07 December 2015

Carey Olsen advises on a £40m real estate investment fund

Jersey's Private Placement Fund regime is growing in popularity, with a number of new fund managers looking to take advantage of its fast-track regulatory approval process.

Our Jersey funds team recently advised Ortus Secured Finance Limited on the establishment of its new fund OSF Fund I LP, which has given Ortus a further £40 million to grow its lending business. The fund provides short term loans secured against UK properties.

The fund has been established as a Jersey limited partnership under the jurisduction's increasingly popular Private Placement Fund regime, which targets a three-day timeframe for regulatory approval for closed-ended funds of up to fifty investors.

Carey Olsen partner Robin Smith and senior associate Chris Griffin led the team advising on the Jersey aspects of the fund's establishment.

Richard Beenstock, Chief Executive of Ortus Secured Finance Limited, said: "We were pleased with both the Jersey regulator's user-friendly authorisation regime and with Carey Olsen's advice and management of the fund launch process as a whole."

Chris Griffin said: "The Private Placement Fund regime is ideal for new fund managers looking to raise their first funds with the appropriate level of regulation. We have a number of similar deals in the pipeline and anticipate fund raisings of this kind well into 2016."