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Carey Olsen's Jersey investment funds team has advised on the closing of FSN Capital Confluence, a €588m continuation fund that has acquired two portfolio companies from FSN Capital V.
FSN Capital Confluence acquired Nordlo, a managed IT service provider, and Saferoad, a road safety and infrastructure solutions provider, both previously part of the FSN Capital V portfolio.
Both FSN Capital Confluence and FSN Capital V are regulated in Jersey as Expert Funds.
LGT Capital Partners led the investment in the continuation fund, with significant support from new and existing investors, achieving a notable rollover rate from FSN Capital V investors. They were offered a status quo rollover option to invest in FSN Capital Confluence at current terms, or to use the transaction to generate liquidity.
Carey Olsen said FSN Capital Confluence was oversubscribed and attracted leading institutional investors, including endowments, pension funds and asset managers from around the world.
Carey Olsen partners James Mulholland and Claire Le Quesne, counsel Arindam Madhuryya and Thomas MacAdie, senior associate Ed Kelleher, and associates Jonathan Fernandes and Hollie Herman advised on all Jersey law aspects relating to the transaction including structuring, establishment, regulation, deal implementation and financing.
James Mulholland, Partner, said: "Our Jersey investment funds team is pleased to have supported our long-standing client on this very significant transaction.
“This transaction highlights Carey Olsen’s expertise in secondary transactions in general and GP-led continuation funds in particular. This deal is a testament to our ability to support leading private equity firms in achieving their goals."
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