Aztec to provide fund services to new Guernsey-domiciled fund
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Aztec to provide fund services to new Guernsey-domiciled fund 29 May 2020Frankfurt Reporter: Maddie Saghir
Image: Aztec Group and Carey Olsen
Aztec Group has been selected to provide administration, accounting and investor services to the Deutsche Beteiligungs (DBAG) Fund VIII.
Additionally, Aztec will also act as Fund VIII’s depositary from its office in the UK.
The group’s private equity team in Guernsey, led by group head of private equity Matt Horton, managed the set-up of the new DBAG fund.
Carey Olsen has also supported DBAG on the final close of its latest fund domiciled in Guernsey with commitments of €1.1 billion.
The Carey Olsen team is led by Tom Carey with support from Chris Hutley-Hurst and Felicity Wai, provided Guernsey legal, regulatory and tax advice to DBAG in respect of the formation, structuring and launch of Fund VIII.
Founded in 1965 and with more than €2.5 billion of assets under management and advisory, DBAG is a listed private equity firm with shares traded on the Frankfurt Stock Exchange.
The firm has an investment focus on small- and medium-sized German companies, particularly those in the industrial sectors as well as in broadband telecommunications, software and IT services and healthcare.
Horton said: “We’re pleased to have supported DBAG with the successful final close of Fund VIII. We have worked closely with the DBAG team for the last eight years, supporting their successful investment strategy and building a strong working relationship. We look forward to further developing our partnership with their team.”
Tom Carey, partner at Carey Olsen, added: “Carey Olsen is delighted to have worked with DBAG and Aztec on the establishment of Fund VIII. The fact that it has secured commitments of €1.1 billion is testament to DBAG’s market-leading position in Germany’s SME sector, and Guernsey’s position as a jurisdiction of choice for the private equity funds industry and its investors.”
Commenting on the fund’s launch, Torsten Grede, CEO, DBAG, said: “Both Carey Olsen and the Aztec Group have helped us to launch our latest fund smoothly and efficiently, providing the experience and knowledge that has proven highly beneficial to our team. We are very happy to have worked with both firms since 2012.”
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Image: Aztec Group and Carey Olsen 