18 July 2013

Carey Olsen supports one of the largest fund raisings by a start-up

Carey Olsen’s corporate team has been involved in an energy fund launch believed to be one of the largest fund raisings by a start-up in recent years.

Corporate partner Andrew Boyce and senior associate (now partner) David Crosland worked with Blue Water Energy LLP advising on all Guernsey aspects of the structuring, establishment and closing of this Guernsey closed-ended fund. Its first closing in September 2012 was oversubscribed and it closed at its hard cap in May 2013 raising $861 million.

The Blue Water Energy Fund will invest in transactions across the global energy supply chain with a focus on mid-market, growth-oriented investments in European-domiciled companies. With significant investing experience in this sector, the Blue Water Energy team has invested in, acquired or established more than 28 companies (including add-on transactions). Blue Water Energy was founded by partners Jerker Johansson (former CEO of UBS investment bank), Tom Sikorski (former London head of First Reserve Corporation), and Graeme Sword (former partner and head of 3i Oil, Gas and Power) and is supported by six other investment professionals.

Advocate Boyce said: "The success of the launch of the Blue Water Energy Fund is significant in a challenging fund raising environment. It shows there’s still an ability to attract substantial investor commitments even if you are a new entrant to the market providing you have a quality team, an attractive strategy and an established track record. We’re seeing increased natural resources investment as world demand for traditional energy commodities, such as oil and gas, continues to grow and Guernsey is well thought of for this work.”