the performance of the entire hedge fund universe.

UNIT TRUSTS

Pan-Asia Debt Fund

Ogier acted as Cayman counsel in the establishment of this exempted unit trust. The Fund seeks to achieve absolute returns by investing primarily in Asian debts including high yield and distressed debt instruments and loans. The strategy is typically biased towards long positions, although the strategy may utilize short positions.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

To print this article, all you need is to be registered on Mondaq.com.

Click to Login as an existing user or Register so you can print this article.

 
In association with
Related Topics
 
Related Articles
 
Up-coming Events Search
Tools
Print
Font Size:
Translation
Channels
Mondaq on Twitter
 
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).
 
Email Address
Company Name
Password
Confirm Password
Position
Mondaq Topics -- Select your Interests
 Accounting
 Anti-trust
 Commercial
 Compliance
 Consumer
 Criminal
 Employment
 Energy
 Environment
 Family
 Finance
 Government
 Healthcare
 Immigration
 Insolvency
 Insurance
 International
 IP
 Law Performance
 Law Practice
 Litigation
 Media & IT
 Privacy
 Real Estate
 Strategy
 Tax
 Technology
 Transport
 Wealth Mgt
Regions
Africa
Asia
Asia Pacific
Australasia
Canada
Caribbean
Europe
European Union
Latin America
Middle East
U.K.
United States
Worldwide Updates
Registration (you must scroll down to set your data preferences)

Mondaq Ltd requires you to register and provide information that personally identifies you, including your content preferences, for three primary purposes (full details of Mondaq’s use of your personal data can be found in our Privacy and Cookies Notice):

  • To allow you to personalize the Mondaq websites you are visiting to show content ("Content") relevant to your interests.
  • To enable features such as password reminder, news alerts, email a colleague, and linking from Mondaq (and its affiliate sites) to your website.
  • To produce demographic feedback for our content providers ("Contributors") who contribute Content for free for your use.

Mondaq hopes that our registered users will support us in maintaining our free to view business model by consenting to our use of your personal data as described below.

Mondaq has a "free to view" business model. Our services are paid for by Contributors in exchange for Mondaq providing them with access to information about who accesses their content. Once personal data is transferred to our Contributors they become a data controller of this personal data. They use it to measure the response that their articles are receiving, as a form of market research. They may also use it to provide Mondaq users with information about their products and services.

Details of each Contributor to which your personal data will be transferred is clearly stated within the Content that you access. For full details of how this Contributor will use your personal data, you should review the Contributor’s own Privacy Notice.

Please indicate your preference below:

Yes, I am happy to support Mondaq in maintaining its free to view business model by agreeing to allow Mondaq to share my personal data with Contributors whose Content I access
No, I do not want Mondaq to share my personal data with Contributors

Also please let us know whether you are happy to receive communications promoting products and services offered by Mondaq:

Yes, I am happy to received promotional communications from Mondaq
No, please do not send me promotional communications from Mondaq
Terms & Conditions

Mondaq.com (the Website) is owned and managed by Mondaq Ltd (Mondaq). Mondaq grants you a non-exclusive, revocable licence to access the Website and associated services, such as the Mondaq News Alerts (Services), subject to and in consideration of your compliance with the following terms and conditions of use (Terms). Your use of the Website and/or Services constitutes your agreement to the Terms. Mondaq may terminate your use of the Website and Services if you are in breach of these Terms or if Mondaq decides to terminate the licence granted hereunder for any reason whatsoever.

Use of www.mondaq.com

To Use Mondaq.com you must be: eighteen (18) years old or over; legally capable of entering into binding contracts; and not in any way prohibited by the applicable law to enter into these Terms in the jurisdiction which you are currently located.

You may use the Website as an unregistered user, however, you are required to register as a user if you wish to read the full text of the Content or to receive the Services.

You may not modify, publish, transmit, transfer or sell, reproduce, create derivative works from, distribute, perform, link, display, or in any way exploit any of the Content, in whole or in part, except as expressly permitted in these Terms or with the prior written consent of Mondaq. You may not use electronic or other means to extract details or information from the Content. Nor shall you extract information about users or Contributors in order to offer them any services or products.

In your use of the Website and/or Services you shall: comply with all applicable laws, regulations, directives and legislations which apply to your Use of the Website and/or Services in whatever country you are physically located including without limitation any and all consumer law, export control laws and regulations; provide to us true, correct and accurate information and promptly inform us in the event that any information that you have provided to us changes or becomes inaccurate; notify Mondaq immediately of any circumstances where you have reason to believe that any Intellectual Property Rights or any other rights of any third party may have been infringed; co-operate with reasonable security or other checks or requests for information made by Mondaq from time to time; and at all times be fully liable for the breach of any of these Terms by a third party using your login details to access the Website and/or Services

however, you shall not: do anything likely to impair, interfere with or damage or cause harm or distress to any persons, or the network; do anything that will infringe any Intellectual Property Rights or other rights of Mondaq or any third party; or use the Website, Services and/or Content otherwise than in accordance with these Terms; use any trade marks or service marks of Mondaq or the Contributors, or do anything which may be seen to take unfair advantage of the reputation and goodwill of Mondaq or the Contributors, or the Website, Services and/or Content.

Mondaq reserves the right, in its sole discretion, to take any action that it deems necessary and appropriate in the event it considers that there is a breach or threatened breach of the Terms.

Mondaq’s Rights and Obligations

Unless otherwise expressly set out to the contrary, nothing in these Terms shall serve to transfer from Mondaq to you, any Intellectual Property Rights owned by and/or licensed to Mondaq and all rights, title and interest in and to such Intellectual Property Rights will remain exclusively with Mondaq and/or its licensors.

Mondaq shall use its reasonable endeavours to make the Website and Services available to you at all times, but we cannot guarantee an uninterrupted and fault free service.

Mondaq reserves the right to make changes to the services and/or the Website or part thereof, from time to time, and we may add, remove, modify and/or vary any elements of features and functionalities of the Website or the services.

Mondaq also reserves the right from time to time to monitor your Use of the Website and/or services.

Disclaimer

The Content is general information only. It is not intended to constitute legal advice or seek to be the complete and comprehensive statement of the law, nor is it intended to address your specific requirements or provide advice on which reliance should be placed. Mondaq and/or its Contributors and other suppliers make no representations about the suitability of the information contained in the Content for any purpose. All Content provided "as is" without warranty of any kind. Mondaq and/or its Contributors and other suppliers hereby exclude and disclaim all representations, warranties or guarantees with regard to the Content, including all implied warranties and conditions of merchantability, fitness for a particular purpose, title and non-infringement. To the maximum extent permitted by law, Mondaq expressly excludes all representations, warranties, obligations, and liabilities arising out of or in connection with all Content. In no event shall Mondaq and/or its respective suppliers be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other tortious action, arising out of or in connection with the use of the Content or performance of Mondaq’s Services.

General

Mondaq may alter or amend these Terms by amending them on the Website. By continuing to Use the Services and/or the Website after such amendment, you will be deemed to have accepted any amendment to these Terms.

These Terms shall be governed by and construed in accordance with the laws of England and Wales and you irrevocably submit to the exclusive jurisdiction of the courts of England and Wales to settle any dispute which may arise out of or in connection with these Terms. If you live outside the United Kingdom, English law shall apply only to the extent that English law shall not deprive you of any legal protection accorded in accordance with the law of the place where you are habitually resident ("Local Law"). In the event English law deprives you of any legal protection which is accorded to you under Local Law, then these terms shall be governed by Local Law and any dispute or claim arising out of or in connection with these Terms shall be subject to the non-exclusive jurisdiction of the courts where you are habitually resident.

You may print and keep a copy of these Terms, which form the entire agreement between you and Mondaq and supersede any other communications or advertising in respect of the Service and/or the Website.

No delay in exercising or non-exercise by you and/or Mondaq of any of its rights under or in connection with these Terms shall operate as a waiver or release of each of your or Mondaq’s right. Rather, any such waiver or release must be specifically granted in writing signed by the party granting it.

If any part of these Terms is held unenforceable, that part shall be enforced to the maximum extent permissible so as to give effect to the intent of the parties, and the Terms shall continue in full force and effect.

Mondaq shall not incur any liability to you on account of any loss or damage resulting from any delay or failure to perform all or any part of these Terms if such delay or failure is caused, in whole or in part, by events, occurrences, or causes beyond the control of Mondaq. Such events, occurrences or causes will include, without limitation, acts of God, strikes, lockouts, server and network failure, riots, acts of war, earthquakes, fire and explosions.

By clicking Register you state you have read and agree to our Terms and Conditions