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Cayman is a popular domicile for Private Equity and Real Estate Funds and after Delaware is the domicile of choice for many managers. Its unregulated fund structures reduce the level of regulatory oversight when compared with other domiciles and it is well used by many fund managers across the world.
Cayman is attractive as a domicile for funds because it is supported by a fully-developed business law, an English-based legal system, and a regulatory and professional infrastructure capable of implementing large and complex international business transactions. Additionally, closed-ended funds are not regulated by CIMA.
There are three types of structures:
- Exempted Limited Partnerships
- Unit Trusts
Exempted Limited Partnerships are most commonly used – they follow the same characteristics as Delaware Limited Partnerships. Companies and Unit Trusts are less common and are dependent upon where the GP is located. Legislation has recently been introduced to create a Limited Liability Company (an “LLC”). The LLC takes its inspiration, in part, from the Delaware Limited Liability Company. The flexible nature of the vehicle means that it will also be well-suited to a broad range of general corporate and commercial applications.
HOW WE CAN HELP
Augentius has been servicing Cayman funds since the inception of the business and whilst certain filings etc. need to be completed in Cayman the majority of the fund administration functions can be completed from other offshore locations. Services provided by Augentius include:
- Fund Administration
- Fund Accounting
- Special Purpose Vehicle Accounting and Administration
- Depositary Services to facilitate marketing into Europe
- Corporate Services
- Investor Relations
- AIFMD Reporting
- FATCA/CRS Reporting
- Fund Launches