Wragge Lawrence Graham & Co’s (WLG) investment funds team has advised Project Finance Investments Ltd (PFIL) on a £106m fundraising.
PFIL is a new listed fund that will invest in a diversified portfolio of projects which have contracted, predictable medium to long term cash flows and/or physical assets.
All of PFIL’s shares have been admitted to the Premium Listing segment of the Official List and to trading on the London Stock Exchange’s Main Market for listed securities.
The assets of PFIL will be managed by Gravis Capital Partners LLP (Gravis), an existing client of WLG. The Investments Funds team at WLG also acted for Gravis on the formation and launch of GCP Student Living PLC , the first UK REIT to focus on student accommodation.
Partner Oliver Riley led the team advising PFIL with assistance from associate Kate Seabourne . Partner Elliot Weston advised on all tax aspects.
Oliver said: “This is the third fund launch we have acted on for Gravis in the last three years. It brings their assets under management to over £1 billion which is a major milestone for Gravis”.
WLG’s investments funds team is a leading practice with a particularly strong reputation for closed ended listed funds, advising issuers, investment management houses and the investment banks and brokers that advise them.
In 2015 the investment funds team at WLG has acted on over half of the IPOs and significant secondary issues for listed investment companies including acting for Winterflood on the largest deal of the year, the £800m IPO of Woodford Patient Capital.
From mid-January 2016, WLG will be known as Gowling WLG. The combination of WLG and leading Canadian firm Gowlings, confirmed in July, will create a top 100 global law firm with over 1,400 legal professionals in 18 cities worldwide.