International law firm Stephenson Harwood LLP has advised on the launch of the UK's first listed investment fund dedicated to investing in peer-to-peer loans and related credit assets, P2P Global Investments PLC ("P2PGI"). P2PGI, which is structured as an investment trust, will invest in US and European consumer and SME peer-to-peer loans and other credit assets originated through electronic platforms.
P2PGI raised £200 million through a placing and intermediaries offer of new ordinary shares. The admission of its shares to trading on the Main Market of the London Stock Exchange will occur on 30 May 2014.
Stephenson Harwood advised P2PGI on all the legal and regulatory issues involved. In addition to acting on the launch, Stephenson Harwood also provided advice in connection with P2PGI's application for an FCA interim permission for consumer credit regulated activities in connection with its investments in UK consumer loans.
Kate Longman of the funds team at Stephenson Harwood commented "it is extremely exciting to have advised P2PGI on the launch of this innovative investment fund which marks a significant development for the sector in the shift away from traditional bank finance to P2P lending platforms."
The team at Stephenson Harwood was led by Kate Longman and supported by corporate associate Carolyn Hall. The funds team has previously acted for other clients in connection with their investments in the peer-to-peer lending sector. P2PGI is managed by European hedge fund manager, Marshall Wace LLP. Liberum Capital Limited acted as the sponsor and placing agent.