Adit Global Growth has selected Ballybunion Capital Limited (Ballybunion) and INDOS Financial (Ireland) Depositary Limited (INDOS) to provide its Alternative Investment Fund Manager (AIFM) and depositary services.
Adit Global Growth Investment-Linked Product (ILP) will be the first ILP product to be supported jointly by Ballybunion and INDOS since both companies joined JTC Group last year.
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.
The investment partnership, which will be distributed to a number of European countries and the UK, is expected to raise up to US$50million.
Commenting on the partnership, Orla Philippon (pictured left), director of Ballybunion, says:
“We are delighted to have launched 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 of INDOS (pictured right), comments: “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.”
