Carne advises as Petrus fund moves to Cayman Islands
Following investor demands, the Petrus Advisers Special Situations Fund has moved its domicile from Jersey to the Cayman Islands, allowing institutional investors to invest and create an internationally comparable investment product.
The fund seeks to generate high returns from liquid long/ short trading in Continental Europe.
It is managed by a team based in London and Bratislava, including managing partner and founder Klaus Umek (previously head of Investment Banking of Austria and CEE at Goldman Sachs), Michael Sieghart (previously deputy head of European Equities at DWS/ Deutsche Bank), Alvier Almeida (previously at Caixa Banco de Investimento and Banco BPI) and Jozef Martinak (previously at Slavia Capital).
The team is assisted by senior adviser Patrick Butler (previously board member at Raiffeisen Bank International for Markets/ Investment Banking) in London.
Carne Group, a global provider of governance advice for the fund management industry, assisted Petrus with oversight services from its Cayman Islands and Swiss offices.
Sieghart , head of Equity Strategy at Petrus, said the fund had benefitted from Carne’s extensive experience, while Chris Day, director at Carne in London, said the addition of an institutionally recognised governance solution would help Petrus meet the enhanced oversight requirements many investors now apply to offshore funds.
Petrus Advisers is a UK FSA-regulated financial institution working primarily with family offices and private banks in Europe. Founded in 2009, the firm aims to generate returns in excess of 20% p.a. for its investors via hedge fund strategies and private equity transactions.
In its fourth year, the Petrus Advisers Special Situations Fund has generated performance after management fees but before carried interest of approximately 193.1%, giving the fund an IRR after cost of 31.6% p.a.