30 May 2017
Clifford Chance advises EJF Capital on its first publicly traded fund
International law firm Clifford Chance has advised EJF Capital LLC (EJF Capital) and EJF Investments Ltd (EJFI) on EJFI's pre-IPO restructuring and subsequent admission to trading on the Specialist Fund Segment of the Main Market of the London Stock Exchange. The fund, which is managed by US alternative asset manager EJF Capital (US$5.1 billion AUM as of 31 March 2017), was admitted to trading on the 7th April 2017.
The transaction was led by capital markets partners Iain Hunter and John Connolly, and corporate partner Adrian Levy, supported by senior associates Claudius Furtwängler and Chris Osborne, and associate Edwin Wong.
For Clifford Chance, the growing role of financial investors is a strategic priority, with teams across the firm providing a range of legal services to meet the evolving needs of this expanding client group. In the capital markets team, the deal presents the latest in a chain of high profile complex London fund listings, including those of CVC Credit Partners European Opportunities and Apax Global Alpha.
According to Capital Markets partner Iain Hunter, who is leading the Firm's initiative in this area, there are significant opportunities in this field. "Over the last few years we have seen a definite increase in interest from clients around the globe in these complex listed funds. Whether driven by pressure on liquidity in existing structures and a desire for permanent capital, or indeed regulatory developments requiring change or giving rise to opportunities, this is becoming an increasingly important area of work for us as we continue our focus on the financial investor community."