Walkers (Jersey) Advises Listed Bank on the Launch of New Private Equity Fund

Walkers (Jersey) has advised a listed bank (Moscow exchange) on the launch of a new private equity fund.

One of the largest Russian regional banks, Bank Saint Petersburg (BSPB) has key operations in Saint Petersburg, Leningrad Region, Moscow and Kaliningrad and is one of the top 20 Russian banks.

The fund will focus on private equity investments aimed on high growth technology companies in Russia and elsewhere. The fund is the first investment structure launched by BSPB and plans to raise between US$30m to US$70m, with the investor base consisting primarily of BSPB’s own capital in addition to their existing business network contacts.

BSPB was looking to create an efficient investment structure to provide it with private equity exposure, in addition to their day-to-day banking activities.

The fund was set up as a Jersey closed ended Very Private Fund (Limited Partnership) with a corresponding Jersey General Partner and Investment Adviser vehicle.

The Walkers Jersey team was led by investment funds specialist, Sophie Reguengo, who commented:

As the leading offshore law firm for investment funds with one of the largest specialist teams worldwide, Walkers is best placed to advise new players looking to launch first funds in Jersey. The team at Walkers Jersey has had great pleasure in establishing this new venture and wish the fund every success. We are already looking forward to launching its successor fund!"

Peter Kiselev of BSPB Investment Division said:

It was very positive experience working with Walkers team during the launch of the fund. Professional approach, efficient communications, openness and creative spirit were key success factors for us to complete this complex and challenging task. While running operations with the fund, I’m looking forward to be further assisted by Walkers Jersey team.

Jonathan HeaneyManaging PartnerT +44 (0)1534 700 786jonathan.heaney@walkersglobal.com