We are thrilled to have supported the launch of Guernsey's first London Stock Exchange listed fund focused specifically on investing in digital infrastructure assets, Cordiant Digital Infrastructure Fund Limited (the "Fund").
The Fund - managed by Canadian asset manager, Cordiant Capital Inc. ("Cordiant") - has listed on the Specialist Fund Segment of the London Stock Exchange's Main Market. It successfully raised £370 million from its IPO through the issuing of 370 million shares at 100p each and additional subscription shares to IPO investors that can be held in an ISA, unlike ordinary shares. The £370 million figure surpassed the Fund's initial target of £300m. The listing also makes the Fund the first Guernsey incorporated LSE-listed fund launched in 2021.
Cordiant intends to capitalise on the surging growth in data consumption and traffic based on current data traffic patterns and trends, with the Fund's principal activity to invest in mid-market digital infrastructure assets in the UK, Europe and North America. Seeking net returns of nine per cent, its focus will predominantly be on data centres, mobile telecommunications / broadcast towers and fibre-optic network assets.
Our Guernsey and UK teams supported Cordiant throughout the IPO process and are providing a full suite of fund administration, company secretarial, accounting, reporting and regulatory services to the Fund, highlighting the utility of our cross-jurisdictional service offering. The Fund is registered with the Guernsey Financial Services Commission as a registered closed ended collective investment scheme.
Client Director, Ian Smith said: "Cordiant's IPO is extremely exciting as it introduces an asset class that taps directly into rising investor demand for exposure to a fast-growing area of the economy. We're proud to be involved with such a successful listing and look forward to supporting Cordiant as administrator throughout the Fund's life cycle."
He continued: "This mandate builds upon our Guernsey team's strong track-record of providing administrative services to innovative alternative investment funds listed on the LSE."
On Ocorian's involvement, Cordiant Managing Director, Stephen Foss added: "We could not have reached this point in our IPO without Ocorian. We've benefited from the group's extensive experience in supporting funds throughout IPO processes and it has been a seamless process. We look forward to life as a listed company and continuing our working relationship with Ocorian."