Harneys acted as Cayman Islands counsel to GLY Capital Management in relation to the launch of its first mobility tech fund, expected to raise US$300 million in aggregate commitments.
The Future of Mobility Fund is a transport and technology fund focussing on investments into innovative mid-to-late-stage growth companies within the transportation industry. The fund has already secured US$60 million from China car manufacturer, Zhejiang Geely Holding Group, and South Korean conglomerate, SK Holdings.
The Harneys team was led by Asia Head of Funds and Regulatory, Maggie Kwok, with support from Senior Associate Ian Clark and Legal Manager Lawrence Sham. Harneys’ associated corporate and fiduciary services arm, Harneys Fiduciary, also assisted with the transaction providing registered office services.
Harneys advises on all aspects of the life of a Cayman, BVI, Cyprus or Luxembourg fund including formation, restructuring and closure, both in planned and distressed scenarios. The firm has also established a dedicated offshore regulatory practice providing regulated clients with essential legal support.