03 January 2023
Carey Olsen advises Hollyport Capital on US$2.2 billion fund close
Carey Olsen's investment funds team in Jersey has advised long standing client Hollyport Capital ("Hollyport") on the launch and final close of its latest fund, Hollyport Secondary Opportunities Fund VIII (the "Fund").
Hollyport is a leading asset manager that acquires portfolios in the secondary market, with a focus on mature funds. The Fund which is structured as a Jersey Expert Fund has closed with commitments of USD$2.2 billion across the main fund and the overage scheme.
The Fund made its first investment in March 2022 and has, to date, entered into acquisition agreements with approximately 15% of its target investment programme. The funds raised will support Hollyport as they continue to expand their investment portfolio. Since 2006, Hollyport has raised eight investment funds and currently has over $4.7 billion assets under management.
Working alongside lead onshore counsel Proskauer Rose LLP, the Carey Olsen team advised on all Jersey aspects of the structuring, establishment, regulation and closing of the Fund. The team was led by partner James Mulholland and assisted by senior associate Arindam Madhuryya and trainee Hollie Herman.
James said: "Hollyport is a long-standing client, and it is pleasing to see that the fund closed well above its target of US$1.5 billion. The fundraise is a huge stamp of approval from the market in Hollyport as a leading investor in the secondary market. Our involvement with Fund VIII underlines Carey Olsen's all-round capabilities as a leading offshore law firm, and we are fortunate to count leading managers such as Hollyport amongst our clientele."
The US$2.2 billion raised by the Fund is more than double the amount raised by its predecessor, Hollyport Secondary Opportunities Fund VII, which closed at US$1 billion in 2020.
Carey Olsen is the leading legal adviser to Jersey-domiciled funds according to Monterey Insights, a position which the firm has held for the past three years on the island.