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Conyers Dill & Pearman advised Abu Dhabi Capital Management on the establishment of its first fund, the ADCM Secondary Private Equity Fund, the first private equity fund focused on acquiring secondary interests of Middle Eastern and North African private equity funds.
Fawaz Elmalki, director in Conyers’ Dubai office, provided Cayman Islands law advice on the launch of the fund.
The Fund is the first of its kind in the MENA region and acquires holdings in private-equity vehicles at a discount from investors who otherwise would not be able to exit until the investment matures, and then retains the position until maturity.
The Fund has raised funds from high net-worth individuals and institutions and has a target value of US$100 million.
Mr Elmalki commented: “We have seen a sharp increase in investment fund formation matters during the past six months – both from start-up managers and established asset managers. During the recent liquidity crisis and the current Middle Eastern geopolitical crisis, the private equity industry has been reshaped and experienced a significant increase in the level of activity in the secondary market. Conyers is pleased to advise the first private equity fund to focus on the acquisition of MENA-based private equity interests.”
Conyers’ Dubai office advises some of the world’s most prestigious fund managers, investment firms and investors on the establishment and structuring of both conventional and Shariah compliant funds as well as on fund acquisition and fund litigation matters. From Dubai, Conyers provides clients in the MENA region access to Bermuda, Cayman, British Virgin Islands and Mauritius law advice.