F&F assists in launch $265m continuation vehicle for long-standing client Lakestar

Ferbrache & Farrell (”F&F”) acted as Guernsey counsel to Lakestar on the launch of Lakestar Continuation Fund I (“LCF I”), a $265m continuation vehicle.

F&F assisted its long standing client Lakestar, a leading European venture capital investment adviser, on the successful closing of LCF I, a Guernsey registered closed ended fund. LCF I was oversubscribed and represents one of the largest transactions of its kind in the European venture capital market to date. Lakestar now has raised over US$2.5bn through its Guernsey funds and invests in disruptive businesses enabled by technology. Klaus Hommels founded Lakestar in 2012.

LCF I was backed by a set of global institutional and professional secondary investors and involved the transfer of a selection of premium portfolio companies across four Lakestar funds through a secondary process. The successful launch of LCF I provides significant value creation for the portfolio and liquidity events for the transferring Lakestar funds.

The transaction involved lead counsel Clifford Chance, Munich, and F&F as Guernsey counsel, as led by Gavin Farrell and Stuart Nash. F&F advised on all Guernsey aspects for the regulatory, corporate, banking and finance work streams of the launch. LCF I appointed Aztec Guernsey as fund administrator, and follows on from the recent successful launches of Lakestar’s latest fund generation, Lakestar Early IV and Lakestar Growth II, also Guernsey registered funds.

For assistance with Corporate & Commercial matters, please feel free to contact the team: Gavin Farrell, Helen McGeoch and Stuart Nash.