Please tell me about your involvement in the deal? Can you talk us through the current private equity landscape in your jurisdiction?
Amissah: Whilst Bermuda is constantly evolving – developing products and more convenient ways to do business, thereby facilitating the needs of industry – I would actually describe the current private equity landscape in exactly the same way as I have described it for a number of years: exceptionally flexible legislation, first class reputation and absolute ease of doing business.
Increasingly, we are finding clients and advisors looking to assist their clients with structuring, turning to Bermuda. Candidly, we have had professional advisors in the recent past conducting the cost/benefit analysis in a number of jurisdictions where their clients are looking for the best “home” for their fund and its operations before feeding back to us that they “cannot not recommend Bermuda”. That is of course immensely gratifying but is an absolute testament to the focus that government, regulators and professionals on the island have had, and continue to have, on ensuring that Bermuda continues to offer a high-quality, best in class product.
Traditionally, private equity funds have been structured most commonly as partnerships, although some are structured as companies. We will soon be able to offer LLC’s as an alternative vehicle. We expect the attention that the America’s Cup has directed upon Bermuda will be magnified next year and we are unapologetically enthusiastic about getting people to the island to give them the opportunity to discover exactly what the jurisdiction can offer. To the extent that a private equity client has a desire to create real mind and management in Bermuda and put “boots on the ground”, the Bermuda Business Development Agency operates a concierge service where they can make the necessary introductions to the decision makers on the island that can facilitate the smooth establishment of any presence. We absolutely anticipate interest for this service will peak as more people, through the America’s Cup, rediscover Bermuda and its potential advantages fortheir business.