Cairngorm registers first Guernsey PIF

The Guernsey private investment fund structure was unveiled in November.

UK private equity firm Cairngorm Capital Partners has established the first Guernsey private investment fund, Cairngorm Capital II.

The fund recently held a final close on £107.5 million ($137.9 million; €128.6 million). Investors include European funds of funds and US university endowments.

Guernsey law firm Carey Olsen advised on aspects of the fund’s structure while international law firm Fried, Frank, Harris, Shriver & Jacobson which advised on English law matters.

The PIF has two deregulatory elements which are designed to attract managers. “Funds are not required to make disclosures to the Guernsey Financial Services Commission and investment managers of PIFs will no longer be subject to any rules from Guernsey,” Christopher Anderson, leader of the corporate team at Carey Olsen, told pfm earlier this year.

Cairngorm would not comment on the structure of the fund.