Guernsey has been chosen as the domicile for HitecVision's latest fund launch.
HitecVision, one of the most prominent European private equity advisers and investors focussed on the oil and gas industry, received commitments of US$ 1.9 billion for HitecVision VII L.P., exceeding the US$ 1.5 billion target. With strong support from existing investors and three new investors the hard cap was reached in two months following the launch in February 2014. The fund will continue the successful strategy for control buyout and growth capital investments in the oil and gas industry that HitecVision's team has implemented throughout the firm's history.
Gentoo Fund Services Limited, an independent private equity fund administrator has been appointed by HitecVision to administer the fund. Gentoo, which specialises in the administration of private equity structures, predominantly administering closed-ended funds, has a long-standing relationship with HitecVision, which since 2006 has launched five Guernsey based funds. HitecVision continues to view Guernsey as the destination of choice for the domiciling of new private equity funds.
Nick Degnen, Managing Director of Gentoo Fund Services Limited, said: "Gentoo is delighted to have been part of such a smooth and successful fund launch. We place a great deal of importance on client service and client relationships and are pleased to continue our long-standing relationship with Norway's premier private equity firm."
Mourant Ozannes were HitecVision's Guernsey legal counsel for the fund's launch. Working alongside Norwegian law firm BA-HR DA, the Mourant Ozannes Guernsey corporate team assisted with the registration of HitecVision VII L.P. as a registered closed-ended collective investment scheme.
The Mourant Ozannes team was led by Partner Gavin Farrell, who commented: "The success of the fund is a tribute to HitecVision's expertise and track record in the oil and gas sector. It has been a pleasure to work with the team on this project."
With the new fund HitecVision now manages US$ 5 billion of institutional capital.
For more information about Guernsey's finance industry please visit www.guernseyfinance.com.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
