A New York-based private equity firm has launched an ‘Icav’ – an Irish fund structure that rivals Ireland’s public company, or plc.
Madison International Reality is to use the Icav – or Irish Collective Asset Management Vehicle – to invest in real estate.
The Icav is an alternative Irish fund structure that went live last year. The Icav is subject to fewer legal requirements than the plc.
Madison has appointed RBC Investor & Treasury Services (RBC&ITS), a custodian bank, to provide fund administration, depositary and shareholder services in support of the closed-end Icav Real Estate Fund.
The win is a chance for RBC&ITS to show off its ability to service US private equity funds that have exposure to alternative assets.
“Being able to service private equity funds that have exposure to assets such as real estate, infrastructure and private loans is a key component of our value proposition to US asset managers,” said Kevin O’Neill, managing director, US asset managers, at the firm.
As well as the Icav, the Central Bank of Ireland has also created a framework for loan origination to capitalise on interest in non-bank funding within the EU.
Madison has offices in Frankfurt and London and manages over $2 billion (€1.8 billion).
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