Amanjit K. Fagura

Shariah Fund Structuring and Formation

• Currently advising the investment arm of a Saudi bank on the establishment of an open-ended master-segregated portfolio company which will be registered as a fund in the Cayman Islands and will be structured to invest its assets in a Shariah-compliant manner in investments worldwide. The structure is to be used as a platform for Saudi investors as well as the manager of a related bank and will offer liquidity to its investors with exposure to different investment strategies.
• Acted and currently acting for global asset managers (particularly from the United States and European Union) in connection with the structuring and documentation of private placement vehicles (including Shariah-compliant feeder, parallel vehicles, and funds) aimed at attracting investments from investors in the Gulf Cooperation Council (GCC) and broader Middle East/North Africa (MENA) region. The asset classes include private equity, real estate, infrastructure, fund of funds, secondaries, credit, and venture capital.
• Represented a Kuwaiti bank with respect to setting up a master structure to consolidate its existing outbound investments under one master vehicle and permitting future investments in various asset classes through segregated portfolios structured in the Cayman Islands, and assisted the client with over 25 investments made through such structure.
• Currently representing a Kuwaiti bank with respect to setting a master structure for its portfolio and wealth management team (and which will be regulated by the Kuwait Capital Markets Authority) to allow investments in various asset classes in a Shariah-compliant manner.
• Currently representing a Kuwaiti bank with respect to the establishment of a segregated portfolio company that will be registered as a fund in the Cayman Islands (and regulated by the Kuwait Capital Markets Authority) and structured to invest its assets in a Shariah-compliant manner in assets in the United States and Europe.
• Currently advising a Bahraini asset manager on the establishment of a segregated portfolio company that will be registered as a fund in the Cayman Islands (and regulated in Bahrain) to permit the group to make investments in conventional assets and structures in a Shariah-compliant manner.
• Represented a global private markets firm with respect to a Shariah-compliant separately managed account to permit investments by a large Islamic investor into their private equity fund, and currently representing the group with respect to the Shariah-compliant structuring of its infrastructure fund.
• Represented one of the world’s largest secondaries funds with respect to attracting Shariah-compliant regional investors into their feeder vehicle through certain Islamic funding arrangements, which were registered in the Kingdom of Saudi Arabia.
• Advised a UAE-based alternative asset manager fund on the set up of a second Shariah-compliant open-ended fund to attract a different set of investors that are required to make their investments in a Shariah-compliant manner.
• Represented a UAE-based alternative asset manager with respect to setting up a Shariah-compliant open-ended feeder fund (including advising on its restructuring) in the Cayman Islands to attract investors and grant exposure in the economic performance of a US-limited partnership.
• Represented a US fund raising $500 million on the Shariah structuring and documentation of its investments for Islamic investors. The fund proceeds were to be utilized to acquire US postal offices.

Debt Capital Markets and Private Placements

• Represented a client on the early termination of a $55 million Sukuk al-Ijara which was due in 2019.
• Representing the FWU Group, a financial services firm based in Germany, in connection with a $100 million Sukuk Al-Wakala program backed by unit-linked insurance policies written by Atlanticlux Lebensversicherung S.A., Luxembourg – a BBB’-rated multinational insurance provider; named 2013 Europe Deal of the Year by Islamic Finance News.
• Represented a Luxembourg-based multinational insurance provider in connection with an issuance, through a Guernsey regulated reinsurance vehicle, of $67.261 million insurance linked covered notes privately placed with international investors.
• Represented Al Madina Investment in connection with a $130 million issuance of a privately placed Sukuk Al-Ijara to fund a sale-leaseback transaction with respect to a prime real estate asset in Oman. The Sukuk issuance was the first of its kind in Oman and is being undertaken on the back of the new Sukuk legislation that is currently being developed in Oman.
• Assisted in the representation of a German-based financial services firm with the issuance through a Luxembourg incorporated issuer of its $45 million Sukuk Al-Murabaha by way of private placement.

Finance and Restructuring

• Assisted in the representation of Mashreqbank PSC, as global facility agent, and a syndicate of banks in connection with amendments to the AED2 billion senior secured conventional and Islamic facility and the addition of a new AED1 billion conventional and Islamic facility made available to GEMS MENASA (CAYMAN) LIMITED. The facilities will be used for purposes of capital expenditure and general corporate purposes. Other syndicate of banks included Abu Dhabi Islamic Bank PJSC, Dubai Islamic Bank PJSC, Noor Bank PJSC, United Arab Bank PJSC, and First Gulf Bank PJSC.
• Represented a Munich-based private equity firm in connection with financings for two of its Middle East-based healthcare portfolio companies.
• Assisted in the representation of a Middle East bank in connection with the restructuring of existing Ijara facility agreement and related documents originally entered into between a Middle Eastern real estate company and the bank.
• Assisted in the representation of cross border teams in relation to bid processes and subsequent acquisition financings on several deals for an international private equity fund. Including representation of our client in connection with purchase and financing (and related joint venture arrangements) of 2.6 billion (face amount) of sub-performing and nonperforming commercial real estate loans and CMBS backed by sub-performing and nonperforming commercial real estate loans; the portfolios are secured by approximately 450 properties in the UK, Belgium, the Netherlands, Germany, and Spain.
• Assisted in the representation of a client, who conducts exploratory and development operations in proven hydrocarbon areas in connection with $150 million New York governed loan agreement secured by oil and gas assets located in the UK North Sea and North America.
• Assisted in the representation of a leading Nigerian oil and gas exploration, development and production company in connection with a $50 million convertible loan financing secured by a charge over shares.
• Assisted in the representation of the lenders in connection with over $240 million refinancing of a rig which is located in Liberia.
• Assisted in the representation of a UK shipping company in connection with the $30 million bridge term loan facility to finance two vessels.
• Assisted in the representation of a sponsor bidding consortium in connection with their bid to develop and finance for the 1, 700 MW Rabigh 2 IPP in Saudi Arabia.