Investment funds in Jersey

Carey Olsen

Carey Olsen is a true market leader in the investment funds space, advising a substantial quantity of Jersey-domiciled funds on formations across the breadth of asset classes. Daniel O’ConnorJames Mulholland, Christopher Griffin and Robert Milner advise premium European private equity funds on launches reaching into the multibillion-pound strata. The firm attracts mandates from high-calibre clients such as Blackstone Group and Nordic Capital. World-leading real estate funds are also present on the client roster, for which counsel Claire Le Quesne acts on the full spectrum of engagements. Griffin also assists with cutting-edge crypto funds, token offerings and ICOs.

Practice head(s):

James Mulholland; Robert Milner

Other key lawyers:

Daniel O’Connor; Claire Le Quesne; Christopher Griffin

Testimonials

‘Great commercial understanding, high availability.’

‘The best funds team in Jersey. Excellent advice and delivered in a smooth manner.’

‘James Mulholland is a great operator. Very calm under pressure and he gives us great confidence. He has his finger on the pulse and is very good at resolving complex legal questions.’

‘Practical, user-friendly, commercial and responsive.’

Key clients

Apollo Global Management

Appian Natural Resources Fund GP II

Binance (Jersey)

Bregal Capital

Capital & Counties

CBRE Global Investment Partners

Centricus Partners LP (formerly F.A.B. Partners LP)

Criptyque Limited

Davidson Kempner European Partners

Delancey Real Estate Asset Management

Diginex Limited

ED Group Holding

EJF Investments

EMK Capital

EPIC Private Equity

Epiris Managers (formerly Electra Partners)

FSN Capital Partners

GCP

Grainger

Gramercy Europe (Jersey)

Gulf Islamic Investments

Hermes GPE

Hollyport Capital

Insight Venture Partners

Janus Henderson Group

Kennedy Wilson Europe Real Estate

Lothbury Investment Management

M7 Real Estate Financial Services

Mondrian Investment Partners

Nordic Capital

Oaktree Capital Management (UK)

Patron Capital Advisers

Quinbrook Infrastructure Partners

Realty Income Corporation

RK Investment Management

Schroder Real Estate Managers (Jersey)

Softbank Group Corp

The Blackstone Group

Unigestion

Work highlights

  • Advised Singapore-based Sun Venture on a Jersey private fund facilitating the £552m acquisition of 1&2 New Ludgate, London.
  • Advised Blackstone Group on the Jersey aspects of its acquisition of IQ Student Accommodation, which included two Jersey Property Unit Trusts, from Goldman Sachs for $4.7bn.
  • Advised Nordic Capital on all aspects of Jersey regulatory, corporate and financing aspects of the launch of Nordic Capital Fund X, which held a €6.1bn close in less than six months in wholly remote capital raise.

Mourant

At Mourant, asset classes of focus include venture capital and private equity funds, incorporating technology and healthcare funds. Recent mandates handled by the ‘technically excellentFelicia De Laat concerned structures for employee investment, while Alistair Horn sourced new clients in the renewable funds sector. De Laat co-heads the practice with Ben Robins, who is ‘a giant of the Channel Islands funds scene‘, and leads on real estate and infrastructure fund formation mandates (including in relation to logistics assets). Also active in the real estate funds space is the ‘absolutely outstanding‘ Daniel Birtwistle, who advises on funds focused on the UK industrial sector. Joel Hernandez attracts work from real estate investors from Asian markets, including sovereign funds. Senior associate Alex Henderson also acts for an impressive set of blue-chip promoters.

Practice head(s):

Felicia de Laat; Ben Robins

Other key lawyers:

Alistair Horn; Daniel Birtwistle; Joel Hernandez; Alex Henderson; Mark Chambers

Testimonials

‘A team with longstanding and dedicated investment funds expertise across all asset classes but particularly real estate and private equity. Consistently responsive and technically excellent with strong transaction management skills.’

‘I mainly work with Felicia de Laat. Felicia is very experienced, technically excellent, calm under pressure and always available to talk through solutions.’

‘I’m very comfortable recommending them to clients looking to set up structures in Jersey as, in my experience, they provide an excellent level of service.’

‘Alistair Horn is always available for pragmatic, solutions-based advice and goes the extra mile where required.’

‘Daniel Birtwhistle is also absolutely outstanding.’

‘Alex Henderson is an excellent senior associate. He has a head for both client’s commercial concerns, as well as funds technical drafting. This means that he can handle both Jersey law and wider funds concerns with ease. He is also very organised and great at communicating his availability and how quickly things will run.’

‘Ben Robins is a giant of the Channel Islands funds scene. There is nothing he hasn’t seen and handled adeptly before.’

Key clients

3i Investments

Accent Equity Partners

Actera Group

Activum SG

Alcentra

Alpha Associés Conseil

Alpha Capital Partners

Andersson Real Estate Investment Management

Archer Capital

Ardian

Arowana

Baird Capital Partners

Bancroft

Beechbrook Capital

BlackRock Financial Management

Blenheim Chalcot

BLG Capital

BNP Paribas

British Land Company

Brook Bay Capital

Brooks Macdonald Group

Cale Street Partners

Cambridge Innovation Capital

CapVest Partners

Catalyst Capital Management

Chalfen Ventures

Cheyne Capital Management

Citigroup

Civitas Housing Advisors

Coast

Columbia Threadneedle Investments

Coriolis Capital

Credo Ventures

CVC Capital Partners

Deutsche Private Equity

DN Capital

Dragon Capital

DRC Capita

DTZ Investment Management

Work highlights

  • Advised international investment firm and long-standing client Triton on the launch of its Debt Opportunities Fund II.
  • Advised Highland Europe on the establishment and regulation of Highland Fund IV.
  • Advised IG4 on the successful final close of its latest fund IG4 Capital Private Equity Investment II, structured as a series of English limited partnerships, which collectively focuses on making control, co-control and influential minority private equity investments in special situation opportunities in Latin America.

Ogier

Ogier’s investment funds practice is led by Niamh Lalor, who undertakes a significant amount of work for venture capital managers operating in the technology sector. She acts for clients on fund formations and exits, often with assistance from senior associate Joanna Christensen and managing associate Alexandra O’Grady. Sophie Reguengo leads on REIT mandates, which recently included portfolio sales of logistics investment properties. Emily Haithwaite handles fund migration matters for foreign partnerships under new limited partnership laws. Ultra-high-net-worth investors also engage the team.

Practice head(s):

Niamh Lalor

Other key lawyers:

Joanna Christensen; Alexandra O’Grady; Sophie Reguengo; Emily Haithwaite

Testimonials

‘The Ogier team have an excellent understanding of the fund business in Jersey and how it interacts with UK-listed funds. They have deep knowledge of Jersey regulations and a good working relationship with local regulators.’

‘We work with Niamh Lalor and Alexandra O’Grady (managing associate). They understand our clients very well and are extremely flexible and great at managing deadlines.’

‘The work was complex involving an investment manager with vehicles in multiple international jurisdictions and multiple legal teams in other regions. Alexandra O’Grady and Emily Haithwaite seamlessly integrated Jersey-related law into many legal documents, and also were extremely knowledgeable about the Jersey regulatory landscape, including some complicated structures. I struggle to see how any other team in Jersey could have done as good a job.’

‘This team is highly collaborative and I thoroughly enjoy working with them.’

‘Sophie Reguengo is highly responsive and helpful.’

‘Very approachable, responsive and technically strong team.’

‘Alexandra O’Grady – very approachable, responsive and technically strong.’

Key clients

AEW Capital Management LP

Cain International

Cevian

CQS

Deutsche Asset Management

Ethos Private Equity

Global Infrastructure Partners

HSBC Bank plc – Jersey

London Venture Partners

Alexander Forbes

Benson Elliot

Julius Baer

IK Partners

Alpstone Capital

Index Ventures

Intermediate Capital Group PLC

Knight Frank Investment Management

Marwyn Asset Management Limited

Medicxi Ventures

Pacific Equity Partners

Paloma Capital

Palamon Capital Partners

Pemberton Asset Management

Quadriga Capital

Schroder Adveq Management AG

Therium Capital

Jigsaw VC GP Ltd

Brooks Macdonald Asset Management International Limited

EPIC Management Limited

Valor Real Estate Partners

Work highlights

  • Advised Index Ventures on the closing of Index Ventures Growth V, which raised $1.2bn.
  • Advised Valor Real Estate Partners, a pan-European logistics leader, on its joint venture with the QuadReal Property Group, to invest €1bn in urban logistics assets located in key cities in the EU.
  • Represented EPIC Management Limited in relation to the £335m sale of a portfolio of eight UK logistics investment properties to real estate funds managed by Blackstone.

Appleby

Appleby's investment funds work includes fund formation, fund finance, management reorganisations, and investment and co-investment structuring. The practice is active across a wide range of asset classes, including real estate, private equity and debt. In addition to advising on fund formations, practice head Andrew Weaver deals with co-investment structures and succession planning. Clients range from Middle East and US investors, to sponsors of German feeder funds. Senior associate Chris Smedley assists with regulatory matters relating to economic substance rules.

Practice head(s):

Andrew Weaver

Other key lawyers:

Chris Smedley

Testimonials

‘Appleby have been the Jersey legal advisers on the funds we administer for a number of years. I have always found Appleby to be very experienced with a good understanding of the legal requirements. Appleby are very diligent and hard working to ensure deadlines are met.’

‘The Jersey funds team is notable for its detailed legal analysis and thoughtful approach. They never seem happier than when being given a thorny legal issue to chew over and digest, and are always happy to provide the detail behind their thinking.’

‘I predominantly work with Andrew Weaver and Chris Smedley. I think their stand-out qualities are their thoughtful approach, and willingness to face a thorny issue head on. They generally take a pragmatic and thoughtful approach to clients’ issues.’

Key clients

Stirling Square Capital Partners

Qannas Investments Limited

LCM Partners

Montana Capital Partners

Paragon Partners

Altor Funds

Elliott Associates, L.P.

Autonomy Capital Management

HV Holtzbrinck Ventures (now called HV Capital)

Tritax Group

Bedell Cristin

At Bedell Cristin, notable highlights included Richard Le Liard assisting with a spate of sub-fund establishments with an ESG focus, and practice head Martin Paul advising on combined shari'ah-compliant and conventional Jersey limited partnerships. Paul also focuses on real estate funds, including high-value global funds and single-asset structures. Counsel Stephen Ferguson is also recommended.

Practice head(s):

Martin Paul

Other key lawyers:

Richard Le Liard; Stephen Ferguson

Testimonials

‘Stephen Ferguson. Diligent, polite, professional.’

‘Richard Le Liard is technically, legally, very strong. He has a broad industry knowledge and is commercially astute. He always meets deadlines and works collaboratively.’

‘Excellent leadership from Richard Le Liard and a responsive team.’

‘Richard and his team fully understand what we are trying to achieve through our real estate investment goals and are keen to make this as easy and smooth as possible for us. We value the responsiveness and quality of their work.’

Key clients

Tishman Speyer

L & G

Trinova

Alicorn / Arowana

Oakbridge

STANLIB

Lombard Odier

Compass Partners

Evans Randall

Work highlights

  • Acted for Stanlib Funds Limited in the establishment of four new global multi-strategy sub-funds with JP Morgan, totalling nearly $600m in assets under management.
  • Advised 90 North on various Jersey real estate investment syndicates/joint ventures and private funds investing in real estate in the UK, Europe and the US.
  • Advised Alicorn, the global venture capital group established by Arowana, in relation to a $6m co-investment in Glassbox Digital, a UK-based enterprise software company that had recently closed a $40m Series C round.

Collas Crill

Collas Crill advises on fund formations and management across the breadth of asset classes, with mid-cap and top-shelf investors, as well as licensed fund service providers, appearing in the client portfolio. Recently the team handled real estate fund launches and associated fund financing issues. Taking over from the recently departed Dilmun Leach (who joined WALKERS), practice head Sam Sturrock brings client-facing fund administration and regulatory skills from his role at Jersey Finance.

Practice head(s):

Sam Sturrock

Testimonials

‘I have known Sam Sturrock for many years – he is a stand-out lawyer – clearly knowing his area inside out but importantly personable, knowledgeable and a pleasure to work with.’

‘The Collas Crill team are consistently knowledgeable and helpful. Over the years I have dealt with the firm, the personnel may have changed but the level of service has remained the same.’

‘The Collas Crill team are not only experts but personable. They are a pleasure to deal with.’

‘Although a smaller player in the funds market, they provide a more personal touch.’

‘I work with Sam Sturrock, who is a highly capable and technical lawyer.’

‘Great and knowledgeable lawyers, very responsive.’

‘I worked with Sam Sturrock who has been very responsive, helpful and knowledgeable. Great person to work with.’

Key clients

Gemini Capital Management (Ireland) Limited

Persepolis Investments

Work highlights

  • Advised on the Jersey legal aspects of a launch of a sub-fund of GemCap Investment Funds (Ireland) which is an open-ended UCITS fund with an AUM of approximately €1.24bn.
  • Advised on the private placement of interests to Jersey investors of a Cayman-exempted limited partnership established by a leading bank investing the substantial majority of its capital in distressed, stressed and deep-value opportunities, targeting the debt of middle-market companies and assets.
  • Acted on the private placement of interests to Jersey investors of a Cayman-exempted limited partnership established by a leading bank investing in real estate investments in Europe and the US. The fund structure has AUM of approximately $7.5bn.

Maples Group

Maples Group acts for private equity fund managers on fund formations and migrations under Jersey’s new limited partnership regime; the recruitment of Tim Morgan from Mourant enhanced the team’s capabilities in this space. Practice head Simon Hopwood and Mark Crichton (who was hired from WALKERS) act for clients on REIT and infrastructure fund formations, including those with shari'ah-compliant structuring needs. Associate Amy Black also stands out for real estate work, having advised on the closure of high-value joint venture development funds.

Practice head(s):

Simon Hopwood

Other key lawyers:

Tim Morgan; Mark Crichton; Amy Black

Testimonials

‘Mark Crichton is a very knowledgeable but collegiate lawyer who gets great results from situations with counterparts.’

‘Partner-led engagement is important and you certainly get this with the Maples Jersey team. Strong technical ability and innovative thinking is at their core.’

‘I have worked extensively with Simon Hopwood. He is a stand out for his personal engagement, innovative thinking and clear focus on client service.’

‘They are reliable, most available and efficient lawyers that not only do what they are ask for but support the respective deal with their ideas. Furthermore, they understand our needs as foreign, regulated investment fund and know how to match the various queries that comes with that. And all of that is delivered within the expected fee and time frame.’

‘The firm has a global presence and leverages that for the benefit of client structures where multiple jurisdictions are used.’

‘Simon Hopwood is very responsive and coordinates other areas of the global practice to ensure that clients receive a service from the group that is centred around the client’s needs.’

‘Amy Black is incredibly responsive and takes the lead on Jersey work – great team player.’

Key clients

Apache Capital Partners

IQ-EQ

The Jordan Company, L.P.

Work highlights

  • Advised Apache Capital Partners Limited in connection with the fourth and fifth closing into its £300m Jersey real estate development fund, which is funding various developments including a significant BTR development in Glasgow.
  • Advised IQEQ and a California-based fund manager, Allegro Investment in connection with the first successful migration of a $500m limited partnership fund authorised as a Jersey private fund following the introduction of the Limited Partnerships (Continuance) Regulations 2020.
  • Advised New York-based fund manager The Jordan Company in connection the establishment of a Jersey limited partnership alternative investment vehicle for certain funds managed by it in connection with the $652m purchase of the Potters Industries group of companies.

Walkers

At Walkers, private equity and real estate fund formations are handled in equal measure under the leadership of Jonathan Heaney. Leanne Wallser is also retained by an impressive client roster of international private equity managers. Dilmun Leach, who was a recent hire from Collas Crill, has specialist knowledge of venture capital funds with an ESG focus. Christopher Reed leads on private fund formation mandates. In addition to Leach, other key hires include senior counsel Rachel Amos, a regulatory expert who previously worked at the Abu Dhabi Investment Authority. Senior counsel Tatiana Collins joined from Ogier.

Practice head(s):

Jonathan Heaney

Other key lawyers:

Leanne Wallser; Dilmun Leach; Christopher Reed; Rachel Amos; Tatiana Collins;  Olivia Palloch

Testimonials

‘Broad practice; covers all major jurisdictions.’

‘Dilmun Leach is excellent.’

‘Christopher Reed stands out as being technically strong, responsive and focused on finding solutions.’

‘Very accessible and knowledgeable. They have a deep bench so you are not reliant on a single individual, with consistent levels of service across the board.’

‘Dilmun Leach and Jonathan Heaney are both outstanding funds practitioners. They are not only strong on client interaction for live matters, but regularly reach out proactively to update on local law developments and offer team training.’

‘Leanne Wallser is a pleasure to deal with. She is always very approachable, is very experienced, technically sound and always provides excellent advice.’

‘The team is very knowledgeable and always keen to help out and apply their experience to a given situation. Unlike some firms in their field, they are willing to help their UK counterparts and provide additional guidance where it is needed.’

Key clients

Westbrooke Yield Plus Plc

Westbrooke Rhythm Limited

Global Customised Wealth LLP

Productivity Media Inc

Westgrove Partners Ltd

Prescient Capital LLP

The Mint Fund

JP Morgan

Société Générale Group

Global Opportunities Fund PC/Kimberley PCC

J G Pears Holdings (Jersey) Limited

Work highlights

  • Advised GCW Global Customised Wealth LLP, a UK-headquartered FCA-regulated investment adviser on the establishment of its $1bn Jersey hedge fund.
  • Advised Productivity Media on the launch of a new Jersey Private Fund targeting finance solutions for film and TV projects.
  • Advised Westbrooke Yield Plus on its conversion from a private limited company and Jersey private fund to a public limited company and in connection with its application for registration as a Jersey Expert Fund, allowing interests to be marketed publicly to Expert Investors.