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K&L Gates Advises on Hong Kong’s First Hybrid Fund Peer-Lending Platform

12 July 2016
Hong Kong - Global law firm K&L Gates has advised on the establishment of the Elephant Club Consumer Debt Fund, managed by Capital Focus Asset Management Limited. The newly established fund invests in notes issued by Hong Kong-licensed money lender Elephant Club Limited, and represents Hong Kong’s first ever hybrid fund peer-lending platform.

The Elephant Club Consumer Debt Fund aims to raise up to HK$2 billion (US$258 million) in the medium term.

Michael Wong, the K&L Gates Hong Kong partner who led the deal, commented: “We would like to congratulate Capital Focus and Elephant Club on successfully establishing Hong Kong’s first hybrid peer-lending platform. The internet-lending space has garnered quite a bit of interest in this region in recent months. We managed to build a structure that satisfies both the strict regulations concerning internet financing and lending in Hong Kong, which paves the way for similar models of internet financing here in the future.”

Wong was supported by Hong Kong partner Neil Campbell, who advised on the financing aspects of the transaction, and associate Simon Wong. The team advised on the formation of the Elephant Club Consumer Debt Fund, the financing structure between the fund and Elephant Club Limited, and on the regulatory issues in relation to the online platform. 

K&L Gates comprises approximately 2,000 lawyers globally who practice in fully integrated offices located on five continents. The firm represents leading multinational corporations, growth and middle-market companies, capital markets participants and entrepreneurs in every major industry group as well as public sector entities, educational institutions, philanthropic organizations and individuals. 
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