14 July 2016
Carey Olsen advises Patron Capital on €949 million real estate fund
Carey Olsen's Jersey funds team has advised Patron Capital Advisers on the launch of its fifth European real estate fund, Patron Capital Fund V, LP, which recently held its final closing with a total fund size of €948,632,391 (including €143,000,000 of co-investment capital).
This is the first of the Patron funds to be domiciled in Jersey under the jurisdiction's well-established expert fund regime. The fund focuses primarily on distressed and/or undervalued property and property-related assets mostly in Western Europe.
Carey Olsen partner Daniel O'Connor and counsel Chris Griffin led the team advising on the Jersey aspects of the fund's establishment and regulatory authorisation with assistance from associate Sarah Townsend on the fund launch.
Patron Capital General Counsel, Kendall Langford, said: "We are very pleased with Jersey as a jurisdiction for our Patron fund. The regulatory authorisation process is mindful of tight deadlines and this fund launch was well managed by Carey Olsen allowing us to get to market as soon as possible."
Chris Griffin said: "The launch of Patron Capital Fund V demonstrates the Jersey regulator's pragmatic approach to fund regulation and is a key reason the island continues to attract premier fund managers."