Jersey Infrastructure Debt Fund Listed On The LSE

by Jason Gorringe, Tax-News.com, London

06 September 2010

Channel Islands law firm Carey Olsen has advised a new Jersey fund, GCP Infrastructure Investments Limited, on its listing on the Main Market of the London Stock Exchange.

The fund has been created by Gravis Capital Partners LLP (GCP), a specialist investment advisory firm currently managing assets with a principal value in excess of GBP400m.

The initial listing of the fund has raised GBP40m and aims to provide investors with a long-term return of 8% per annum by advancing subordinated debt to the holders of private finance initiative (PFI) assets (typically long-dated, secure quasi-UK government concessions for the provision of hospitals, schools etc).

Carey Olsen partner Robert Milner led the team in Jersey advising GCP Infrastructure Investments Limited, which is structured as an unregulated exchange traded fund under the Collective Investment Funds (Unregulated Funds) (Jersey) Order 2008.

"This is an innovative fund, which will allow investors to access new classes of assets. It demonstrates the usefulness of Jersey's unregulated exchange traded fund regime and the flexibility of Jersey corporate structures generally," he said.

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