Lawyers from Carey Olsen’s Guernsey corporate team have advised boutique asset manager Pearl Diver Capital on the establishment of three registered closed-ended funds.
Collectively known as PDC Opportunities Fund VII, the funds are targeting commitments of US$500 million to invest in a diversified portfolio of tranches of collateralised loan obligations (CLOs) issued by European and American companies.
The funds are structured as Guernsey limited partnerships, the first of which, PDC Opportunities Fund VII A Limited Partnership (Fund VII), held a successful first closing at 13 April 2017.
The Carey Olsen team advising on the launch of the funds was led by Partner Ben Morgan, who is also head of the firm's corporate and finance group in Guernsey, assisted by Senior Associate Vicky La.
They advised on the Guernsey aspects of the funds' establishment, working alongside international law firm Ashurst in London and New York.
BNP Paribas Securities Services in Guernsey is the administrator of the existing Pearl Diver Capital fund range and has been appointed as administrator of the Fund VII entities.