Ocorian, a provider of fund administration, capital markets, corporate and fiduciary services, has assisted Pacific Equity Partners (PEP) in the closing of their 6th Core Fund (“Fund VI”), with A$2.5 billion of commitments.
PEP is the largest private markets fund manager in Australasia and this impressive fundraising effort means that they have achieved their target hard cap. Ocorian will continue to support PEP as their fund administration partner of choice.
Ocorian assisted with the establishment, launch and closings of Fund VI and will continue to provide ongoing support, including administrative, depositary and governance services in both Jersey and the Cayman Islands, notably with increased reporting and compliance requirements following the introduction of the Private Funds Bill, 2020 in the Cayman Islands.
Sam Kong, Managing Director and Chief Finance Officer of PEP said: “I have the privilege to work with many global top tier advisors including fund administrators, lawyers and accountants. Ocorian, having partnered with PEP Funds over fifteen years, is definitely in that league and therefore the natural choice for our latest Fund. I am impressed by their highly competent and professional team with whom we are delighted to be associated with”.
Claire Le Brocq, Head of Private Equity at Ocorian, added: “We are delighted to have assisted PEP on the successful closing of their sixth core fund. This is a fantastic achievement particularly given the unprecedented times and is illustrative of PEP’s market leading quality and strong track record. We look forward to continuing to build upon our long-standing and successful partnership with PEP”.
The Cayman domiciled fund, with Australian parallel vehicles, will follow PEP’s clearly defined and consistent investment philosophy to invest in underperforming market leaders, predominantly in Australia/New Zealand, with the likelihood of significant co-investment opportunities. Fund VI has a strong pipeline of exciting opportunities which are well-progressed.