Park Square Capital Launches Second Guernsey Debt Fund
by Jason Gorringe, Lowtax.net, London
15 July, 2015
The recent launch of Park Square Capital's new Guernsey debt fund raised USD2.4bn – more than double its initial target.
Carey Olsen's investment funds team advised on the launch of Park Square Capital's Credit Opportunities II Program. The program includes two closed-ended Guernsey limited partnerships, a main fund, and a feeder fund, and is regulated as a registered collective investment scheme.
The Credit Opportunities II Program includes committed capital that has been raised from a range of institutional investors from around the world, in particular from European and US pension funds, and leverage which has been provided by leading global financial institutions.
The fund will have a similar strategy to that of its predecessor fund, which is also a Guernsey structure, launched by Park Square in 2007. It will invest in the senior debt of leveraged US and European companies and will work alongside private equity partners. The program will routinely be able to commit more than EUR100m (USD109.5m) to transactions.
Carey Olsen advised on all Guernsey aspects of the program. Partner Andrew Boyce said: "Carey Olsen has built a reputation as the market leader for its closed-ended funds expertise and the continued use of Guernsey by successful managers such as Park Square Capital Partners reaffirms the Island's position as the premier investment fund domicile."
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