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Paris and Luxemburg offices on the launch of "Marguerite"


04 December 2009

Allen & Overy Paris and Luxemburg advise on the launch of "Marguerite", the 2020 European Fund for Energy, Climate Change and Infrastructure.  

Allen & Overy has advised the European Investment Bank, Caisse des dépôts et consignations, Cassa depositi e prestiti S.p.A., Instituto de Crédito Oficial, KfW and Powszechna Kasa Oszczędności Bank Polski Spółka Akcyjna (the Core Sponsors) on the setting-up of the Marguerite Fund, a pan-European infrastructure fund for both public and private long-term institutional investors.

The Marguerite initiative was endorsed in December 2008 by ECOFIN and the European Council as a key measure of the European Economic Recovery Plan (EERP). A key pillar of the EERP is to reinforce Europe's competitiveness in the long term by "smart" investment combining EU policies and funds to help Member States maintain or pull forward investments, including investment in energy and priority infrastructure.

The Marguerite Fund will focus on such investment within its target sectors, namely transport, energy and renewable energy. With a fund-raising target of EUR1.5 billion by mid-2011, the fund, set up as a closed-end investment company subject to the Luxembourg specialised investment fund regime, will be one of the prime European equity financing vehicles for infrastructure.

The first meeting of the management board and the supervisory board of the Marguerite Fund took place yesterday (3 December) in Brussels. The management board accepted the commitment of the Core Sponsors for an amount of EUR100 million each.

Allen & Overy LLP has set up a dedicated team based in Paris and Luxembourg in relation to this project. The team consists, in Paris, of International Capital Markets Partner François Poudelet, Tax Partner Mathieu Vignon and Investment Funds Counsel Brice Henry; and in Luxembourg, of Investment Funds Partner Pierre Schleimer and Investment Funds Counsel Jean-Christian Six.

Counsel Brice Henry from the Paris office comments: “It was a terrific opportunity for us to demonstrate the efficiency of a multi-jurisdictional Allen & Overy funds team working on a cutting-edge infrastructure fund dedicated to public and private long-term investors. We were extremely pleased to contribute to the implementation of the European Economic Recovery Plan."

Counsel Jean-Christian Six from the Luxembourg office comments: " Our team in Luxembourg is proud of advising the Core Sponsors in this landmark transaction. We are delighted to see that the Core Sponsors have found in Luxembourg an appropriate regime for the setting up of this fund which is expected to play a strategic role in the European infrastructure landscape in the coming years."




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