Global law firm Ashurst has advised Barrenjoey on the initial investments and establishment of the Community Capital Credit Fund (CCCF).
The establishment of CCCF represents a new approach to funds management that seeks to generate strong investment returns while achieving meaningful social impact by creating a thriving ecosystem of social entrepreneurs.
Barrenjoey will act as the investment manager, with a new social purpose portfolio management firm called Community Capital being incorporated as a joint venture between Barrenjoey and Mr Laurence Marshbaum OAM to act as portfolio manager of CCCF.
CCCF is a wholesale fund-of-funds with approximately US$280 million of committed capital at initial close, which will invest in a series of top tier global credit funds to provide diversified global private debt exposure.
The portfolio manager of CCCF will donate management fees to early-stage social purpose organisations, with expected donations of between AU$10 million to AU$20 million over the life of the fund.
The fund has received a cornerstone investment from Australian Retirement Trust and foundation investments from some of Australia’s other leading superannuation funds and philanthropic foundations including Minderoo, MLC Insignia, and Legalsuper.
The Ashurst team was led by partners Lisa Simmons (Corporate transactions) and Vivian Chang (Tax), who were assisted by: partner Anita Choi, senior advisor Michael Ryland, senior associates Pooja Anantha and John Nielsen, and associates Alex Hutchinson and Rebecca Karpin (Corporate transactions); and partners Costa Koutsis, and senior associates Julia Bolodurina and Anthony Hui (Tax).
