European managers choose Guernsey for three new private equity funds

08 June 2020

Two European fund managers have launched significant new private equity funds through Guernsey.

Deutsche Beteiligungs (DBAG) raised more than €1.1 billion at the final close of Fund VIII. DBAG is a listed private equity firm with shares traded on the Frankfurt Stock Exchange. The firm has an investment focus on small and medium-sized German companies, particularly those in the industrial sectors as well as in broadband telecommunications, software, IT services and healthcare.

Aztec Group (administrator and depositary) and law firm Carey Olsen worked on the deal, cementing a long-term working relationship with the manager.

Tom Carey, partner at Carey Olsen, said: “The fact that Fund VIII secured commitments of €1.1 billion is testament to DBAG’s market leading position in Germany’s SME sector, and Guernsey’s position as a jurisdiction of choice for the private equity funds industry and its investors.”

Aztec Group was also involved in the closing for two funds from Swiss-based manager Lakestar.

With a focus on early and growth-stage Internet and technology ventures, Lakestar invests in global companies and has a presence in Europe, North America and Asia. It has previously backed global growth businesses including Facebook, Spotify, Skype and Revolut.

Lakestar III closed with commitments of €252 million and will have an investment focus on early stage companies. Lakestar Growth I raised €426 million and will focus on growth stage businesses.

Legal support for the closures came from Ferbrache & Farrell. “It is always very pleasing for us when we see clients continuing to use Guernsey when launching their new successful ventures,” said partner Gavin Farrell.

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