Owen Lysak

Partner Owen Lysak was quoted in an Ignites Europe article titled, “ESMA Waters Down ELTIF Liquidity Rules.” The article discussed the European Securities and Markets Authority’s (ESMA) revised draft technical standards for the ELTIF, which lessen the liquidity requirements for European long-term investment funds as compared to the prior iteration of the proposal. Owen noted that the ESMA revisions on liquid asset limits are “much closer to what we see currently in the market for retail funds.” He went on to further add that the technical standards still “remain very prescriptive, and do not really take into account that these funds do not, and probably should not, just rely on a liquidity sleeve to provide liquidity.”~~To read the full article, please click here (subscription required).

Apr 23

1 min

Simpson Thacher represented Apax Partners (“Apax”) in connection with the formation and raising of Apax Global Impact Fund (“AGI”), which has raised c.$900 million. Building on Apax’s strong heritage in impact and sustainability, AGI is Apax’s first fund specifically committed to investing in mission-driven companies with core products and services that tackle environmental or social issues.~~Apax is a leading global private equity advisory firm and has raised and advised funds with aggregate commitments of more than $65 billion.~~The Simpson Thacher team was led by Seema Shah, with assistance from Vasanth Padaki, Chi Shum, Michael Strachan, Barnaby Geddes-O'Dolan and Jina Woo (Private Funds); Meredith B. Jones, Caleb McConnell and Matthew Lester (Tax); and Owen Lysak, Matt Feehily, Adam Robins and Luqman Meedin (Regulatory).

Dec 15

1 min

Partner Owen Lysak was quoted in an Ignites Europe article titled, “Brussels Drops ELTIF Liquidity Limit.” The article discussed how the European Commission recently put forward a set of amendments to ELTIF standards, including changes to the minimum liquid asset rule, which it says are more proportionate than those proposed by the ESMA late last year. Owen explained that, while the Commission looks to lessen the minimum liquid assets requirement, its amendments “remain prescriptive, seeking to hardwire the specific size of that liquid pool depending on the exact frequency of redemption.” He further noted, “The industry needs time to analyze how all of this has been calibrated and really whether what is possible matches a viable product with investor demand.”~~To read the full article, please click here (subscription required).

Dec 3

1 min

Simpson Thacher represented Magnesium Capital LLP (“Magnesium”) in connection with the establishment of its inaugural fund, Magnesium Capital I. Magnesium has announced that Magnesium Capital I closed at €135 million, exceeding its target of €100 million. The oversubscribed fund received strong support from a diverse group of institutional investors from the United States, Europe and the United Kingdom. Magnesium is an energy transition buyout specialist focused on high growth, profitable businesses that support the energy transition, focused on businesses with certain competitive advantages in their core technology or tech-led service that have a positive impact on the way consumers and businesses either produce, distribute or consume energy.~~The Simpson Thacher team included Jason Glover, Nicholas Chong and James Connolly (Funds); Jonathan Goldstein, Sarah Lindley, Meredith B. Jones, Alex Ladyman, Jenna Al-Malawi and Darius Meehan (Tax); and Owen Lysak, Matt Feehily, Luqman Meedin and Sandy Anderson (Regulatory).

Apr 29

1 min

Simpson Thacher represented Citigroup Global Markets Inc., Banco BTG Pactual S.A. – Cayman Branch and Goldman Sachs & Co. LLC, as global coordinators, and BofA Securities, Inc., J.P. Morgan Securities LLC, Santander US Capital Markets LLC and Scotia Capital (USA) Inc., among others, as joint bookrunners, in connection with a primary equity offering of 590,579,711 Real Estate Trust Certificates (“CBFIs”) in reliance upon Rule 144A and Regulation S under the Securities Act. FIBRA Monterrey raised approximately Ps. 6.8 billion (approximately US$407 million) in proceeds. The CBFIs are listed on the Mexican Stock Exchange under the ticker symbol “FMTY 14.”~~FIBRA Monterrey was established in 2014 as the first real estate investment trust in Mexico to be 100% internally managed and advised, with a focus on the acquisition, management and development of real estate primarily in the industrial, retail and office sectors in the northern Mexican states. Its portfolio consists of 106 properties located in 14 states in Mexico, with an aggregate gross leasable area of 1.6 million square meters.~~The Simpson Thacher team included Juan F. Mendez, Marcelo B. Lorenzen and José M. Colin (Capital Markets); Jonathan Cantor, Kris Liu and Mohanad Salaimi (Tax); Owen Lysak and Jack Harrison (UK Funds); and Jeanne M. Annarumma (ERISA).

Mar 20

1 min