With the profound impacts of Covid-19 continuing to reverberate around the world, it is notable how robust the funds industry has been during the last six months. In Ireland, like elsewhere, significant redemptions were registered in March as investors sought to reduce risk and increase liquidity.
Legal & Regulation
The Irish funds industry may have some catching up to do in the private funds space, but as the government gears up to introduce a refreshed Investment Limited Partnerships Act, the jurisdiction is expected to see an influx of managers from the UK, the US and further afield choosing to set up their private funds in Ireland.
Seward & Kissel has launched its Commercial Lease and Loan Restructuring Task Force, in response to complex commercial real estate issues largely driven by the Covid-19 pandemic.
Cohen & Steers has welcomed the Financial Conduct Authority’s (FCA) announcement on proposals to reduce the potential for harm to investors from the liquidity mismatch in open-ended property funds.
When it comes to investing in Latin America’s private markets, Brazil leads the way, accounting for 58 per cent of all Private Equity and Venture Capital investment in 2019, according to the Association for Private Capital Investment in Latin America (LAVCA).
Jersey property unit trusts (JPUTs) have been and continue to be a very popular vehicle through which to hold UK commercial real estate.
IPSX UK Limited, a Recognised Investment Exchange (RIE) operated by IPSX Group Limited which offers the world’s first regulated securities exchange dedicated to commercial real estate, has received approval from the Financial Conduct Authority (FCA) to launch its second market, IPSX Wholesale.
Crestbridge has been granted a funds administration licence in Luxembourg in a move that significantly bolsters the company’s capabilities in the jurisdiction and its multi-jurisdictional proposition for alternative fund managers.
New FCA regs to restrict individual property investment platform investors to max 10 per cent of investable assets from average 30 per cent currently
New regulations being introduced by the FCA later this year will restrict individual investors new to the property investment platform sector to investing a maximum of 10 per cent of their investable net assets through these platforms.
Labuan International Business and Financial Centre Incorporated (Labuan IBFC), the market development agency for Labuan International Business and Financial Centre (Labuan IBFC), has signed a Memorandum of Understanding (MoU) with China Construction BankLabuan (CCBL) to allow CCBL to promote the benefits of Labuan IBFC to Chinese and Chinese related companies.