Hi everyone,
though I've already contacted @Gediminas about this, and I reckon I asked about it in the past, I wanted to start a dedicated thread to see if I could get further input from the likes of @Sols , @Martin Everson , @Tax Cow etc. Our situation is as follows: we have registered an advisor company in Luxembourg that will be acting as the GP of an AIF fund, constituted under the special limited partnership (SCSp in french) regulations of the country. That's the 'easy part' albeit not short of issues,...anyway, now it's the time to onboard investors (LPs or limtied partners, through an agreement LPA for each class), but here's where we've found a stumbling block...since we're a small fund initially, any custodian will kill us with fees (CACEIS, European Depository Bank, and the like have already been contacted, their fees eat us alive, only worth above 50MM onwards),
I wonder if there's a way around it, if you know an offshore (Mauritius?) bank that can accept being our paying agent (transaction bank basically), or if it would be possible to use any EMI (Bankera/Perversk @Gediminas?) to do just that. A bank with broker capabilities like CIM Banque in Switzerland has declined our application because they don't act as a depository themselves. Trying to be creative has so far not been good enough for us.
I'll take any advice you may think would help us get on the right track, any idea at all, as we're coming short of them at the moment. Many thanks.
NVO
though I've already contacted @Gediminas about this, and I reckon I asked about it in the past, I wanted to start a dedicated thread to see if I could get further input from the likes of @Sols , @Martin Everson , @Tax Cow etc. Our situation is as follows: we have registered an advisor company in Luxembourg that will be acting as the GP of an AIF fund, constituted under the special limited partnership (SCSp in french) regulations of the country. That's the 'easy part' albeit not short of issues,...anyway, now it's the time to onboard investors (LPs or limtied partners, through an agreement LPA for each class), but here's where we've found a stumbling block...since we're a small fund initially, any custodian will kill us with fees (CACEIS, European Depository Bank, and the like have already been contacted, their fees eat us alive, only worth above 50MM onwards),
I wonder if there's a way around it, if you know an offshore (Mauritius?) bank that can accept being our paying agent (transaction bank basically), or if it would be possible to use any EMI (Bankera/Perversk @Gediminas?) to do just that. A bank with broker capabilities like CIM Banque in Switzerland has declined our application because they don't act as a depository themselves. Trying to be creative has so far not been good enough for us.
I'll take any advice you may think would help us get on the right track, any idea at all, as we're coming short of them at the moment. Many thanks.
NVO
