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Carey Olsen advises Kreos Capital on establishment of EUR120 million expert fund

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Carey Olsen has advised Kreos Capital on the establishment of a new expert fund and an investment management company in Jersey. Regulatory consents and approvals were obtained in 2011 with initial drawdown of investor commitments expected early in 2012.

The fund, Kreos Capital IV (Expert Fund) Limited, has EUR120 million of committed capital from its initial closing and Kreos Capital has set up a regulated fund for the first time in Jersey. Kreos’s previous funds have been private placements.

Kreos Capital is a long-established growth debt provider for high-growth companies across Europe, with an emphasis on the UK, the Nordics, France, Germany and Israel, having committed $1.2 billion of innovative debt financing solutions in over 280 transactions since 1998.

Simon Hirtzel, general partner and chief operating officer of Kreos Capital, said: “We are pleased with the successful launch of this new fund and are targeting to reach a final close of up to €200 million this year which will enable the firm to invest significantly over the next five years.

“We have diversified our investor base further with Kreos Capital IV and are attracting global institutional capital from insurance companies, endowments, supranational funds, pension funds, funds-of-funds and family offices.

“The common attribute of these investors is they are attracted to the risk adjusted and absolute returns generated by Kreos’s team, which has been together for thirteen years and provides consistent fund management.”

Alex Ohlsson (pictured), head of the corporate and finance group, senior associate James Fox and associate Rhona Nellany were the Carey Olsen team who advised Kreos.

Ohlsson says: “This is the third structure that Kreos Capital has set up in Jersey. We are delighted that our regulated fund offering meets their and their investors’ requirements. It is also a positive sign that a successful fund raising can be undertaken in tight markets with the right fund structure, market sector and fund management team.”

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