Northcote: Carey Olsen Advises on Successful Close of Debut Fund at £160 Million
Funding | Apr 07, 2025 | Carey Olsen
Carey Olsen has played a pivotal role in advising Northcote Equity on the successful closing of its debut fund, which amassed £160 million. The fund, named Fund I, is aimed at facilitating long-term, control investments in technology and business services sectors, with a significant geographic focus on the UK, the Channel Islands, the Isle of Man, and Ireland. Northcote Equity, founded in 2024, employs a flexible investment strategy, supporting both minority and majority holdings within the sectors. Fund I plans to invest up to £30 million in equity for buyout and growth capital. The collaboration benefited from Carey Olsen's expertise, led by partner Andrew Boyce, and backed by senior associate Jamie Oldfield, and associate Tabitha Lepp. Additional support came from Ashurst LLP and Langham Hall. The fund's rapid closing illustrates Guernsey's industry appeal and reflects robust investor confidence in Northcote Equity.
Sectors
- Private Equity and Venture Capital
- Technology
- Business Services
- Legal Services
Geography
- United Kingdom – The fund targets companies headquartered, generating revenue from, or with substantial interests in the UK.
- Channel Islands – The fund includes the Channel Islands in its geographic focus, with Carey Olsen based in Guernsey.
- Isle of Man – The Isle of Man is part of the geographic focus for investment targets.
- Ireland – Ireland is included in the fund's geographical investment scope.
- Guernsey – Carey Olsen's involvement as a leading Guernsey legal advisor illustrates the local industry's prominence.
Industry
- Private Equity and Venture Capital – The article describes Northcote Equity's debut fund closing and investment strategy, which is central to the private equity and venture capital industry.
- Technology – The fund targets investments in the technology sector, indicating its relevance to this industry.
- Business Services – The investment focus also includes the business services sector, highlighting its significance.
- Legal Services – Carey Olsen and Ashurst LLP's roles in advising and legal services showcase this industry's involvement.
Financials
- £160 million – The amount raised in Northcote Equity's debut fund.
- £30 million – The maximum equity investment for each buyout and growth capital investment proposed by the fund.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Northcote Equity | Private Equity Firm | Company | Founded in 2024, Northcote Equity focuses on long-term investments in technology and business services sectors. |
| Carey Olsen | Legal Advisor | Company | Guernsey-based law firm advising Northcote Equity on the fund's launch and closing. |
| Andrew Boyce | Partner at Carey Olsen | Person | A leading partner at Carey Olsen involved in advising on Northcote's fund closure. |
| Jamie Oldfield | Senior Associate at Carey Olsen | Person | A senior associate at Carey Olsen contributing legal expertise to the fund closure. |
| Tabitha Lepp | Associate at Carey Olsen | Person | An associate participating in the legal advisory team for Northcote's fund. |
| Ashurst LLP | Onshore Legal Advisor | Company | Provided onshore legal advice for Northcote Equity's fund closing process. |
| Langham Hall | Fund Administrator | Company | Supported Northcote Equity's fund with administration services. |
| Matthew Charman | Co-founder at Northcote Equity | Person | A co-founder of Northcote Equity, instrumental in realizing the fund's vision. |