CAREY OLSEN: Carey Olsen and Alter Domus advise Gyrus Capital on €600 million continuation fund

Press Release from Carey Olsen, Thursday 19 November, 2024.

Carey Olsen and Alter Domus have advised Geneva-based healthcare and sustainability investment firm Gyrus Capital (“Gyrus”) on the final close of its €600 million continuation fund led by AlpInvest, to support the continued growth of Essential Pharma.

Since Gyrus acquired Essential Pharma in 2019, the company has grown into a global, high growth specialty pharma group with significant development opportunities. With a focus on ensuring that patients have access to low volume, clinically differentiated pharmaceutical products, the additional capital will allow Essential Pharma to build on its diverse portfolio of established and rare disease medicines. 

In addition to being led by AlpInvest, a subsidiary of Carlyle Global Investment Solutions, the continuation vehicle was supported by StepStone Group including other new and existing investors, as well as reinvestment from both Gyrus and management.

The Guernsey corporate team advising on the transaction comprised partner David Crosland, senior associates Colin Calvert, Sukhvinder Chana and James Cooke, associates Lisa Bailey and Claire Cooke, and trainee Tom Andrews. Alter Domus Guernsey has, alongside Carey Olsen, supported Gyrus since their Fund I launch, providing specialist fund administration solutions from their local office. The fund services team supporting Gyrus in this transaction included associate directors Matt Jackson and Sarah Lacey, senior manager Stuart Foster, managers Kyle Spruce and Mel Boscher, and senior associate Dan Guilbert.

David Crosland commented: “We are pleased to have worked alongside Alter Domus in advising long-standing client Gyrus on this significant transaction for both Gyrus and Essential Pharma, which will contribute to Essential Pharma’s next phase of growth as it delivers essential medicines for patients internationally and advances its expansion into rare diseases. The success of this transaction highlights how Guernsey continues to provide an ideal domicile for continuation funds in addition to Carey Olsen’s expertise as the leading legal adviser to the Guernsey investment funds sector.”

Tom Amy, country executive of Alter Domus Guernsey, commented: “This transaction presented us with various challenges including the fund flow mechanics and volume of investors, which we navigated in close coordination with Gyrus, Carey Olsen and Weil as onshore counsel. I am immensely proud of dedication from so many colleagues and their expertise spanning fund administration, accounting, compliance and governance operations.”