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Lawyers from Carey Olsen Guernsey have advised on the launch of the Fair Oaks Income Fund and its admission to trading on the Specialist Fund Market (SFM) of the London Stock Exchange which raised $114.5 million.
The fund was incorporated in Guernsey and registered as a closed-ended collective investment scheme. It is the first fund launched by Fair Oaks Capital. The fund will acquire, as its first investment, collateralised loan obligations (CLOs) valued at an estimated $55 million. It will continue to invest in US and European CLOs and other similar vehicles.
The listed fund acts as a feeder vehicle for a Guernsey registered limited partnership, which has been launched at the same time and is separately registered as a closed-ended collective investment scheme. Carey Olsen also advised on the formation and launch of that limited partnership.
The Carey Olsen team included partner Christopher Anderson and senior associate Tony Lane who acted alongside English law firms Stephenson Harwood LLP and Pinsent Masons LLP.
Carey Olsen advises more clients listed on the LSE than any other offshore firm (Corporate Advisers Rankings Guide, May 2014), including clients on the main market and AIM. The SFM is a dedicated market for specialist funds targeting institutional, professional and knowledgeable investors.
Mr Anderson said: "It has been satisfying to work on the launch of Fair Oaks Capital's first fund. While we act for a large number of clients listed on various exchanges around the world, the specialist nature and unusual structure of this particular vehicle made the transaction especially interesting."
