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Guernsey firms behind landmark London listing

Posted: 30 May 2008

Two Guernsey firms have played an instrumental role in a landmark fund listing - Fortis Guernsey and Ogier law firm, worked with Da Vinci Capital Management on the listing of the first fund on the London Stock Exchange's Specialist Fund Market.

The Da Vinci CIS Private Sector Growth Fund Limited today became the first fund company to be admitted to trading on the Specialist Fund Market of the London Stock Exchange.

Ian Hunt and his team at Fortis acted as administrator to the Da Vinci CIS Private Sector Growth Fund Limited flagship fund, the CIS Private Sector Growth Fund, and William Simpson and Frances Watson of Ogier advised on the deal.

Ian Hunt, director of Fortis Fund Services (Guernsey) Limited said: ‘This is a first for the Specialist Fund Market, as well as a milestone for Guernsey and the Channel Islands in general.'
William Simpson, partner and head of Ogier in Guernsey, said: ‘This was a challenging and immensely satisfying project and a superb opportunity for Guernsey.'

The Specialist Fund Market was launched by the London Stock Exchange in November 2007 as a regulated market for highly specialised investment entities. Its lighter regulations are aimed at attracting hedge funds and private equity funds.

Da Vinci is a Guernsey-based investment management company that focuses investment in Russia and the former Soviet Union. The Private Sector Growth Fund invests in pre-Initial Public Offering investments in the consumer, retail, infrastructure, engineering, financial and real estate sectors in the Commonwealth of Independent States (mainly Russia, Kazakhstan, Ukraine and Central Asia), and is structured as a four-year closed-end vehicle with a two-year extension option.

The Fund is already listed on the Channel Island Stock Exchange, where it has raised approximately $90 million from private and institutional investors through a private placement at the end of January 2008. With additional funds raised as part of the admission to the Specialist Fund Market, a total of approximately US$110 million was admitted to trading today.

Commenting on today's announcement, Oleg Jelezko, Managing Partner and CEO of the Da Vinci Capital Group of companies, said: ‘I am pleased to announce Da Vinci CIS Private Sector Growth Fund Ltd's admission to trading on the London Stock Exchange's new market, the Specialist Fund Market. This is a vital step in the development strategy of this flagship product of Da Vinci Capital Management".

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