Carey Olsen’s Guernsey corporate team has advised London-based private equity firm Preservation Capital Partners on the successful final close of PCP Fund III.
The fund was oversubscribed and closed at its hard cap of €877 million (c.US$1 billion) – approximately double the size of its predecessor fund.
Fund III secured commitments from a broad range of institutional investors, including pension funds, insurance companies, asset managers, endowments, foundations and family offices. The fund received strong support from existing investors while also attracting several new investors from across the United Kingdom, North America, Continental Europe, the Middle East and Asia.
Fund III will build on PCP’s established strategy of investing in mid-market businesses across Western Europe in the asset-light (“non-capital intensive”) business and financial services sectors.
The Carey Olsen team advising PCP on Fund III comprised partner Rachel de la Haye, senior associate Oliver Orton and associate Nicola D’Amico, alongside onshore legal counsel Kirkland & Ellis.
leRachel de la Haye commented: “The successful close of PCP Fund III at its hard cap is a testament to the strength of Preservation Capital Partners’ investment strategy and market reputation. We were pleased to support the team on this milestone fundraise, which highlights the continued appeal of Guernsey as a jurisdiction of choice for private equity fund managers and international investors.”
