Stephenson Harwood advises on the launch of the first UK P2P investment fund

Stephenson Harwood has advised on the launch of the UK’s first listed investment fund dedicated to investing in peer-to-peer loans and related credit assets: P2P Global Investments (P2PGI).

P2PGI, which is structured as an investment trust, will invest in US and European consumer and SME peer-to-peer loans and other credit assets originated through electronic platforms.

P2PGI raised £200m through a placing and intermediaries offer of new ordinary shares. The admission of its shares to trading on the Main Market of the London Stock Exchange will occur on 30 May 2014.

Stephenson Harwood advised P2PGI on all the legal and regulatory issues involved. In addition to acting on the launch, Stephenson Harwood also provided advice in connection with P2PGI’s application for an FCA interim permission for consumer-credit-regulated activities in connection with its investments in UK consumer loans.

The team at Stephenson Harwood was led by Kate Longman and supported by corporate associate Carolyn Hall. The funds team has previously acted for other clients in connection with their investments in the peer-to-peer lending sector.

P2PGI is managed by European hedge fund manager Marshall Wace. Liberum Capital acted as the sponsor and placing agent.