A Guernsey Private Investment Fund established to invest in the oil and gas sector has been launched by a Scandinavian fund manager.
EV Private Equity, a growth equity firm focusing on new technologies in the oil and gas sector, has launched EV Private Equity V Plus LP as a closed-ended Guernsey PIF. The fund will back oil and gas services companies seeking increased productivity and lower costs and risks in the industry.
Lawyers from Bedell Cristin in Guernsey worked on the deal with Norwegian lawyers and Guernsey-based administrator Aztec Financial Services (Guernsey).
Bedell Cristin Managing Partner Kate Ovenden said: "Since the introduction of this new type of fund in late 2016, the PIF has been a popular route to launch private funds where a close relationship exists between managers and investors. We were delighted to be instructed again by EV Private Equity in the launch of this PIF, which attracted substantial investment in its first closing and for which a second closing is scheduled for later this year."
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