06 December 2017

Blue Water Energy raises US$1.1 billion with second Guernsey fund

Carey Olsen's investment funds team in Guernsey has advised existing client Blue Water Energy LLP (Blue Water Energy) on the US$1.1 billion final closing of Blue Water Energy Fund II (BWE Fund II), surpassing its original fund raising target of US$1 billion.

BWE Fund II, which secured strong support from both existing and new investors, will support Blue Water Energy's longstanding buy and build strategy across the mid-market energy sector. The firm's inaugural fund, Blue Water Energy Fund I, which is also Guernsey-domiciled, closed in May 2013 with US$862 million of commitments.

Partner Andrew Boyce led the Carey Olsen team advising on the Guernsey legal aspects of BWE Fund II's structuring, establishment, regulation and closing, supported by senior associate Ruth Abernethy and associate Rachel de la Haye. International law firm Willkie Farr & Gallagher (UK) LLP provided the onshore UK advice.

Advocate Boyce 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 fund industry as a whole.

He added: "Our congratulations on another extremely successful fund raise."

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