Banking and Finance
Corporate and Commercial
Restructuring and Insolvency
Private Wealth & Trusts
Tax and Regulatory
Property and Real Estate
Shipping and Aircraft
We have over 25 years of experience establishing offshore hedge and private equity funds. In Cayman our burgeoning funds team fields a number of highly respected experts with deep experience in Cayman funds law, while in the BVI we are the unquestioned leader in the establishment of fund structures.
We work directly with managers and with leading onshore law firms to establish BVI and Cayman Islands fund structures for the largest institutional managers through to start-up managers with seed capital. We are experienced in providing funds structured using all forms of investment vehicle, including companies, limited partnerships, unit trusts and segregated portfolio companies and are at the forefront of designing innovative structures, including to deal with mixed liquidity portfolios. We are also highly experienced in advising on the issues surrounding the use of side letters for individual investors.
One of our core strengths is our experience in dealing with changes to a fund’s structure during the life of a fund. These may be necessitated by a planned expansion in the fund or a liquidity issue within the portfolio. Such changes are often complex and require a careful consideration of existing rights of investors and obligations of the fund, its directors and agents. Restructurings commonly involve the creation of side pockets to isolate the effect of individual asset illiquidity.
We have been involved in many of the largest and most complex restructurings and cases arising out of recent market events including advising on many issues coming out of the Madoff affair and other high profile fraud cases involving BVI and Cayman funds. We have deep expertise in the formulation of strategies that provide solid legal and commercially viable solutions for funds, managers, investors and liquidators to deal with the challenges posed by distressed or failed investment funds.
We also provide advice and assistance to those wishing to establish a fund manager or administrator in the BVI and the Cayman Islands and to established managers and administrators wishing to provide services to BVI and Cayman Islands funds. This includes advising on the licensing requirements and ongoing obligations for domiciled and non-domiciled managers and administrators and advising on their service contracts with the funds.
We are increasingly asked to advise on the sale of regulated managers and administrators alongside leading onshore law firms. We have experience in dealing with all aspects of the transfers, including the regulatory, legal and commercial issues involved in such transfers. Examples include the sale of the Key Asset Management Group to Swedish Bank SEB (advised by Norton Rose and Slaughter & May respectively) and the sale of two regulated managers to an Andorran Bank.
We advise on all aspects of investment funds business, including obtaining regulatory consents and advising on and issuing opinions in relation to transactions entered into by funds, including ISDA agreements and structured investments. A high profile example of such advice was the cashbox underwriting scheme used for a fundraising by Misys plc where we advised ValueAct Capital (a BVI domiciled hedge fund) alongside Freshfields, Allen & Overy and Ashursts.