Ogier Advises World's Largest Secondaries Issue

by Robert Lee, Tax-News.com, London

16 May 2007

The Guernsey office of the offshore law firm Ogier has advised on the establishment of the world's largest ever secondaries fund issue.

Roger Le Tissier, along with Bryon Rees and Rabie Abas, acted as Guernsey legal advisers to Coller Investment Management Limited, the leading global investor in private equity secondaries, on the final closing of Coller International Partners V. With investor commitments of $4.5 billion, it is the largest secondaries fund ever established. CIP V is already one quarter invested.

Coller International Partners V was originally capped at $3.75 billion, but, following investor interest of $5.6 billion, the partnership agreed to raise the cap to $4.5 billion.

Like its four predecessor funds, which were also advised on by Ogier, Coller International Partners V has been formed to invest in portfolios of private equity assets – interests in established private equity funds and privately held companies – providing liquidity to the original investors in these assets. Coller International Partners V has a broad remit: the fund provides liquidity to private equity investors anywhere in the world, invests in assets located all round the world, and makes investments ranging in size from $1 million to $1 billion or more. Around 41% of the fund’s committed capital comes from North America, 34% from Europe, and 25% from Asia and the Middle East.

Jeremy Coller, Coller Capital’s chief executive officer, commented: “The record size of CIP V is a testament to the value of the secondaries market as a whole. By providing liquidity to a previously illiquid asset class, secondaries have significantly increased private equity’s attractiveness to institutional investors.”

Roger Le Tissier, partner at Ogier, stated: “The setting-up of this new fund is an important milestone in the secondaries market as it is designed to fulfil the more complex needs of investors. We are delighted that Guernsey was involved in this record-breaking transaction and that Ogier were the legal advisers of choice in establishing the structure."

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