Carey Olsen advises Sarasin Bread Street on inaugural multi vintage private equity fund
Carey Olsen has advised Sarasin Bread Street, the private equity arm of Sarasin & Partners, in respect of its inaugural multi vintage private equity fund raising €124 million in commitments, as well as a working capital facility provided by Natixis Corporate & Investment Banking.
The fund comprised two separate closed-ended registered collective investment schemes, utilising a single-manager multi vintage investment strategy to acquire a diversified portfolio of private company investments managed by Carlyle Group across a range of years from 2014 to 2024.
In addition to establishing the fund vehicles and the general partner and obtaining regulatory approval for each from the Guernsey Financial Services Commission, the Carey Olsen team advised on the fund's marketing, taxation, first closing and a €33 million working capital facility and associated Guernsey security package.
The Carey Olsen Guernsey corporate team was led by partner Tom Carey, supported by senior associate Henry Simpson, associate Tabitha Lepp and paralegal Tom Andrews, working alongside Ashurst LLP's funds, banking and tax teams as well as Carey Olsen in Jersey.
Tom Carey commented: "As Guernsey's leading legal adviser in the investment funds sector, Carey Olsen is pleased to demonstrate both the breadth and the depth of its expertise and its ability to provide a seamless service across a number of practice areas. We were delighted to work with the Sarasin Bread Street team, in what we expect will be the first of many highly successful Guernsey-based funds."
Head of Sarasin Bread Street at Sarasin & Partners, James Witter, commented: "We have known Carey Olsen for many years and it was great to have their expertise and experience on this innovative private equity fund launch. We look forward to working with the team in future as we continue to launch more ‘single manager multi vintage’ private equity funds with leading managers. This new type of fund combines a ‘secondary’ portfolio of a manager’s fully invested funds with a new ‘primary’ commitment to the manager’s next fund, providing an attractive way gain exposure to ‘blue chip’ private equity."
