22 May 2018
Carey Olsen supports Techemy Capital on ICO-focussed investment fund
Carey Olsen has advised Techemy Capital Limited on the launch of HODL 1 L.P. – a closed-ended fund vehicle targeting investments into private-sale stage initial coin offerings (ICOs).
The fund, which has been authorised under the Jersey Private Fund regime, has appointed Techemy Capital Limited as investment adviser and will invest in cryptographic token deal flow.
The Techemy Group, based in New Zealand, owns and operates a range of businesses which assist in institutionalising this new asset class within the fintech sector.
Partner James Mulholland led the Carey Olsen team advising Techemy Capital and was assisted by senior associate Lauren Fletcher.
Mr Mulholland said: "Carey Olsen continues to see a flurry of activity in the emerging digital assets and fintech space and we are delighted to have been able to assist the Techemy Group on the launch of its own cryptocurrency-focused investment product. It was an interesting fund to advise on as we had to work across multiple time zones to get it done.
"The launch of HODL 1 LP is not only a vote of confidence in our firm's fintech and digital assets capabilities, but also in Jersey's position as a crypto friendly jurisdiction. Furthermore, the fact that the fund has been authorised as a Jersey Private Fund underlines the continuing popularity of that regime since its launch just over a year ago."
The Jersey Private Fund regime provides for a streamlined fast-track regulatory authorisation process and is designed specifically for funds operating with up to 50 sophisticated investors.