Conyers advises the first Class A-exempt fund registered under Bermuda’s new funds regime

Conyers Dill & Pearman has advised the first Class A-exempt fund to be registered in Bermuda under the new funds regime.

The Class A-exempt fund category guarantees instantaneous registration for funds managed by qualified investment managers.

In order to qualify, operators of Class A-exempt funds must limit the offering of the fund’s securities to ‘qualified participants’ only and must retain an investment manager who is either regulated by a recognised securities regulator in its home jurisdiction or who has group assets under management of at least $100m (£63m).

The registration was effected for a US SEC-registered investment adviser with more than $90bn in assets under management.