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Gentoo Fund Services Limited, an independent private equity fund administrator has been appointed by HitecVision, a leading investor in the international oil and gas industry, to administer its seventh fund with commitments of US$1.9 bn.
Gentoo, which specialises in the administration of private equity structures, predominantly administering closed-ended funds, has a long-standing relationship with HitecVision, which since 2006 has launched five Guernsey based funds. HitecVision continues to view Guernsey as the destination of choice for the domiciling of new private equity funds. Gentoo has been selected as the Guernsey fund administrator with Mourant Ozannes as the Guernsey legal counsel.
Nick Degnen, Managing Director of Gentoo Fund Services Limited commented ‘Gentoo is delighted to have been part of such a smooth and successful
fund launch. We place a great deal of importance on client service and client relationships and are pleased to continue our long-standing relationship with Norway’s premier private equity firm”.
HitecVision VII reached its hard cap of commitments at $1.9 bn, exceeding the original $1.5 bn target, in what may be the quickest fundraising in Europe since 2008 of a fund raising over $1 bn. The fund will continue the successful strategy for control buyout and growth capital investments in the oil and gas industry that HitecVision’s team has implemented throughout the firm’s history.
