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CVC sticks with Jersey for Fund VII

The largest European private equity vehicle ever raised is structured as a Jersey Expert Fund.

CVC Capital Partner’s €15.5 billion Fund VII is domiciled in Jersey, according to the firm’s counsel.

The vehicle is structured as a Jersey Expert Fund, predominantly used for traditional-type large ‘blind pool’ funds with more than 50 sophisticated investors. Fund VII has over 300 LPs.

“Expert funds are a popular choice for large ‘mega-funds’ like CVC Fund VII, raising capital from over 50 sophisticated investors,” said Felicia de Laat, an investment funds partner at Mourant Ozannes, a global law firm.

Not all ‘mega’ funds use the expert fund structure, de Laat added.

“We understand [SoftBank’s] Vision Fund is not regulated as an Expert Fund as it only has a small number of investors who are making very significant co-investments with SoftBank, who are investing their own capital,” she said.

CVC has 11 funds in the jurisdiction, with total assets growing from $100 million in 2012 to $13.5 billion in 2016, according to a 2016 Monterey Insight Jersey Funds report.