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TVM Capital Healthcare Partners First To Register Under DIFC’s New Qualified Investors Fund Regime
(29 March 2015)

 

TVM Capital Healthcare Partners has become the first company to register a private equity fund under the new Qualified Investors Fund (QIF) regime introduced by the Dubai International Financial Centre (DIFC).

The fund regime, operated by the DIFC’s regulator, the Dubai Financial Services Authority (DFSA), has been designed to promote Dubai as an asset management centre by facilitating fund registration while maintaining global best practice in regulation. It is open to funds that are aimed at professional investors, with a minimum subscription of US$500,000 through private placement.

TVM Capital Healthcare Partners, which raised a private equity fund in 2010 that invests in healthcare in the Middle East, North Africa and India, has chosen the QIF regime for a second fund. The QIF regime further supports the position of DIFC as a conduit and hub for investment vehicles across different asset classes. Morgan, Lewis & Bockius LLP acted as legal advisor and fund counsel, and Praesidium LLP supported TVM Capital Healthcare Partners Limited in coordinating and liaising with the both the DIFC and DFSA in respect of the application for the first DIFC QIF.

Dr Helmut Schuehsler, Chairman and CEO of TVM Capital Healthcare Partners, commented:

“At TVM Capital Healthcare Partners, we believe the DIFC is an excellent domicile for our future funds, and we applaud the QIF initiative which brings cost, compliance and approval speed for classical private equity funds targeting qualified investors in line with international best practices. We believe that this new type of fund regime will attract many private equity and venture capital firms to raise funds domiciled in the DIFC. ”

Arif Amiri, Deputy CEO DIFC said: “We are extremely pleased with the registration of TVM Capital Healthcare Partners as a private equity fund under the new QIF regime. The news comes as an indicator of confidence in DIFC’s robust regulatory framework. It also acknowledges our commitment in promoting the expansion of high-quality private equity and venture capital firms. Their stellar growth is set to play a critical role in the continuing growth of Dubai’s economy and strengthen DIFC’s credibility as a domicile for alternative investment funds and one of the top jurisdictions for compliance, speed and cost-friendly operations.”

Ayman A. Khaleq, Dubai Managing Partner, Morgan, Lewis & Bockius LLP said: “We are very excited to have advised our client TVM Capital Healthcare Partners on the first private equity fund registered under the QIF regime.  As a firm with a leading global funds' practice, we are very keen to contribute to the continued success of the DIFC and its investment funds' regime."

Hari Bhambra, Senior Partner, Praesidium LLP said: “The DIFC QIF regime is an example of a fast track regime and process that does not compromise on quality or due diligence standards. With regulatory approval being granted in a matter of hours, it’s a testament to the ability of the regulators to work with the industry without compromising on any standards that appeal to and preserve investor confidence in the regulatory environment within the DIFC.”

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