07 July 2015

New program raises $2.4 billion using Guernsey structure

Carey Olsen's investment funds team has advised on the launch of Park Square Capital’s Credit Opportunities II Program which raised a total of $2.4 billion of committed capital making it one of the leading players in the European leveraged loan markets.

Acting alongside onshore firm Debevoise & Plimpton, Carey Olsen partner Andrew Boyce and senior associate Alex Mauger advised on all Guernsey aspects of the program raising including structuring, fund formation, regulation, marketing and launch.

The program includes two closed ended Guernsey limited partnerships, a main fund and a feeder fund, and is regulated as a registered collective investment scheme.

The program includes committed capital which has been raised from a range of institutional investors from around the world, in particular European and US pension funds, and leverage which has been provided by leading global financial institutions. The program will have a similar strategy to that of its predecessor fund which is also a Guernsey structure, raised by Park Square in 2007. It will invest in the senior debt of leveraged US and European companies and will work alongside private equity partners. The program will routinely be able to commit more than €100 million to transactions.

Advocate Boyce said: "Carey Olsen has built a reputation as the market leader for its closed ended funds expertise and the continued use of Guernsey by successful managers such as Park Square Capital Partners reaffirms the island's position as the premier investment fund domicile."