10 October 2018
Carey Olsen supports Epiris on launch of £821 million buyout fund
Carey Olsen's investment funds team in Jersey has advised private equity firm Epiris on the launch and final closing of its UK-focussed buyout fund, Epiris Fund II, at £821 million.
The fund, which has already made four acquisitions, has secured commitments from some of the world’s leading private equity investors, including public and private pension funds (34%), endowments and foundations (30%), asset managers (22%) and private investors (14%).
The fund's strategy will be focussed on targeting UK-headquartered business with an enterprise value of between £75 and £500 million, investing between £40 million and £150 million of equity in each investment.
Working alongside onshore counsel Clifford Chance, Carey Olsen advised on the establishment of the Jersey fund structure and on all Jersey-related corporate and regulatory aspects of its launch. The team was led by partner James Mulholland and assisted by senior associate Nienke Malan.
Mr Mulholland said: "We're delighted that Carey Olsen has been able to support Epiris on the launch of Epiris Fund II. The fund's successful closing is a fantastic effort by Epiris, particularly given the current UK political landscape, and underlines the confidence in Epiris as an investor in the UK upper mid-market.
"The fact that Epiris chose to structure its newest fund through Jersey also reinforces the attractiveness of the jurisdiction as a centre for private equity funds and its ability to provide the necessary solutions for experienced and established fund managers."
Investments already made by Epiris Fund II are Bonhams, the auction house; TI Media, the UK’s largest consumer magazine publisher; Portals, one of the world’s leading manufacturers of 'substrate' for banknotes; and The Club Company, the UK’s largest country club operator.