Carey Olsen advises £100m Jersey fund IPO on London Stock Exchange

Monday 16 November 2015

Carey Olsen has advised Gravis Capital Partners LLP on the initial public offering (IPO) of a new £100 million Jersey fund, Project Finance Investments Ltd, which is now listed on the main market of the London Stock Exchange.

The company’s project finance investments will be largely UK-based, medium-to-long-term fixed or floating rate loans secured against cash flows and/or physical assets; its objective is to generate attractive risk-adjusted returns primarily through regular, growing distributions and modest capital appreciation over the long term.

Carey Olsen partner Robert Milner said the IPO and listing on the London Stock Exchange (LSE) main market made Project Finance Investment Ltd’s proposition all the more compelling – creating genuine secondary liquidity for investors who want to access a traditionally illiquid asset class.

“The success of this fund launch and listing shows real confidence by investors in Gravis Capital Partners, the manager of the new fund. It shows that the right product and right team can lead to a successful fund IPO. It also shows that Carey Olsen, and Jersey as a jurisdiction, have the required expertise for listed funds raising capital in Europe and the UK, in particular," he said.

Managing partner of Gravis, Stephen Ellis, said: “We have been very pleased with the reception given to this new offering, and with the professionalism demonstrated, as ever, by Carey Olsen during the listing process."

Carey Olsen's Channel Islands funds team comprises over 50 lawyers and advises over 1,200 funds across Jersey and Guernsey, more than any other offshore law firm (Monterey Insight). The firm also advises more LSE listed companies and funds than any other offshore law firm (Corporate Advisers Rankings).