Ballybunion Capital Limited (Ballybunion) and INDOS Financial (Ireland) Depositary Limited (INDOS) will provide AIFM and Depositary services respectively to Adit Global Growth, ILP.
It is the first Irish ILP product to be supported jointly by Ballybunion and INDOS since both companies joined JTC Group. Dillon Eustace provided legal services for this ILP. The investment partnership, which will be distributed to a number of European countries and the UK, is expected to raise up to US$50million.
The ILP regime in Ireland was updated in 2021 to attract increased private capital into the country with managers obtaining a number of benefits including tax treaties which Ireland has negotiated with various third countries.
Ballybunion and INDOS became part of the JTC Group in 2021 as part of a strategy to develop and further enhance JTC’s funds and corporate services in Ireland.
Orla Philippon, Director – Ballybunion, said:
“We are delighted to have supported our first ILP under the new regime and also the first since joining forces with INDOS under the JTC umbrella. The updated ILP legislation now provides flexibility, built-in safeguards and a number of tax transparency benefits for limited partners and we expect this to be the first of many.”
Padhraic McLaughlin, Director – INDOS, said:
“INDOS recently acquired its specialised depositary licence in Ireland building on our leading offering for alternative investment funds. Depositaries form a crucial ongoing monitoring function for fund structures and we are very pleased to act for this ILP and to be working closely with Ballybunion for the first time.”
Colman O’Loghlen, Partner, from law firm Dillon Eustace said:
“This was a great project for Dillon Eustace to be involved in. As a Qualifying Investor AIF, Adit Global Growth, ILP benefitted from a 24 hour authorisation by Central Bank of Ireland. This quick and straightforward authorisation demonstrates that a regulated Irish partnership structure can be brought to market quickly and efficiently.”