Carey Olsen advises on launch of FSN Capital's Innovative Compass Fund
Carey Olsen's investment funds team in Jersey has advised on the launch of the FSN Capital Compass Fund, with commitments of over €400 million to pursue a thematic investment strategy focussed on tackling future challenges like the Green Transition and the Knowledge Economy. The Compass Fund is regulated in Jersey as an Expert Fund.
This Compass Fund utilises the same core processes as FSN flagship mid-cap funds, with the latest being the €1.8 billion FSN Capital VI launched in 2021. However, Compass tailors its investment approach and value creation model specifically for smaller companies. The Compass Fund has attracted a diverse investor base from across the Americas, Europe, and Asia, including leading institutional investors and family offices. The Compass Fund is approximately 30% invested and will continue to invest primarily in the Nordics and DACH, typically with equity tickets between €20-60 million. To date, the fund has already made four platform investments.
Working alongside international counsel Kirkland & Ellis, the Carey Olsen team advised FSN Capital GP Compass I Limited on all Jersey legal and regulatory aspects relating to the fund's structuring, establishment, fundraising and financing. The Carey Olsen team comprised partners James Mulholland and Claire Le Quesne, counsel Arindam Madhuryya, associates Ed Kelleher and Jonathan Fernandes and trainee Hollie Herman.
James said: "We are pleased to have advised our long-standing client on their latest oversubscribed fundraise in a pioneering new asset class, having previously supported the launch of the mid-market fund, FSN Capital VI in 2021. This deal further strengthens our global reputation in supporting leading private equity firms to achieve successful fundraises."
Carey Olsen's investment funds practice in Jersey is ranked in Tier One in the 2024 edition of The Legal 500 UK with the team praised for "having a sophisticated investment funds practice with a large group of specialists that justifies its eminent reputation."
