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Offshore law firm Mourant Ozannes acted as Guernsey legal adviser, together with Gentoo as fund administrator and Advokatfirmaet BA-HR DA as lead counsel, on the establishment and final close of Offshore Merchant Partners Asset Yield Fund, LP.
The Fund was established as a registered closed-ended collective investment fund in Guernsey targeting privately negotiated long-term credit financing solutions for modern, high quality, standardised assets in the offshore oil & gas industry. The total fundraising was USD 381 million, exceeding the target of USD 300 million.
The Mourant Ozannes legal advisory team of partner Gavin Farrell and managing associate Helen Wyatt, together with paralegal Jessica Webb, assisted on all Guernsey legal and regulatory aspects. Gentoo Fund Services Limited acts as fund administrator and depositary to the Fund.
Gavin Farrell said: "We are delighted to have been able to assist to bring about the successful launch and final close of Offshore Merchant Partners Asset Yield Fund, LP for Norwegian based promoter Offshore Merchant Partners AS. It is particularly pleasing to introduce a new promotor to the Island with a fund raising that has exceeded initial expectations. It is also gratifying to be able to continue to attract and service our international client base, including those from the Nordic region, from Guernsey."
Mark Hooton, Director of Gentoo Depositary Services Limited commented: "Gentoo is delighted that Offshore Merchant Partners have selected Guernsey for their new fund and that they have chosen the combined service offering of Depositary and Fund administration via Gentoo Depositary Services and Gentoo Fund Services. We place a great deal of importance on client service and client relationships and are pleased to establish this new relationship with fund promoter OMP."
