Carey Olsen has advised Crescent Capital on the establishment of Turkey’s first clean energy fund. The Clean Energy Transition Fund LP, a private equity fund, has raised EUR100m in its first closing this month and is looking to target EUR200m by the end of 2012.
Crescent Capital is a Turkish-based fund manager focused on the clean energy and infrastructure sectors. The fund will target investments in renewable energy generation projects predominantly in Turkey and South Eastern Europe.
Carey Olsen advised on the Guernsey aspects of the transaction with respect to the establishment of the fund as a closed-ended fund and its registration with the Guernsey Financial Services Commission.
The team from Carey Olsen included lead partner Ben Morgan and associate Emma Penney.
Aygen Yayikoğlu (pictured), the founder and managing partner of Crescent Capital says: “Given our investor base, an important element of our fundraising strategy was to establish the fund in a well-regarded jurisdiction such as Guernsey, although we have not operated there before. Carey Olsen’s excellent support was instrumental in our timely and efficient establishment process.”
Morgan says: “Specialist funds such as Crescent Capital’s Clean Energy Transition Fund are becoming an increasingly important part of Guernsey’s funds industry as European investors look for more diversified opportunities in new markets. Carey Olsen has seen the clean tech sector grow over the past two years and we expect it to continue for the foreseeable future. We were delighted to be able to advise Crescent Capital on their new fund and wish them every success.”
