Carey Olsen's investment funds team in Guernsey and International Administration Group (IAG) have advised Octopus Healthcare, part of the Octopus Group, on the initial fundraise of £82 million for its latest institutional fund, following conversion to a perpetual life vehicle in the form of a Guernsey property unit trust (GPUT).
The move is a response to increasing investor appetite for healthcare real estate assets driven by stable, long-term RPI-linked income streams, and favourable pricing relative to other sectors.
Carey Olsen advised the fund's manager, Octopus Healthcare, on the Guernsey legal aspects of the fund's first close and conversion to an authorised, open-ended Class Q collective investment scheme. The law firm liaised closely with the Guernsey Financial Services Commission to secure the necessary regulatory approvals and consent.
The fund was originally established as a closed-ended investment fund, and the change to an open-ended structure will enable Octopus Healthcare to provide investors with long-term exposure to the UK healthcare sector via an established platform.
Carey Olsen Partner Annette Alexander led the firm's team advising on both transactions, with support from Senior Associate Ruth Abernethy. IAG, which has worked with Octopus for over a decade, has been appointed as trustee and administrator to the GPUT.