Guernsey professionals have advised newly established private equity firm Northcote Equity on the first and final close of its inaugural fund, Northcote Fund I L.P. at its hard cap of £160 million just 16 weeks after the fundraise launched.
Fund I will target long-term, control investments in companies in the technology and business services sectors. The fund will focus on businesses which are headquartered in, have substantial business interests in, or generate revenue from the United Kingdom, the Channel Islands, the Isle of Man, and Ireland.
Founded in 2024, Northcote employs a high-conviction, flexible investment approach to support minority and majority structures in the technology and services sectors, investing up to £30 million of equity in buyout and growth capital investments.
The Carey Olsen Guernsey investment funds team advising Northcote comprised Partner Andrew Boyce, Senior Associate Jamie Oldfield and Associate Tabitha Lepp, alongside onshore legal adviser Ashurst LLP and fund administrator Langham Hall.
Andrew Boyce commented: "As Guernsey's leading legal adviser to the investment funds sector, Carey Olsen is pleased to have helped Northcote Equity with the launch of their debut fund. To hit their hard cap in such a short timeframe in the current fund-raising environment is no mean feat, which speaks to the confidence investors have in Northcote. The successful debut fund launch of a first-time manager also underlines Guernsey's credentials as a domicile of choice through the entire fund spectrum."
Matthew Charman, co-founder at Northcote Equity, added: "We are incredibly proud to have turned our long-term vision for Northcote Equity into a reality and to have already received such an overwhelmingly positive response from investors. The team at Carey Olsen has supported us from launch to final close, and we are grateful for their expertise, responsiveness and attention to our needs and goals throughout the entirety of the process."