27 May 2020

Carey Olsen supports launch of €1.1bn Deutsche Beteiligungs Fund VIII

Carey Olsen and independent fund and corporate services provider, the Aztec Group, have supported Deutsche Beteiligungs (DBAG) on the final close of its latest fund (Fund VIII), a fund domiciled in Guernsey with commitments of €1.1 billion.

Founded in 1965 and with more than €2.5 billion of assets under management and advisory, 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 and IT services, fintech and healthcare.

Fund VIII has total commitments of €1.1 billion, including €255 million co-invested from DBAG's balance sheet capital.

The Carey Olsen team, led by partner Tom Carey with support from senior associate Chris Hutley-Hurst and associate Felicity Wai, provided Guernsey legal, regulatory and tax advice to DBAG in respect of the formation, structuring and launch of Fund VIII.

Tom said: "Carey Olsen is delighted to have worked with DBAG and Aztec on the establishment of Fund VIII. The fact that it has 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's private equity team in Guernsey, led by group head of private equity Matt Horton, managed the fund's set-up and will provide administration, accounting and investor services, while also acting as Fund VIII's depositary from its office in the UK.

Matt said: "We're pleased to have supported DBAG with the successful final close of Fund VIII. We have worked closely with the DBAG team for the last eight years, supporting their successful investment strategy and building a strong working relationship. We look forward to further developing our partnership with their team."

Commenting on Fund VIII's launch, DBAG chief executive Torsten Grede added: "Both Carey Olsen and the Aztec Group have helped us to launch our latest fund smoothly and efficiently, providing the experience and knowledge that has proven highly beneficial to our team. We are very happy to have worked with both firms since 2012."