Guernsey Finance

HitecVision has reached commitments of $1.5 billion for its new Guernsey-domiciled private equity fund focused on the oil and gas sector.

HitecVision VI has exceeded the target of $1.25 billion in commitments for what is the firm’s fourth Guernsey-based fund.

Gentoo Fund Services Limited in Guernsey is the fund administrator for the three preceding funds, which have a committed capital base of $3 billion, and has been chosen to service the latest fund.

Nick Degnen, Managing Director of Gentoo Fund Services Limited, commented: “We are delighted that HitecVision has continued to recognise Guernsey’s position as the destination of choice for private equity funds and that Gentoo has been selected as the administrator in a competitive market. The quick fundraising process is testament to HitecVision’s proven track record and leading position in the oil and gas market.”

Gentoo, which specialises in the administration of private equity structures, predominantly administering closed-ended funds, has a 25-strong team many of whom enjoy a long-standing working relationship with HitecVision and collectively have worked together for a significant number of years.

The fundraising was helped by strong support from existing investors and significant interest from new international investors; the hard cap being reached in less than four months. The fund will continue the successful strategy for control buyout and growth capital investments in the oil and gas industry that HitecVision’s team has implemented throughout the firm’s history.

Mourant Ozannes is the Guernsey legal counsel.

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