Carey Olsen’s investment funds team in Jersey have advised Hollyport Capital LLP (Hollyport) on the launch and final close of its Hollyport Secondary Opportunities VIII Fund (The Fund).
Hollyport is a global private equity asset manager that acquires portfolios in the secondary market, with a focus on mature funds. Their latest fund which is structured as a Jersey Expert Fund has closed with commitments of USD$2.2 billion.
The Fund made its first investment in March 2022 and has, to date, begun acquisition agreements with circa 15% of its target investment programme. The funds raised will support Hollyport as they continue to expand their investment portfolio. Since 2006, the firm has invested in seven private equity funds and currently has over $4.7 billion assets under management.
Working alongside lead onshore counsel Proskauer Rose LLP, the Carey Olsen team advised on all Jersey-related aspects of the establishment, regulation and closing of The Fund. The team was led by partner James Mulholland and assisted by senior associate Arindam Madhuryya and trainee Hollie Herman.
James said: “Hollyport are a long-standing client, and it is pleasing to see that the fund closed well above it’s target of US$1.5 billion, which is a huge stamp of approval from the market. We are also pleased to demonstrate the attractiveness of the Jersey Expert Fund as a well-attested regime for expert investors.”
The US$2.2 billion raised by The VIII Fund is more than double the amount raised by its predecessor, Hollyport Secondary Opportunities Fund VII, which closed at US$1 billion in 2020.
Carey Olsen is currently the leading legal adviser to Jersey-domiciled funds according to Monterey Insights, a position which the firm has held for the past three years on the island.