Blue Water’s second Guernsey energy fund surpasses $1 billion target

08 December 2017

Energy-specialist private equity firm Blue Water Energy has confirmed the final $1.1 billion closing of its second Guernsey-domiciled fund.

The closed-ended Blue Water Energy Fund II (BWE Fund II), which secured strong support from both existing and new investors, will support Blue Water’s longstanding buy-and-build strategy across the mid-market energy sector.

It has invested in three investment platforms to date. These include GPS Group, focused on building and operating mid/downstream storage and logistics assets globally; Mime Petroleum, focused on exploration and production opportunities on the Norwegian Continental Shelf; and Authentix, a global identification solution provider that prevents illicit trade of high-value, high-volume products such as gasoline, diesel and liquefied petroleum gas with broader applications globally.

“The final close of BWE Fund II parallels the remarkable success of Blue Water Energy's first fund, and their decision to structure through Guernsey once again, particularly with the successful inclusion of new investors, speaks volumes about the global view of Guernsey's highly-regarded international regulatory regime, and of the island and its funds industry as a whole.”
Carey Olsen Partner Andrew Boyce

BWE Fund II’s fundraise of $1.1 billion surpassed its initial target of $1 billion. Blue Water’s inaugural fund, BWE Fund I, which is also Guernsey-domiciled, closed in May 2013 with $862 million of commitments.

Carey Olsen's investment funds team in Guernsey advised Blue Water on the Guernsey legal aspects of BWE Fund II’s structuring, establishment, regulation and closing, while onshore UK advice was provided by international law firm Willkie Farr & Gallagher.

Partner Andrew Boyce led the Carey Olsen team, supported by Senior Associate Ruth Abernathy and Associate Rachel De La Haye.

He said: “The final close of BWE Fund II parallels the remarkable success of Blue Water Energy's first fund, and their decision to structure through Guernsey once again, particularly with the successful inclusion of new investors, speaks volumes about the global view of Guernsey's highly-regarded international regulatory regime, and of the island and its funds industry as a whole.”

Founded in 2011 by Jerker Johansson, Tom Sikorski and Graeme Sword, London-based Blue Water Energy has $2.5 billion under management and a global portfolio of 14 companies.

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