Chenavari launches Guernsey closed-ended collective investment fund
Mourant Ozannes in Guernsey has acted as Guernsey legal adviser, together with Lawrence Graham as lead counsel, on the launch of Chenavari Capital Solutions.
Chenavari has listed on the Specialist Market of the London Stock Exchange and the Channel Islands Stock Exchange.
Chenavari has been established as a registered closed-ended collective investment fund to undertake capital solutions transactions with European banks, with a range of asset types, including mortgage, corporate and SME loans and asset-backed securities.
Chenavari launched in September and has raised GBP130.3m following its initial public offering. The Mourant Ozannes advisory team of partner Gavin Farrell and senior associate Helen Wyatt assisted on all Guernsey law aspects of the establishment of the fund.
Farrell says: "Mourant Ozannes in Guernsey is pleased to have assisted Chenavari in its successful launch. This deal contributes to the growing importance of Guernsey as a leading jurisdiction, with the requisite expertise and appropriate environment, for the establishment of specialist investment funds."
Chenavari chairman Trevor Hunt says: "We are very pleased to have raised GBP130.3m from a wide group of investors for this unique listed investment company. The company's strategy allows banks to reduce their risk-weighted assets under the new Basel III rules, whilst providing attractive returns to investors."
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