Carey Olsen has helped Baring Vostok Investments, a Guernsey-domiciled un-regulated listed feeder fund, on its conversion into a protected cell company (PCC)—now known as Baring Vostok Investments PCC.
Following the reorganisation, the firm has expanded its shareholder base by raising more than of $30 million from new and existing investors and broadened its investment objective by acquiring interests in additional existing Baring Vostok private equity funds and co-investment opportunities with future Baring Vostok funds.
Corporate partner Andrew Boyce led the team together with senior associate Tony Lane in advising on the transaction.
The fund has maintained its listing on the Channel Islands Stock Exchange and is regulated by the Guernsey Financial Services Commission as a registered closed-ended collective investment scheme.
Boyce said: "While the Guernsey innovation has been in existence for some considerable time the use of the PCC structure, which provides operational efficiencies and is designed to segregate assets for the protection of existing shareholders, in more mainstream fund structures, such as listed funds, is testament to the integrity of the concept and the underlying legislation. Although this is new structuring territory for Baring Vostok the success of the offer points towards investor confidence in their concept as well."
