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Maples Group Supports Lakemore Partners by Providing Comprehensive Services to Aquatine Fund V

18 Mar 2024

The Maples Group is proud to continue to support leading global private credit investment firm Lakemore Partners ("Lakemore") with fiduciary, legal and full fund administration services for its Aquatine V fund structure.  The fund, which allocates to US collateralised loan obligations ("CLO") equity on behalf of global investors, raised US$560 million on final closing.  

As the name suggests, Aquatine V is the fifth CLO fund on Lakemore's Aquatine platform.  Allocators to the fund include leading institutional investors such as fund-of-funds, insurance companies, private banks, family offices, and high-net-worth individuals.  Aquatine V followed a sharia-compliant structure, common in the MENA region, while attracting a large share of geographically diverse investors.  The structure also included a US feeder fund primarily for US investors.

"We have enjoyed the opportunity to provide services and support to Lakemore Partners, our longstanding and valued client on the closing of Aquatine V," says Fred Tabbal, Regional Head of Fund Services – Middle East.  "As one of the largest CLO funds in the MENA region, the Maples Group is proud to have advised Lakemore throughout the fundraising cycle." 

The Fund closing drew from multiple service lines within the Maples Group.  A team from the law firm based out of the Group's Dubai office, led by Philip Ireland, Dubai office Joint Managing Partner and with assistance from David Garvin, a Funds & Investment Management Associate, provided advisory services to Lakemore.

As of end-2023, Lakemore manages US$1.7 billion in credit assets under management, the majority of which is from institutional clients.  The firm prides itself on its expertise in niche credit markets and invests its own capital alongside investor allocations.  Lakemore was founded in 2016 and has offices in Phoenix, London, Dubai and Zurich.  

Commenting on Lakemore's raise, Ahmed Farid, Chairman & CEO of Lakemore, said: "Our Aquatine V fundraising success reaffirms the trust investors place in our strategy and team, and solidifies our status as a leader in supermajority CLO equity investments.  This accomplishment reflects the strength and appeal of our investment approach, the solid track records of our Aquatine funds and our commitment to delivering high risk-adjusted returns across various market cycles."

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