Insights

News / 01 July 2014

Crestbridge leads the way for AIFMD onshore and offshore solutions

AIFMD onshore and offshore solutions

In Luxembourg, Crestbridge became one of the first to be granted Alternative Investment Fund Manager (AIFM) licensing by the Luxembourg regulator (CSSF) to become a provider of management company services to alternative investment funds. This places Crestbridge in an elite group of the first service providers to hold this licence. 

The granting of the licence builds on Crestbridge’s capabilities to provide management company and independent risk management services along with fund, real estate, corporate and family office administration and governance and substance solutions to a wide range of fund structures and strategies.

Daniela Klasén-Martin, Managing Director and Country Head of Crestbridge Luxembourg, added:

“Gaining the additional authorisation in Luxembourg was a challenge requiring significant work. Clients have been requesting this service for a number of months and we are delighted to be one of the first ‘Super ManCos’ able to provide services to both UCITS and Alternative funds. We are now looking forward to helping our clients to meet the increasing risk management and reporting requirements of the Directive. The whole industry is evolving and we are delighted to provide the know-how as well as the practical substance required."

In Jersey, Crestbridge facilitated and completed the first registration of an AIFMD-compliant private equity fund with the Jersey Financial Services Commission (JFSC).  Crestbridge managed the application process with the JFSC under its new AIFMD criteria on behalf of ‘GP Bullhound Sidecar III LP’, a long-term capital growth private equity fund investing in Europe in private technology, digital media and telecommunication companies. 

With the registration in place with Jersey’s regulator, the fund is confirmed as compliant under the AIFMD to access European markets through private placement arrangements. Crestbridge is providing a range of fund administration, accounting, cash management and compliance services to GP Bullhound. 

Graeme McArthur, CEO, Crestbridge, said: 

“We are delighted to be able to offer our clients the very latest in administration and management services under the new AIFM directive.  Our new licence in Luxembourg places Crestbridge in an elite group of the first service providers to hold this licence, with the firm already authorised to provide services to UCITS funds under Chapter 15 of the law of 17 December 2010. 

Through our Jersey office, we are seeing growth in our private equity funds servicing business, an area where Crestbridge has particular strength, and I am delighted that we have been so quick off the mark to register the first Jersey private equity fund to be able to market into Europe under the AIFM Directive.  Jersey’s approach to the AIFMD is extremely robust and designed to fully comply with all of its criteria, but our experience was that the application process was extremely smooth, which should give alternative fund managers a great deal of reassurance.” 

Graeme Bayley, Partner and Group CFO at GP Bullhound, said: 

“GP Bullhound received excellent support and advice from Crestbridge in launching and closing our latest Sidecar fund within the new AIFMD environment. We continue to benefit from their ongoing support as we grow our asset management business in collaboration with our investors, business partners and portfolio companies.”