First private equity fund registered under new DIFC regime

Healthcare1A unit of TVM Capital that invests in healthcare is the first firm to register a private equity fund under the qualified investors fund (QIF) regime at theDubai International Financial Centre (DIFC).

Introduced last year, QIFs are for professional investors who must make a minimum subscription of $500,000 through private placement. They are exempt from many of the requirements placed on the DIFC’s other fund structures, such as the need to file interim reports, and were designed to suit lightly regulated products that might otherwise be domiciled in jurisdictions such as the Cayman Islands.

Helmut Schuehsler, chairman and chief executive of TVM Capital Healthcare Partners, says the QIF regime, “brings cost, compliance and approval speed for classical private equity funds targeting qualified investors in line with international best practices”.

Schuehsler says he expects the QIF regime to attract other private equity and venture capital firms to raise funds domiciled in the DIFC, a trend the centre would surely welcome. As of July last year, there were only about a dozen funds of all types domiciled in the DIFC, a number that Chirag Shah, the DIFC’s strategy and business development chief, admitted was a “lagging indicator” of the centre’s progress as a regional hub for the funds industry.

Established in 2009, TVM Capital Healthcare Partners is a private equity firm focused on healthcare companies in the Middle East, North Africa and India. The firm is based in the DIFC and raised its first private equity fund in 2010. The firm was originally called TVM Capital MENA.

Law firm Morgan, Lewis & Bockius acted as legal adviser and fund counsel on the registration, while advisory firm Praesidium coordinated with the DIFC’s regulator.

©2015 funds global mena

Related Articles