Ferbrache & Farrell acted as Guernsey counsel to Lakestar on the launch of Lakestar Continuation Fund I, a $265m continuation vehicle.
Ferbrache & Farrell (F&F) assisted its long standing client Lakestar, a European venture capital investment adviser, on the successful closing of Lakestar Continuation Fund I (LCF I), a Guernsey registered closed ended fund. LCF I was oversubscribed and represents one of the largest transactions of its kind in the European venture capital market to date. Lakestar now has raised over US$2.5bn through its Guernsey funds and invests in disruptive businesses enabled by technology. Klaus Hommels founded Lakestar in 2012.
LCF I was backed by a set of global institutional and professional secondary investors and involved the transfer of a selection of premium portfolio companies across four Lakestar funds through a secondary process. The successful launch of LCF I provides significant value creation for the portfolio and liquidity events for the transferring Lakestar funds.
The transaction involved lead counsel Clifford Chance, Munich, and F&F as Guernsey counsel, as led by Gavin Farrell (main picture)and Stuart Nash. F&F advised on all Guernsey aspects for the regulatory, corporate, banking and finance work streams of the launch. LCF I appointed Aztec Guernsey as fund administrator, and follows on from the recent successful launches of Lakestar’s latest fund generation, Lakestar Early IV and Lakestar Growth II, also Guernsey registered funds.
