Carey Olsen's corporate team in Guernsey has advised private investment firm Cairngorm Capital Partners on the £107.5 million final closing of its second fund, Cairngorm Capital II.
Carey Olsen claims this is the first Guernsey fund to be established as a Private Investment Fund (PIF) since the Guernsey Financial Services Commission-registered class was introduced last November.
The team, led by Partner Christopher Anderson with Senior Associate John Scanlan and Associate Colin Calvert, advised on the Guernsey aspects of the launch of Cairngorm II. It worked alongside international law firm Fried, Frank, Harris, Shriver & Jacobson, which advised on English law matters.
The new PIF regime dispenses with formal requirements for information particulars, such as a prospectus, in recognition of the special relationship that may exist between managers and investors. This significantly reduces the cost and processing time for launching a fund.
Advocate Anderson said: "There have been a number of enquiries by managers looking to establish more PIFs – the fund industry has every reason to be excited about this new product."