Transaction Reports Euro Choice V LP completes first closing rounds at EUR 173.5 million Fund Manager Legal advisor to the Akina Limited:

Legal advisor to the management company:

Deal Overview

Euro Choice V, the private equity investment programme focusing on the mid and lower end of the European market, had a close at EUR 173.5 million. Investor confidence in the ability of Akina to exploit opportunities in this challenging macro environment and in navigating the secondary cycle has been key to this fund raising success.

Akina Ltd. is a leading, fully independent advisor to private equity funds / mandates investing in special themes. Its Euro Choice flagship funds, which invest in the European mid-market, have attracted EUR

1.7bn from clients around the world with a very high rate of satisfied investors backing us multiple times. Located in Zurich, Switzerland, its dedicated investment team combines a broad fund and direct investment expertise. The joint track record of the partners dates back to 1995. Recently Akina Ltd. won the Leaders League Gold Award for its investment strategy.

Debevoise & Plimpton LLP acted as lead counsel to Akina Limited in connection with the formation of Euro Choice V, the fifth in the series of Akina’s

flagship Euro Choice fund of funds and direct co-investment programme specialising in the European mid-market. Euro Choice V held its initial closing on 20 July 2012, accepting commitments of €173.5m from institutional investors including pension plans, foundations and family offices. Funds partner Marwan Al-Turki led the Debevoise team that advised on funds, tax and ERISA matters, and which included tax partner Richard Ward, counsel Alicia McCarthy and John Anderson and associates Colin Fulton and Matthew Pincus.

Interview with Michael Richardson of Bedell, the firm who acted as legal advisor to the management company.

Michael became a partner of Bedell Cristin in 1986, acted as Managing Partner from 1996 to 2002 and is now Executive Chairman of Bedell Trust. He has advised for more than 25 years in all aspects of financial services and legal work, dealing particularly with mutual funds, private equity structures, and carried interest vehicles and listed companies. Michael also has an extensive international private client practice, advising families on the structuring of their affairs offshore.

Michael also acts as a non-executive director on numerous companies, with particular reference to mutual funds, fund management companies and several listed companies. His clients include Barclays Bank/ Barclays Global Investors, Citigroup, Industri Kapital, Lombard Odier Darier Hentsch, and several other private equity groups in Europe and further afield.

Michael has appeared in the "Honours List" in the "Leading Trustees" category in the 2011 Citywealth Leaders List. PLC Which Lawyer 2011 recommend him in their private client category.

Bedell Cristin, Law Firm, and Bedell Fund Services, as private equity fund administrators, provide a full range of legal, corporate management and fund administration services to private equity, real estate and infrastructure funds.

They provide legal and administrative services to their clients drawn from all parts of the world

Q

Can you tell me about the recent transaction you have been working on?

Bedell has been involved with the Euro Choice range of private equity fund of funds since their inception over ten years ago and are pleased to have been retained by the owners and managers at Akina Private Equity for their new fund and the first to be launched since their independence from Lombard Odier.

Our relationship with Akina was strengthened three

years ago when we took over the Lombard Odier fund administration team based in Jersey, and as a result assumed the administration of Akina GP’s.

Q Q Q

What were the main challenges & complexities for you and your company

regarding this transaction?

The setting up of any new private equity fund involves multi-jurisdictional advice and we were pleased to work again with lawyers at firms in England (Debevoise Plimpton), Scotland (Burness & Co) and Switzerland (Walder Wyss & Partners) in ensuring the successful launch of Euro Choice V LP.

How did you overcome the complexities and challenges?

We kept regular dialogue with advisers in each jurisdiction to co-ordinate new regulatory requirements both in Jersey regarding private placement funds and expert funds and, prospectively, to cater for the impact of AIFMD during the life of the fund.

Is this a typical transaction for you? What other types of transaction have you

been involved in?

We see a wider variety of fund structures being used, leading to use of multiple jurisdictions. Euro Choice V LP is principally a fund of private equity

funds range, but with the addition of a separate direct investment strategy for investors who wish to utilise this. Both parallel direct investment vehicles for larger investors and the opportunity to participate in secondary transactions, where existing investors wish to sell a basket of PE fund holdings, prior to fund maturity, are increasing trends, giving rise to additional complexity when structuring a fund.

Q Which sectors do you specialize in?

• all private equity funding, including primary direct funds, fund of PE funds, secondary funds and

• direct co-investment vehicles; • all real estate funds and co-investment vehicles. • infrastructure funds; and • venture capital funds/tech funds and funds of "other alternative assets" (i.e. cars, wine, art) are all areas for which we have at least had enquiries for structuring a fund

Michael Richardson

Partner, Executive Chairman Bedell Trust Expertise: Funds, private equity. Professional: Advocate - Jersey, Solicitor - England and Wales, Society of Trust and Estate Practitioners (STEP).

Tel: +44 (0)1534 814766 Email: michael.richardson@bedellgroup.com