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Ogier advises on establishment of USD 4.5 billion secondaries fund

Partner Roger Le Tissier, along with Bryon Rees and Rabie Abas of the law firm Ogier, have acted as Guernsey legal advisers to Coller Investment Management Limited on the final closing of Coller International Partners V (CIP V). With investor commitments of USD 4.5 billion, it is the largest secondaries fund ever established.

CIP V, which is already one quarter invested, was originally capped at USD 3.75 billion, but, following investor interest of USD 5.6 billion, the partnership agreed to raise the cap to USD 4.5 billion.

Like its four predecessor funds, which were also advised on by Ogier, CIP 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. CIP 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 USD 1 million to USD 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 of Ogier, said: '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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