Carey Olsen’s investment funds team in Guernsey, together with the Guernsey funds team of global investor services group IQ-EQ, have advised Queen’s Park Equity (QPE) on the successful launch of its debut fund Queen’s Park Equity Partners I, which closed at its hard cap of £185 million and was raised entirely during the coronavirus (COVID-19) pandemic.
Exceeding its initial fundraising target of £150 million, strong investor support for the fund came from international institutions including endowments, foundations, family offices, pension funds and fund-of-funds, as well as from the QPE founders’ network of highly experienced, sector specific ambassadors.
Established in 2020, QPE is focused on providing capital and expertise to high-quality businesses within education, healthcare and pharmaceuticals, and tech services.
Working alongside onshore counsel Sidley Austin LLP, the Carey Olsen team advising QPE was led by partner David Crosland and included senior associate Alex Mauger and associate Claire Cooke. The firm advised on all Guernsey aspects of the fund’s establishment, launch and closing alongside IQ-EQ, which is providing a full suite of administration services to the fund, including ongoing compliance, corporate governance and accounting.
David said: “We are delighted to have assisted Queen’s Park Equity on the launch of its debut fund. For a first-time fund manager to have completed such a successful fundraise during an incredibly challenging economic environment speaks volumes to the calibre and track record of the Queen’s Park Equity team.
“Queen’s Park Equity Partners I is the latest in a number of first-time funds to be launched in Guernsey and emphasises the jurisdiction’s appeal to young venture capital and private equity firms. Guernsey’s respected and flexible regulatory regime together with expert advisers and quality service providers means emerging managers looking to establish their first fund know they are in good and experienced hands.”
Leading the team at IQ-EQ Guernsey is client services director Andrew Elder, supported by associate director Grant Powell, assistant manager Agnese Clark and administrator Emily O’Regan.
Andrew added: “Supporting Queen’s Park Equity with its maiden fund launch has been a real pleasure. Their target asset classes and investments, which include healthcare and e-learning, are especially relevant in the current environment and we have been thrilled to see such fundraising success during these uncertain times.
“QPE is one of several first-time managers that IQ-EQ Guernsey has assisted in recent months and, as David has said, they’re part of a welcome trend of new promoters launching in Guernsey, highlighting the ever-strengthening global position of our island as a leading funds domicile. We look forward to working closely with the QPE team as they continue from strength to strength.”