Best of All Worlds: Understanding Fund Jurisdictions

(NDA Masterclass in association with IVCA)

 

JULY 28^th and JULY 29^th, 2022

Session: 5:00 PM TO 7:00 PM (IST)

 

INTRODUCTION

Choice of jurisdiction is one of the most important decisions to be taken while setting up a fund structure. With the options of a multitude of jurisdictions available, it becomes imperative for the GP to choose a jurisdiction which primarily allows ease of doing business, seamless subscription by LPs from different jurisdictions, availability of precedents, regulatory framework, speed and cost of local incorporation, licensing and approval processes and tax neutrality for the investors. LPs look for familiarity with the jurisdiction, ease of enforcement, accessibility and approach of the local regulator and service providers in the jurisdiction, choice of investment vehicle available and tax neutrality.

In this industry focused webinar, we intend to discuss the factors to be considered while deciding on a fund jurisdiction, and also discuss the prime jurisdictions that are hot right now for structuring India focused funds.

Who should attend

Representatives from the investment funds industry, financial services industry, investors, fund managers, investment bankers, regulators, business executives, lawyers and enthusiasts.

Suggested Reading

Our research paper on Fund Formation: Attracting Global Investors and monthly digests on investment funds.

Flow of the sessions

DAY 1 (JULY 28th)

5:00 PM – 5:15 PM (IST)	Introduction to Speakers + Snapshot of Members
5:15 PM – 6:30 PM (IST)	Practitioners’ approach: Choice of Jurisdiction in Fund Structures Singapore for India focused funds U.S.A for India focused funds GIFT City for India focused funds
6:30 PM – 6:45 PM (IST)	Q&A
6:45 PM – 7:00 PM (IST)	Concluding Remarks

DAY 2 (JULY 29th)

5:00 PM – 5:15 PM (IST)	Introduction to Speakers + Snapshot of Members
5:15 PM – 6:30 PM (IST)	Popular jurisdictions to invest into India – Mauritius Popular jurisdictions to invest into India – Cayman Islands New and Upcoming Jurisdictions – The Netherlands
6:30 PM – 6:45 PM (IST)	Q&A
6:45 PM – 7:00 PM (IST)	Concluding Remarks

Speakers

NISHITH DESAI (Mumbai) Founder, Nishith Desai Associates

Nishith Desai is the Founder of the research & strategy driven international law firm, Nishith Desai Associates ranked amongst the Asia-Pacific’s Most Innovative Law Firms by Financial Times.

Nishith’s interest span a wide spectrum of law, society and ethics. He is a renowned International lawyer, author, lecturer, researcher and a thought leader. Nishith himself is regarded as the ‘Father of International Tax’ in India and is a ‘true pioneer’ in the field of International Tax Law.

He was also a director on the board of Singapore International Arbitration Centre (2011-2019). Soon after India opened its economy to the outside world in 1991, Nishith pioneered the roots of asset management industry in India.

He established the first five India Focused Funds He played a seminal role in structuring several private equity funds in addition to structuring several domestic venture capital funds. Nishith has driven the conceptualization and creation of Imaginarium AliGunjan a state-of-the-art research facility that stands as an ode to ‘Blue Sky Thinking,’ near Mumbai.

 

MIHIR UPADHYAY (GIFT CITY) Deputy General Manager, International Financial Services Centres Authority

Mr. Mihir Upadhyay looks after the Investment Funds (Alternatives) department at International Financial Services Centres Authority (IFSCA). He has over eighteen years of experience in investments, regulatory organisations and consulting firm. Before joining IFSCA, he was the Chief Investment Officer at NB Ventures, a VC firm based in UAE. Prior to that, he worked with Pension Fund Regulatory and Development Authority (PFRDA), Brand Capital, ICRA Management Consulting Services and JP Morgan.

Mr. Upadhyay has an MBA from Welingkar Institute of Management Development and Research and B. Com from the University of Mumbai.

 

GREGORY BARCLAY (Hong Kong) Partner, Goodwin

Greg Barclay is a partner in Goodwin’s Private Investment Funds group specialising in complex cross-border fund formation and other capital structuring transactions.

Mr. Barclay has been practicing for more than 15 years and for most of this time has been focused on the structuring and establishment of international private investment funds, including private equity, venture capital, mezzanine/debt, infrastructure and real estate funds, and related carried interest and management-focused corporate arrangements. In addition, he advises on various investor relations and ongoing fund operation matters and represents institutional investors investing in private funds.

He also advises on other investment-related matters across the alternative asset classes, including joint ventures, co-investment deals, segregated accounts, investment management appointments and secondaries transactions.

He has been named a leading lawyer for Investment Funds (China) by Chambers Greater China Region 2022 and has been listed in IFLR1000 2022 as a rising star partner for investment funds.

 

SUN ZIXIANG (Singapore) Partner, Rajah and Tann Singapore LLP

Sun Zixiang is a Partner at Rajah and Tann Singapore LLP. He has extensive experience in private onshore and offshore closed-end and open-ended fund formation, including private equity funds, venture capital funds, real estate funds, infrastructure funds, hedge funds, hybrid funds and cryptocurrency funds. Having been involved in a number of early cryptocurrency funds in Asia, he is experienced in the formation of funds investing into virtual assets. He also regularly advises corporate and institutional clients (including sovereign wealth funds) and tertiary institutions on their investments into private funds.

In addition to specialising in private fund formation, Zixiang leads an active regulatory practice where he regularly advises asset managers on the formation of fund management businesses pursuing various business models, including advising on registration and licensing matters, the drafting of regulatory submissions in connection with corporate transactions involving asset management groups, as well as providing ongoing advice on regulatory, compliance and securities offering matters.

 

FAZIL HOSSENKHAN (Mauritius) Managing Partner, Bowmans

Fazil Hossenkhan is the managing partner of the Bowmans Mauritius office. He is a Mauritian lawyer with over 15 years’ experience advising clients in the investment funds and private equity space, especially in the context of the context of the African treaty network. Prior to that, Fazil was general counsel at the Mauritius regulator, where he was heavily involved in developing the regulatory regime in Mauritius for funds and financial services. His clients include a broad range of the private equity fund managers, institutional investors and corporates. He is recognised by IFLR and Chambers Global for this expertise in private equity and fund mandates.

 

PATRICK COLEGRAVE (London) Partner – Corporate & Investment Funds, Forbes Hare

Patrick is a partner in Forbes Hare’s Investment Funds and Corporate Practice advising on both Cayman Islands and British Virgin Islands law.

Patrick has particular experience of the investment management industry, including time spent in the investment management group at Linklaters and in-house for well-known London-based investment managers. Patrick has been involved in the establishment of a multitude of collective investment vehicles, both closed-ended and open-ended, across a diverse range of asset classes and acting in the capacity of both lead counsel and offshore counsel. Additionally, Patrick has advised on liquidations and funds in distressed situations, investor representations, restructurings, regulatory matters, downstream corporate and financing transactions.

He has been the trusted advisor to a broad and global clientele ranging from leading financial institutions to start-ups, development finance institutions, banks, family offices and corporates in established, emerging and frontier markets. He has over 20 years’ legal experience, 14 of which have been with leading Cayman Islands and British Virgin Islands law firms. Prior to joining Forbes Hare, Patrick was a partner at Norton Rose Fulbright, and prior to that a partner with another top tier offshore law firm, where (amongst other things) he founded and headed that firm’s Africa practice, travelling extensively throughout the continent. He has spoken at numerous conferences and contributed to a range of industry journals.

 

PARUL JAIN (New Delhi) Co-Head, International Tax and Fund Formation Practice, Nishith Desai Associates

Parul co-heads the International Tax and Fund Formation Practices at Nishith Desai Associates. She focuses on international taxation, cross border transactions and fund formation practice areas including cross border investments and group reorganization strategies, M&A transactions and venture capital / private equity funding structures. Parul is particularly adept in advising on cross border issues arising from investments into India.

She has represented several prominent private equities, venture capital, growth and angel funds in setting up their onshore and offshore fund structures including assisting them with negotiations with LPs. She has also worked with technology companies in advising them on matters involving digital taxation. This apart, she is a regular speaker at domestic and international seminars and actively contributes to various international publications. She also formed part of a four-member committee which advised SEBI on changes to be brought to Angel Fund Regulations in India.

DR. DHRUV SANGHAVI (Amsterdam) Leader, International Tax and International Tax Litigation Practice, Nishith Desai Associates

Dr. Dhruv Sanghavi leads the International Tax and International Tax litigation practices at Nishith Desai Associates from the Netherlands. His areas of expertise are international tax laws, international tax litigation, and international tax policy. Apart from being a practicing lawyer, he is also a thought leader in the area of international tax. He has written and edited several journal articles, cases and a monograph— “Structural Issues in the Income Tax Treaty Network – Towards a Coherent Solution.”

 

NANDINI PATHAK (Mumbai) Leader, Investment Funds Practice, Nishith Desai Associates

Nandini Pathak is a Leader in the Fund Formation practice. She has been actively involved in the firm’s thought leadership on the venture capital (VC) and private equity (PE) side of India focused funds for almost a decade now. She has advised several clients on both domestic and cross-border legal, regulatory and tax issues, fund governance and fund economics best practices. She has led several fund formation matters from inception to closing and also represented LPs for their fund allocations.

She takes a keen interest in investment funds focusing on socially relevant, sustainable and / or impact investing. She also actively participates in policy submissions to the Government including through relevant industry bodies, identifying key areas of improvement for ease of doing business in the fund management industry and providing appropriate suggestions to resolve the same.

Nandini holds a B.A.LL.B. (hons). degree and an LL.M in Corporate and Finance Law from Jindal Global Law School, and has been given the ‘Distinguished Alumni Award for Exemplary Accomplishments in Professional Service / Work’ by her alma mater.

 

RADHIKA PARIKH (Gift City) Leader, GIFT City and Fund Formation Practices, Nishith Desai Associates

Radhika Parikh leads the Nishith Desai Associates GIFT City offices. She is a Member of the Fund Formation practice at Nishith Desai Associates with a strong focus on PE / VC Funds. She has advised both international and domestic clients on legal, regulatory and tax issues, and best practices for fund governance and fund economics. She is also a Member of the International Tax Practice where she specializes in providing tax advice in complex cross border transactions, and works extensively with advising multi-jurisdictional families on both their family and business structures from an estate planning and succession perspective.

Partners

 

Indian Private Equity and Venture Capital Association (IVCA) is a member based national organization that represents venture capital and private equity firms, promotes the industry within India and throughout the world and encourages investment in high growth companies.

IVCA members comprise venture capital firms, institutional investors, banks, incubators, angel groups, corporate advisors, accountants, lawyers, government bodies, academic institutions and other service providers to the venture capital and private equity industry.

Members represent most of the active venture capital and private equity firms in India. These firms provide capital for seed ventures, early stage companies, later stage expansion, and growth finance for management buyouts/buy-ins of established companies.

www.ivca.in