Tuesday, 02 January 2024 12:17 GMT

Norton Rose Fulbright Advises Truleum Venture Partners On Launch Of Tokenized Private Credit Fund Seven Stars Fund CEIC


Date:

(MENAFN- Crypto Breaking) Global law firm Norton Rose Fulbright said it has advised Truleum Venture Partners Limited on the launch of Seven Stars Fund CEIC, described as a DFSA-regulated, DIFC-domiciled tokenized private credit fund.

According to the firm, Seven Stars Fund CEIC is intended to provide asset-backed financing to UK SRA-registered law firms and FCA-regulated claims management companies for portfolios of high-volume, short-duration legal claims.

Norton Rose Fulbright said the fund targets £250 million in size, with a hard cap of £400 million. The release adds that participating shares are issued as SST Tokens using the ERC-3643 token standard.

The firm also named service providers involved in the structure. Tokeny S.à r.l. is described as the token platform provider, while Apex Fund Services (Dubai) Ltd. is identified as the administrator. The fund is said to be offered via private placement to Professional Clients only.

Legal team and regulatory support

Norton Rose Fulbright said its funds team advising Truleum Venture Partners was led by partner Geoffroy Hermanns, supported by counsel Shakir Mogalia and associates Dale Deplitch, Bita Mozafari and Bryan O'Shea. The firm added that partner Matthew Shanahan advised on regulatory matters.

Company statement on tokenization

In a quote attributed to Geoffroy Hermanns, Norton Rose Fulbright said:“This innovative launch demonstrates how tokenization can be incorporated into a regulated private credit fund structure. We are delighted to have supported Truleum Venture Partners on this significant launch, bringing together our funds and regulatory experience to help deliver an innovative structure in a rapidly evolving area of the market.”

The announcement frames the deal as an example of how tokenization may be used within a regulated private credit fund structure, while the fund's stated objectives and regulatory placement are tied to the DIFC and the DFSA.

What was disclosed in the release
    Fund: Seven Stars Fund CEIC Regulatory and domicile: DFSA-regulated, DIFC-domiciled (as stated) Strategy: Asset-backed financing for UK SRA-registered law firms and FCA-regulated claims management companies targeting high-volume, short-duration legal claims Size: Target £250 million, hard cap £400 million (as stated) Tokenization: Participating shares issued as SST Tokens using ERC-3643 (as stated) Providers: Tokeny S.à r.l. as token platform provider; Apex Fund Services (Dubai) Ltd. as administrator (as stated) Offering: Private placement to Professional Clients only (as stated)

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