Fund and corporate services provider Aztec Group and Guernsey-based law firm Ferbrache & Farrell have supported European venture capital specialist Lakestar with the side-by-side closing of its third-generation fund Lakestar III and Lakestar Growth I.
With a focus on early and growth-stage internet and technology ventures, Lakestar invests in global companies and has a presence in Europe, North America and Asia. The firm’s previous investments include Facebook, Spotify, Skype and Revolut.
Lakestar III closed with commitments of €252m and will have an investment interest in early-stage companies. Lakestar Growth I, which has a focus on growth-stage businesses, raised a total of €426m.
Aztec Group’s private equity team in Guernsey, led by Associate Director Matt Chick and Client Relationship Manager Maria Guinness-Browne, supported Lakestar with the set-up of the funds, and will provide ongoing administration and accounting services.
At Ferbrache & Farrell, Partner Gavin Farrell and Associate Belinda Hartzenberg provided Guernsey commercial, legal and regulatory advice to Lakestar in respect of the formation, structuring and launch of the funds.
The law firm also assisted in negotiations with investors, together with the funds’ lead counsel Clifford Chance Munich.