Carey Olsen has advised the Battle Against Cancer Investment Trust (BACIT Limited) on its establishment as a Guernsey registered closed-ended investment company and its recent flotation on the Main List of the London Stock Exchange.
BACIT is a new investment company formed by a group of leading fund managers. It raised GBP270m which will be invested in long-only funds, hedge funds and private equity funds – some of which are not readily accessible to the investor community.
The managers of the underlying funds will not charge management fees to BACIT Limited which will invest up to one per cent of its net asset value each year in cancer research and drug development projects, undertaken by the Institute of Cancer Research (ICR), and other charitable projects chosen by the BACIT Foundation and its investors.
Carey Olsen advised on the Guernsey legal and regulatory aspects of the company’s establishment including registration with the Guernsey Financial Services Commission (GFSC).
The team, led by corporate partner Tom Carey and assisted by senior associate Geoff Ward-Marshall, worked alongside UK counsel Freshfields Bruckhaus Deringer and Northern Trust who act as administrators.
Carey says: “We would like to congratulate BACIT on their successful IPO. This is an innovative fund and we wish them every success with their charitable projects going forward.”
