Crescent Capital, a Turkish-based fund manager focused on clean energy and infrastructure has launched its Clean Energy Transition Fund, L.P (CETF) from Guernsey.
The fund, which has this month announced a first close and aims to reach a target amount of €200m by the end of 2012, has attracted a total of €100m commitments from investors including EBRD, EIB, iVCi, FMO and DEG.
CETF is Turkey's first private equity fund with a focus on the energy sector. It will target investments in renewable energy generation projects predominantly in Turkey and South Eastern Europe.
Ipes was selected as administrator for the Guernsey domiciled fund following a competitive pitch process.
Aygen Yayıkoğlu, the Founder and Managing Partner of Crescent Capital, said: "Given our investor base, an important element of our fundraising strategy was to establish the fund in a well regarded jurisdiction working with credible partners.
"Ipes' credentials in both the Turkish market and the clean energy sector stood out. The experience of the team we met and their willingness to support us through the set up process was also an important factor in our decision. "
Michel Davy, Managing Director for Ipes Guernsey, said: "We are pleased to have been able to support Crescent Capital with the establishment and first close of this exciting new fund."
Private equity fund managers are increasingly targeting investments in Turkey attracted by the 'Turkish Tiger's' robust economic growth and relative resilience to the global financial crisis. In the first quarter of 2011, the Turkish economy grew by 11%. According to Preqin there are currently 17 Turkish funds in the market.
"With a growing number of Turkish funds in the market securing this mandate is also positive news for Guernsey, reinforcing the island's status as a domicile of choice for private equity with key markets" concludes Davy.
Carey Olsen provided Guernsey legal advice.
For more information about Guernsey's finance industry please visit www.guernseyfinance.com.
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