It has been a full year since the introduction of the Private Funds Act in the Cayman Islands which requires that close-ended funds be subject to registration with the Cayman Islands Monetary Authority. In general, investor sentiment and managers' experience has been positive and fund formation activity in the Cayman Islands remains robust and energised. The Cayman Islands continues to see a significant share of SPACs, appearing as domicile of choice for around one third of all SPACs globally. We expect the trend for SPACs to continue as they have proven themselves to be an efficient mechanism to access and raise capital. Cayman Islands remains poised to continue to actively participate in the continued growth activity including with the down-stream end of SPAC lifecycle and corresponding business combinations M&A activity.
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