Wragge & Co advises on new SME investment fund
BIRMINGHAM-based law firm Wragge & Co has advised private equity company Oakfield Capital Partners on the formation of a new Enterprise Investment Scheme (EIS) fund.
Seeking to raise up to £20m, the Oakfield II – UK Special Situations Fund will pursue private equity investments in SMEs. It aims to build a portfolio of fast-growing, unquoted companies while delivering maximum post-tax returns for investors.
Wragge partner Neil Pearson led a cross-firm team of funds and tax specialists advising on the project. He was supported by corporate partner Kevin Jones and financial services and regulatory director Penny Sanders. The Wragge & Co team worked closely with Oakfield Capital Partners’ partner David Pitman and associate Brett Hochfeld.
Mr Pearson said: “This fund marks a major step in Oakfield Capital Partners’ expansion as a fund manager in the EIS marketplace. Structuring the fund in a way which achieved the client’s commercial objectives while meeting EIS tax relief criteria demanded an in-depth knowledge of a fund’s life cycle. Our expertise in launching EIS funds and experience in the private equity industry meant we were well placed to advise.”
David Pitman, partner at Oakfield Capital Partners, added: “The launch of Oakfield II – UK Special Situations Fund is an important milestone for Oakfield Capital Partners. Neil Pearson and the team at Wragge & Co have been responsive and expert advisers in helping us to ensure the fund structure meets the needs of the business and of our investors.”
This is the second EIS fund on which Wragge & Co has advised on in the last two months. In November 2012 it also advised not-for-profit organisation Social Finance on the launch of the UK’s first-ever social impact venture capital trust.
Oakfield Capital Partners invests in companies that can be transformed through business improvement, add-on acquisition and accelerating organic growth, rather than through financial engineering.
