Walkers advises on £38m. GIF investment
LAW FIRM Walkers’ Guernsey team has advised the £38m. Guernsey Investment Fund on its largest investment to date.
The fund, which is majority owned by the States of Guernsey, targets opportunities for long-term capital growth through investments which have a Bailiwick of Guernsey focus or which the board and its investment manager, Ravenscroft, view as having potential benefits for the development of the bailiwick.
Its technology and innovation cell invests in a diversified portfolio of companies that have the potential to create new or transform existing industries.
The fund does not publicise individual investments, but has confirmed that it has funded 11 projects since launching 18 months ago, including two large cornerstone investments, with values ranging between £100,000 and multi-millions.
A team led by Walkers’ funds partner Kate Storey acted as lead counsel on GIF’s latest cornerstone investment, which has taken it past the point of investing more than half of its committed capital.
‘We are pleased to have advised the Guernsey Investment Fund on its largest investment to date, which utilised Walkers’ expertise across several specialisms,’ she said.
‘Because so much of our work is international, it is interesting to be involved in an initiative which has so much potential to support and enable economic activity here in the island, and we look forward to continuing to work with the fund.’
Alongside Advocate Storey, the Walkers team included Stephen Ozanne (regulatory and technology), Wandi Sishi and Mark Finlayson (corporate), Louise Hall (employment) and Sarah Brehaut (litigation and commercial property).
Investments by the fund have been made by way of both equity acquisitions and structured loans. More than 100 applications for funding have been made to the GIF and the successful applicants have included both established companies and start-ups.