Ogier advises on world’s largest listed closed-ended hedge fund

Ogier has advised on the placing of C Shares for Dexion Absolute Limited, a Guernsey-based closed-ended investment company which is listed on the London Stock Exchange.

The placing and offer for subscription of C Shares was significantly oversubscribed which resulted in Dexion Absolute’s board determining, after consultation with the placing agents and the investment adviser, to increase the maximum issue size from US$750 million to US$950 million, at which level the issue remained oversubscribed.

As a result of the issue, Dexion Absolute Limited will have aggregate net assets of approximately US$2.78 billion (£1.35 billion) and will be the world's largest listed closed-ended hedge fund product.

The Ogier team was led by Roger Le Tissier, a partner of the Guernsey office, with Bryon Rees assisting.

Roger Le Tissier said: “The size of this placing demonstrates the first-class level of work we regularly undertake at Ogier, and shows the high level of service we can provide our clients from our various locations.”