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Guernsey debt fund lists on LSE's specialist fund market

18 June 2014

Lawyers from Carey Olsen in Guernsey have advised on Fair Oaks Income Fund and its admission to trading on the Specialist Fund Market (SFM) of the London Stock Exchange which raised $114.5 million.

The fund was incorporated in Guernsey and registered as a closed-ended collective investment scheme. It is the first fund launched by Fair Oaks Capital.

The fund will acquire, as its first investment, Collateralised Loan Obligations (CLOs) valued at an estimated $55 million. It will continue to invest in US and European CLOs and other similar vehicles. 

The listed fund acts as a feeder vehicle for a Guernsey registered limited partnership, which has been launched at the same time and is separately registered as a closed-ended collective investment scheme. Carey Olsen also advised on the formation and launch of that limited partnership.

The Carey Olsen team included Christopher Anderson, Partner, and Tony Lane, Senior Associate, who acted alongside English law firms Stephenson Harwood LLP and Pinsent Masons LLP.

Mr Anderson said: "It has been satisfying to work on the launch of Fair Oaks Capital's first fund. While we act for a large number of clients listed on various exchanges around the world, the specialist nature and unusual structure of this particular vehicle made the transaction especially interesting."

The fund is administered by Praxis Group.

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