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If it's the US, then the Cayman Islands might be a more obvious choice. If it is Europe, it might make more sense to set up a European vehicle. For example, where their potential seed investors will come from. "We have many years of experience in the industry and we always try to ask the right kind of questions when we first meet a client. When asked what advice Circle gives to those thinking about setting up an offshore fund, Jakubicka says the following:
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Jakubicka notes that in 2016 a good number of PE funds were structured using the Approved Fund but the biggest group of fund launches was in distressed debt. At the local level this includes providing BVI directors (both for BVI funds and BVI corporate vehicles), handling the licensing process by working with the BVI FSC and for onshore purposes "we handle all the necessary FATCA, CRS and Annex IV reporting," says Jakubicka.Ĭircle is able to support hedge funds as well as private equity strategies.
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In addition, Circle provides ancillary services. We provide 24/7 support in terms of the incorporation of all structures that are required the fund itself as well as the management company, which we help to set up for the client in their preferred jurisdiction," explains Jakubicka. "It's a real advantage being able to provide this kind of full service to clients these days than in the past, mainly because of the higher costs and barriers to entry. A start-up manager can draw upon the experience and network of a single service provider rather than spending time (and money) appointing each service provider to the fund.Ĭircle helps put in place a legal team to draft all of the constitutional and offering documents for the fund (Offering Memorandum, Investment Management Agreement, Memorandum & Articles of Association, etc) in cooperation with local legal counsels, open bank and brokerage accounts for the fund, and once the fund is set up, Circle performs all of the administration and transfer agency services work. "These vehicles have been the main driver of business for us in the BVI and we've seen continued interest in the first few weeks of January this year this is partly due to the fact that Cayman has not introduced anything similar in the last few years, which gives the BVI a bit of an advantage."įor those looking to set up a BVI fund, Circle will guide people through the whole process of bringing a new fund to market. Thuso team members also have extensive experience in managing assets on behalf of institutional investors, and thus have extensive experience in matching fund capital calls and distributions to improve the cash flow requirements of clients."We've seen a lot of growth in new BVI fund vehicles over the last 12 months – both the Incubator Fund and the more popular Approved Fund," reflects Peter Jakubicka (pictured), Business Development Manager at Circle Partners. The team has broad incubation experience, having incubated teams in the unlisted/direct property, fixed income and corporate credit, hedge funds (multiple strategies), mezzanine debt, listed property and long only equity portfolio managers. Key individuals of Thuso and Ke Nako have demonstrated a track record of incubation and manager selection in South Africa for over 15 years and have developed significant intellectual property with respect to incubation of South African Asset Management Teams.
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Thuso Incubation Partners (Proprietary) Limited (“Thuso”) is an independent, majority black-owned and managed company.īeing an incubated partnership between Ke Nako and its Black Staff, Thuso is the only transformed team in SA with extensive experience in incubating local teams in private markets and real assets.