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.
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