Clifford Chance

Clifford Chance advises on closed-end fund offering for AllianzGI Artificial Intelligence & Technology Opportunities Fund

Clifford Chance represented the underwriters, led by BofA Securities, Morgan Stanley, UBS Investment Bank and Wells Fargo Securities, in a closed-end fund offering for AllianzGI Artificial Intelligence & Technology Opportunities Fund (the "Fund").

The Fund is a newly organized, diversified, limited term closed-end management investment company, listed on the New York Stock Exchange under the ticker symbol "AIO." The offering involved the sale of 30,750,000 shares at US$20 per share for aggregate gross proceeds of US$615,000,000, excluding the underwriters' over-allotment option.

The Fund's strategy is to invest across the capital structure in companies across a broad range of industries and technologies positioned to benefit from the evolution and disruptive power of artificial intelligence and other new technologies. Under normal market conditions, the Fund will seek to achieve its investment objective by investing in a combination of convertible securities, equity securities, and debt and other income-producing instruments.

The Firm's team was led by Capital Markets partners Clifford Cone and Jefferey LeMaster and included associates Matthew Press and Simi Obatusin. Partner Avrohom Gelber and associate Michaela Morr advised on tax matters.