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ONE OF THE LARGEST INDEPENDENT PRIVATE EQUITY AND REAL ESTATE FUND ADMINISTRATORS
IN THE WORLD
“Fund administration has changed. And so have we. It’s now much much more than just accounting.”
Group Chief Executive Officer
SPECIAL PURPOSE VEHICLES,
“No matter what the structure or entities involved – we will have seen it before and can give you help and guidance.”
Head of UK Client Services
CAYMAN, BVI, UK, GUERNSEY,
CYPRUS, HONG KONG
“We are where you need us to be – a global company with local expertise.”
With 8 operational offices across the world Augentius services a wide range of domiciles. And, more often than not, the structures that we service involve more than one domicile – providing the highest levels of service from a single service provider across multiple locations. If you feel we can be of help to you we would love to hear from you.
The US is the largest Private Equity and Real Estate market in the world – both in terms of fund structures and deals and the US has traditionally been the thought leader of the industry. More recently there has been a “merging” of thought as the world and the industry globalizes with, for example, US funds adopting the “European” carry model.
Cayman is a popular domicile for Private Equity and Real Estate Funds and after Delaware is the domicile of choice for many managers. As a result it is on a par with Guernsey in terms of AUM.
The British Virgin Islands (BVI) is a less common domicile for closed-ended funds than its Cayman counterpart. Globally, it is the domicile of choice for less than 1% of funds, compared to 11% in Cayman. However, BVI does have numerous positive attributes. Part of its popularity is that the BVI fund concept is a well-established and well recognized product among the global investment community.
The United Kingdom (UK) is one of the largest Private Equity and Real Estate markets in the world, after the US. It has been, and continues to be, a market leader in the development of the form of legal structures, carry methodologies and other structural issues for the industry with many of the concepts, especially the Limited Liability Partnership (LLP) copied by many other domiciles.
Guernsey is one of the premier, and oldest, offshore domiciles used for Private Equity and Real Estate funds. Founded on a strong legal basis, it has had Limited Partnership laws since 1995 (revised in 2015) and a Limited Liability Partnership law was brought in in 2014. Its Companies (Guernsey) Law 2008, as amended, has ensured a modern and streamlined company law regime, with the latest changes and improvements implemented in 2014.
Jersey is one of the world’s major international finance centers. Its successful combination of stability and reliability combined with tax neutrality has kept Jersey at the forefront of global finance for almost half a century. During this time Jersey has gained a strong reputation as a prime location in which to establish investment funds.
Luxembourg is the second largest Fund domicile globally with around Eur3.3trn net assets in Fund structures. With the reputation as an international fund hub, Luxembourg has always been at the center of the UCITs industry. Similarly, it has also been a popular domicile with Private Equity and Real Estate managers for the domiciliation of Special Purpose Vehicles.
The Netherlands has seen increased usage of both its Corporate and Fund structures, by Private Equity and Real Estate fund managers in recent years. It has a strong financial sector, with knowledge and expertise, flexible corporate and tax laws, a low political profile and an attractive cost base.
Traditionally the launch pad for investment funds primarily into Russia, the former Soviet republics and Eastern Europe, Cyprus has in recent years revised and developed its fund legislation to service a wider market. Cyprus offers both EU-regulated Undertakings of Collective Investment in Transferable Securities (UCITS) and Alternative Investment Funds (AIFs).
Hong Kong, as one of the oldest and largest financial centers in Asia, has a thriving Private Equity and Real Estate Community made up of a mix of home grown and international managers. Hong Kong has typically served as a gateway to China and as a home for large Pan Asia funds.
Singapore is a fast growing domicile for Private Equity and Real Estate funds. Whilst primarily used as a jurisdiction from which to invest into India and ASEAN we are starting to see capital being deployed further afield as Singapore becomes an ever more attractive domicile for managers to base themselves.
Mauritius originally became popular as fund domicile for funds investing into India. More recently its’ double taxation agreements have made Mauritius a popular domicile for funds targeting African investments and we have seen a substantial increase in the use of the domicile in recent years