DEALS & CASES | INVESTMENT FUNDS

Pre-X Capital Management Limited

Collas Day acted for Pre-X Capital Management Limited in incorporating Pre-X Capital Guernsey PCC Limited as the first registered investment fund under the new Registered Collective Investments Scheme Rules 2008 and the Prospectus Rules 2008, which came into force on 15 December 2008. A new regulatory regime for Guernsey closed-ended funds was put in place by the adoption of these new rules. 2 new sub-funds were launched by Pre-X, which will invest in companies in the pre-IPO stage or other similar development state for a trade sale and in businesses with short term financing requirements.

Sarasin & Partners LLP

Advised Sarasin on the authorisation of Sarasin CI GlobalSar IIID Fund, one of the first funds in Guernsey to incorporate provisions of the UCITS III Directive. The GFSC are currently updating the Class A Rules to allow the flexibility created by this Directive but the changes are not in force just yet. Collas Day structured the Fund, a mirror of Sarasin’s existing UK-based UCITS III fund - GlobalSar IIID, as a Class B fund to allow it to invest in certain products and specifically derivatives now with the intention that it will be converted to be a Class A Fund once the new regulations are in place. This structure has now been replicated for a US Dollar fund.

BioMedInvest Management AG

Collas Day recently acted for BioMedInvest Management AG in establishing BioMedInvest II LP, one of the first closed-ended funds to be authorised in Guernsey under the Authorised Closed-Ended Collective Investment Schemes Rules 2008. ERP-EIF Dachfonds is a lead investor in the fund. The fund will invest in selected, private companies in the biotechnology, emerging pharma, medical technology and other healthcare-related industries across mainland Europe.

Lanesborough Fund PCC / Global Vision International Property Fund II

Collas Day acted as legal advisor and Collas Day Corporate Finance Limited as sponsor to Lanesborough Fund PCC ("Lanesborough"), in relation to its application for admission to the Official List of the Channel Islands Stock Exchange, of up to 2,000 shares, to be issued in the Global Vision International Property Fund II ("GVIPF"), a cell of Lanesborough. Lanesborough is registered in Mauritius and is licensed and regulated by the Mauritius Financial Services Commission. GVIPF will invest in properties in Italy, the U.S.A., Eastern Europe and elsewhere.

The Art Trading Fund

Advised the promoters of The Art Trading Fund, Guernsey's first collective investment vehicle trading in Fine Art, which was launched in March 2007. The fund is a cell of the Art Investment PCC Limited, which listed on the Channel Islands Stock Exchange in July 2007.

The First Group plc and Tabarak Partners LLP (Sharia'h advisers)

Worked closely with The First Group plc and with Tabarak Partners LLP, Sharia'h advisers, Collas Day is in the final stages of establishing in Guernsey the first Sharia'h compliant closed-ended fund for investment in the Dubai property sector. The new fund, which will be listing on the Channel Islands Stock Exchange, will be established as a protected cell company (PCC).

Greenfield International Property Fund plc

Greenfield International Property Fund plc, an open-ended property fund, in relation to its admission to listing on the Channel Islands Stock Exchange. The fund is administered in the Isle of Man by the Bridgewater group.

Costa Rican Eco-Village Fund

Acted for UK property developer with over 20 years experience in the industry (in UK and abroad) establishing a Guernsey corporate fund for investment into an eco-village in Costa-Rica. Shares in the fund are to be listed on the Channel Islands Stock Exchange. The development is proposed to include multiple income streams to spread revenue risk (as required by Guernsey regulatory regime), including property sales and rental, retail shopping, leisure activities and restaurant.

Affordable Housing fund in North Eastern Brazil

Acted for a property developer with UK and European experience establishing a Guernsey corporate fund for investment into multiple housing estates in North Eastern Brazil. Teaming with a Brazilian developer, the fund aims to take advantage of the unique economic conditions in Brazil and the improving access to housing for the aspirant lower middle class of Brazil.

T2 Income Fund Limited

T2 Income Fund Limited, a closed-ended investment company incorporated in Guernsey that was listed on AIM (the Alternative Investment Market of the London Stock Exchange) on 5 August 2005. The fund invests principally in debt issued by technology companies, and replicates a successful fund operated in the US by T2 Investment Capital Corp. Freshfield Bruckhaus Deringer acted as UK legal adviser to the fund, Grant Thornton Corporate Finance as nominated adviser and J P Morgan Cazenove Limited as broker.