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Insights & News / Roy  Engel

US Regulatory Authorities Look to Increase Hedge Funds' Transparency and Stability

The new rules will require managers of large hedge funds to disclose additional information about their activities and strategies and provide more detail about their investments, including the countries and industries in which they are invested, leverage exposures, and more. As expected, fund managers are objecting, arguing that the new requirements will lead to superfluous information overload.

Institutional Investors, Investment Funds, and ESG

The European regulations that apply to investment funds are expanding to cover ESG issues. Israeli institutional investors should familiarize themselves with the regulations and prepare for similar regulations in Israel.

Israeli Institutional Investors and Transfer Rights

Investment funds usually make transfers of units in a fund to third parties contingent upon the approval of the fund managers. This practice may make it difficult for Israeli institutional investors to prove ownership and absolute control over units, as required by the regulations.

Default Arrangements in Israeli Investment Funds – Unwritten Provisions in Partnership Agreements

Many investors and fund managers are unaware that a simple reading of the relevant partnership agreement is not sufficient to get the “full picture” of the legal conditions that apply to their specific limited partnership.

Roy Engel Lectures on Hedge Funds, VCs, and PEs

As an expert in the funds area, Roy was invited to lecture to a course led by the Israel Financial Institute (IFI) for 50 managers of Altshuler Shaham. Roy discussed types of alternative investments and both the legal and the administrative/supervisory aspects of the structure of funds.

Categories: Hedge Funds | Investment Funds

Barnea: Advising Migdal on a USD 100 Million Investment

Roy Engel, Yana Zilbershtein, and Yakov Vilenski advised Migdal on a USD 100 million investment in the real estate investment fund Exeter Industrial Value Fund EQT.

 

More than 90% of the investors in the fund are American and international institutional entities, and Migdal is the only Israeli investor.

Categories: Capital Markets | Investment Funds

Distribution Waterfalls in Private Investment Funds

The growth of private equity funds in Israel derives mainly from the maturation of many Israeli companies. So what are the main differences between private equity funds (PE) and venture capital funds (VC)?

Barnea: Hosting Conference with the Israel Hedge Funds Association

Dr. Zvi Gabbay, Roy Engel, and Yana Zilbershtein lectured at a conference our firm hosted on the early years of hedge funds. The conference was held in collaboration with the Israel Hedge Funds Association. PWC and APEX Israel also took part.

Categories: Capital Markets | Hedge Funds

Barnea Representing Migdal in Investment in Major European Infrastructure Project

Roy Engel and Yakov Vilenski represented Migdal in a NIS 130 million investment in one of the biggest infrastructure projects in Europe: the NeuConnect Interconnector. This project consists of a 725 km submarine power transmission line that will connect the English power grid with the German power grid for the first time. The investment agreement was signed with the French fund MIE III Co-Investment Fund II S.L.P.

Categories: Investment Funds

Doral Renewable Energy Signs USD 390 Million Financing Agreement for Mammoth North Energy Project

Funding for the project in Indiana, which is expected to produce about 1,600 megawatts of clean energy, is being put forward by a consortium led by Deutsche Bank. Advs. Roy Engel and Samuel Henry Samuel represented Doral in the transaction, alongside McDermott Will & Emery.

Categories: Banking & Finance | Energy | Infrastructure | Project Finance

Migdal Group invests in Scandinavian energy

Migdal Group has invested, together with other partnerships, in the alternative energy projects of Fu-Gen AG and Fu-Gen Assets 4 AB. Firm partners Micky Barnea, Ariella Dreyfuss, and Roy Engel advised on the NIS 1 billion investment.

 

Cayman Islands Policy Change Regarding the Classification of Countries vis-à-vis the Anti-Money-Laundering Laws

From "low" to "moderate" risk of money laundering: the Cayman Islands Monetary Authority's classification change and its impact on Israel.

Representing Menora Mivtachim in USD 30 Million Investment in Jio

Jio, India's largest telecommunications company, recently completed a major investment round, raising money from leading multinational corporations like Google and Facebook. Israeli insurance company Menora Mivtachim also invested about USD 30 million as part of the round. Firm partner Roy Engel accompanied Menora Mivtachim in the investment.

Categories: Corporate | Investment Funds | Mergers and Acquisitions

Cayman Islands Removed from EU “Non-Cooperative Tax Jurisdiction” Blacklist

In late March 2020 we published a note regarding the de-facto “downgrade” of the Cayman Islands by the European Union’s Economic and Financial Affairs Council (ECOFIN) as a “non-cooperative jurisdiction” for tax purposes. This was regarded by the international investment community as a “blacklisting” of the Cayman Islands. We noted then that this blacklisting was “a technical result of the delay in the enactment of [certain Cayman Islands] laws, and therefore it is expected the EU will agree to return the Cayman Islands to its previous status and remove it from the list of the list of “non-cooperative jurisdictions” as early as by October 2020.”  Indeed on October 6, 2020, ECOFIN removed the Cayman Islands from its “blacklist” of non-cooperative jurisdictions in tax matters.

Providing Counsel in the Establishment of a New Investment Fund in Asia

Liquidity Fund of Meitav Dash will establish with MUFG Bank, the world’s largest Japanese bank, a new private investment fund in Asia. The new fund will be incorporated in Singapore, and will provide credit to companies in Asia, through securitization transactions of future cash flows. Our firm, led by attorneys Roy Engel and Yuval Lazi, accompanied Liquidity, which as part of the agreement will provide the joint company with management and underwriting services.

 

Categories: Capital Markets | Investment Funds

Taxation of Hedge Funds in Israel – A Short Guide to the Perplexed

A hedge fund is an entity comprised of several investors seeking to invest in financial assets to achieve a common profit, where the execution of the investment may change from one fund to another, in accordance with the investment strategies put in place by the fund manager.

Cayman Islands Blacklisted by EU as a “Non-Cooperative Tax Jurisdiction”

The EU announced recently, following a meeting of its Economic and Financial Affairs Council (ECOFIN), that the Cayman Islands has been moved to Annex 1 of the list of “non-cooperative jurisdictions” for tax purposes.