Da Vinci CIS Private Sector Growth Fund became the first investment entity to join the Specialist Fund Market, the London Stock Exchanges new market for alternative investment vehicles on 29 May. The fund has raised approximately $110 million, which it will invest in both non listed equity and equity-related securities of companies located in Russia and other countries of the Commonwealth of Independent States (CIS).
Da Vincis admission to the Specialist Fund Market, together with the formal listing today of BH Global, the second Main Market fund from Brevan Howard, cement Londons position as the public market of choice for hedge funds and other alternative investment vehicles,” says Martin Graham, director of Equity Markets, London Stock Exchange Group.
Integral to Londons attractiveness is the choice of markets that we are able to offer funds, aligned to their profile and structure, the types of investors they wish to target and the risk premium sought by investors. The creation of the Specialist Fund Market adds to that choice, and we expect to see more funds follow Da Vincis lead over the coming months by using the Specialist Fund Market to access Londons unique community of expert investors, added Graham.
It is a great pleasure to see the Da Vinci CIS Private Sector Growth Fund commence trading today. It is a major milestone for the fund, our flagship product. We have been careful to build an organization that possesses unique complementary skill sets in both public and private equity, and we look forward to generating continued value for existing and future shareholders as the fund starts its life on a public market, says Oleg Jelezko, founder and managing partner, Da Vinci.
The Specialist Fund Market is the first public capital market specifically designed to offer access to permanent capital for specialist investment vehicles that wish to target institutional, professional and highly knowledgeable investors. The Specialist Fund Market is an EU Regulated Market, with admission standards that offer sufficient flexibility for single strategy hedge funds, private equity funds and other alternative strategies and structures. Specialist Fund Market issuers will be subject to the Prospectus Directive, Transparency Directive, Market Abuse Directive and other EU requirements. The market is open to both UK and international issuers.
Da Vinci Capital Management, formed in 2007, is a group of companies focusing on alternative investments, private equity and structured products in the Commonwealth of Independent States. Da Vincis shares will be admitted to trading on a dedicated, clearly demarcated segment of the Exchanges trading service SETSqx under the ticker symbol DVPS. Securities on the Specialist Fund Market will not be included in the FTSE UK Index Series.
Akin Gump Strauss Hauer & Feld acted as legal advisers to Da Vinci Capital Management.
BH Global Limited, a newly established feeder fund investing in Brevan Howard Global Opportunities Master Fund commenced unconditional dealing on 29 May. It has raised $1 billion through a listing on the London Stock Exchanges Main Market.