Carey Olsen’s corporate team has been involved in an energy fund launch which is believed to be one of the largest fundraising by a start-up in recent years.
Corporate partner Andrew Boyce (pictured) and senior associate (now partner) David Crosland worked with Blue Water Energy throughout the project advising on all Guernsey aspects of the structuring, establishment and closing of this Guernsey closed-ended fund.
Its first closing in September 2012 was oversubscribed and it closed at its hard cap in May 2013 raising USD861m.
The Blue Water Energy Fund will invest in transactions across the global energy supply chain with a focus on mid-market, growth-oriented investments in European-domiciled companies. With significant investing experience in this sector, the Blue Water Energy team has invested in, acquired or established more than 28 companies (including add-on transactions). Blue Water Energy was founded by partners Jerker Johansson (former chief executive of UBS investment bank), Tom Sikorski (former London head of First Reserve Corporation), and Graeme Sword (former partner and head of 3i Oil, Gas and Power) and is supported by six other investment professionals.
Boyce says: "The success of the launch of the Blue Water Energy Fund is significant in a challenging fund raising environment as it demonstrates that there is still an ability to attract substantial investor commitments even if you are a new entrant to the market provided you have a quality team, an attractive strategy and an established track record.
“Carey Olsen is seeing increased investment activity in natural resources as world demand for traditional energy commodities, such as oil and gas, continue to grow and Guernsey is well thought of for this work.
“Investors and private equity firms are familiar and comfortable with Guernsey’s fund structures; our robust regulatory policies and expertise are important elements when firms, like Blue Water Energy, choose where to establish their funds."