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Guernsey Remains Private Equity Leader,
by Jason Gorringe, Tax-News.com, London
Friday, September 05, 2008
The latest developments within Guernsey’s funds industry show that the island
continues to be a leading jurisdiction for private equity, according to Peter
Niven, Chief Executive of Guernsey Finance, the government's investment promotion
agency.
New figures show that in the second quarter of the year the value of private
equity funds in the island grew by nearly GBP1bn (2.5%) to reach GBP36.2bn.
This is despite the difficult market conditions that have seen amounts raised
by private equity funds across Europe fall by some 10% this year.
It has also been announced that the management of Guernsey-based IPES –
backed by private equity firm RJD Partners – is buying out the provider
of dedicated private equity administration services for in excess of GBP20m.
In addition, another Guernsey-based private equity administrator, Augentius,
has been celebrating 400% growth in assets under administration since a management
buyout two years ago.
“These developments are yet further evidence that Guernsey continues
to be a leading jurisdiction for private equity,” said Mr Niven.
He continued:
“Fund promoters and sponsors recognise that Guernsey’s experience
in this asset class has helped build a broad industry with specialist expertise
and including administrators providing bespoke IT solutions. They have also
been attracted by the introduction of Qualifying Investor Funds (QIFs) –
a self-certification regime targeting experienced investors – and the
launch of our ‘fast track’ registered funds regime.
“However, it could be argued that the listing of the USD5bn Guernsey
limited partnership KKR Private Equity Investors LP on the Amsterdam Euronext
was so innovative that it has been the largest single contributor to the island’s
recent success in the asset class. It highlighted that Guernsey was one of the
few jurisdictions from where funds wishing to list on Euronext do not need to
obtain a licence in the Netherlands because the Dutch AFM has ruled that there
is already adequate ‘home’ supervision. It also put Guernsey on
the map internationally and particularly in the US, something from which the
island has never looked back as it has become the jurisdiction of choice for
private equity.”
Mr Niven concluded by noting that this success is illustrated by the fact that
Terra Firma and Permira have recently both established their own operations
in the island.
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