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Bermuda SAC v Cayman SPV

June 2009

Background

A Segregated Account Company (or SAC) incorporated under the laws of Bermuda or Segregated Portfolio Company (or SPV) incorporated under the laws of the Cayman Islands is a company which segregates the assets and liabilities of different classes (or sometimes series) of shares from each other and from the general assets of the SAC/ SPV, thereby providing legal protection for each cell. This has not however been formally challenged in either jurisdiction.

This document covers the benefits to the manager and investor of this product type and also provides an estimate cost differential based on quotes received to date for set up and on-going costs.

 

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