A Guernsey listed fund transaction that used an on-Island law firm has been named Equity Deal of the Year for 2006 at the International Financial Law Review (IFLR) European awards, it emerged this week.
KKR Private Equity Investors LP was established on behalf of Kohlberg Kravis Roberts & Co., one of the largest private equity firms in the world, which has been involved in some of the most complex buyout transactions.
After raising more than US$5bn, it was listed on the Euronext Amsterdam Stock Market and so became the first Guernsey fund on the exchange following the conclusion of a new Memorandum of Understanding (MoU) between the regulators in the Netherlands and Guernsey.
The MoU means that Guernsey is one of a limited number of jurisdictions from which investment funds wishing to list on the Euronext do not need to obtain a licence in the Netherlands because the Dutch AFM has ruled that there is already adequate ‘home’ supervision (in Guernsey).
Guernsey law firm Carey Olsen acted for the issuer and formed the partnership and associated entities. Their instructing lawyers were Herbert Smith.
KKR won the IFLR award ahead of five other short-listed deals.
“It is fantastic for Guernsey and its booming funds industry that a deal which is so synonymous with the Island has been recognised for its excellence and particularly its innovation, by a publication that is read by so many introducers of business in key centres such as London and New York,” announced Peter Niven, Chief Executive of GuernseyFinance – the promotional agency for the Island’s finance industry.
He added:
“The transaction itself highlighted the great offering, including speedy access to Euronext and quality on-island legal expertise, which Guernsey has in place for such deals. It stimulated a substantial amount of interest from private equity houses and proved a catalyst for other US lawyers to use Guernsey. This award reinforces the benefits Guernsey can offer such transactions.”
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