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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%; and insurance 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 fundraise."
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. ”
