A new fund, offering investment to innovators and entrepreneurial companies, has been launched in Guernsey.
The Guernsey Investment Fund will invest in projects and businesses that have a Bailiwick of Guernsey focus or which may benefit directly or indirectly the development of the bailiwick.
The aim is to deliver long-term capital growth to its shareholders, including the States of Guernsey, which has committed to investing up to £25 million.
An independent board has been appointed to oversee the management of the Guernsey Investment Fund, each cell and its respective portfolio. Chairman Gilbert Chalk (former Chairman of Guernsey-based Aurora Russia) will be joined by John Hollis, who has been a non-States member of the Guernsey Treasury & Resources Board and the Guernsey States Trading Supervisory Board, and Mel Carvill, a Director of several global financial services companies.
Technology cell investment
The fund, which will be managed by Ravenscroft, is likely to be made up of protected cells, with a technology and innovation cell the first to launch. Property and infrastructure cells are also being considered.
The intention is that each will be fully invested within five years, with an intended realisation within 10 years.
MXC Advisory, a subsidiary of investment and advisory business MXC Capital, has been appointed as a consultant to Ravenscroft in relation to sourcing and managing investments for the technology and innovation cell. MXC Guernsey has committed to investing up to £5 million in the cell.
Pula Investments, the family office of Ravenscroft Chairman Stephen Lansdown, has also made a commitment to the technology and innovation cell. Further fundraising will be undertaken ahead of additional cells being launched.
Investments will only be made after thorough due diligence has been completed and only then with the approval of the independent board of directors of the fund.
International Administration Group (Guernsey) has been appointed as administrator, PricewaterhouseCoopers (CI) as auditor and Ferbrache & Farrell as legal counsel.
• Anyone interested in making an application for funding can contact Ravenscroft at gif@ravenscroftgroup.com