Ogier Guernsey involved in landmark London listing

Ogier Guernsey has advised Da Vinci Capital Management on the listing of the first fund on the London Stock Exchange’s Specialist Fund Market on 29th May 2008 - The Da Vinci CIS Private Sector Growth Fund Limited.

The Specialist Fund Market was launched by the London Stock Exchange in November 2007 as a regulated market for highly specialised investment entities. Its lighter regulations are aimed at attracting hedge funds and private equity funds.

Da Vinci is a Guernsey-based investment management company that focuses investment in Russia and the former Soviet Union.

The Private Sector Growth Fund invests in pre-Initial Public Offering investments in the consumer, retail, infrastructure, engineering, financial and real estate sectors in the Commonwealth of Independent States (mainly Russia, Kazakhstan, Ukraine and Central Asia), and is structured as a four-year closed-end vehicle with a two-year extension option.

The Fund is already listed on the Channel Island Stock Exchange, where it has raised approximately $90 million from private and institutional investors through a private placement at the end of January 2008. With additional funds raised as part of the admission to the Specialist Fund Market, a total of approximately US$110 million was admitted to trading.

William Simpson, Frances Watson and Ellen Whitmore advised on the deal for Ogier. Ian Hunt and his team at Fortis acted as administrator.

William Simpson commented: ‘This was a challenging and immensely satisfying project and a superb opportunity for Guernsey.’

Commenting on the listing, Oleg Jelezko, Managing Partner and CEO of the Da Vinci Capital Group of companies, said: ‘I am pleased to announce Da Vinci CIS Private Sector Growth Fund Ltd’s admission to trading on the London Stock Exchange’s new market, the Specialist Fund Market. This is a vital step in the development strategy of this flagship product of Da Vinci Capital Management”.