Fortis Guernsey and Ogier worked with Da Vinci Capital Management on the listing of the first fund on the London Stock Exchange’s Specialist Fund Market.

The Da Vinci CIS Private Sector Growth Fund Limited last week became the first fund company to be admitted to trading on the Specialist Fund Market of the London Stock Exchange. Dealings commenced at 8.00am on Thursday, 29th May under the ticker symbol: DVPS.

Ian Hunt and his team at Fortis acted as administrator, while William Simpson and Frances Watson of Ogier advised on the deal, the firms revealed.

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 USD90mn 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 USD110mn was admitted to trading on Thursday.

Ian Hunt, director of Fortis Fund Services (Guernsey) Limited commented:

"This is a first for the Specialist Fund Market, as well as a milestone for Guernsey and the Channel Islands in general."

William Simpson, partner and head of Ogier in Guernsey, added that:

"This was a challenging and immensely satisfying project and a superb opportunity for Guernsey."