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Tiang & Partners advises on grand launches of three digital assets funds in Hong Kong

Hong Kong, 21 April 2022 - Tiang & Partners has recently acted as the International Lead Counsel for IDEG Asset Management’s (“IDEG”) successful launches of their three digital assets funds within a month – an Ethereum Enhanced Portfolio, IDEG Renaissance SP and IDEG DeFi Tracker SP.

The Ethereum Enhanced Portfolio is an actively managed fund tracking the price of Ether (“ETH”). The Renaissance SP is a mixed basket of digital assets that holds weighting among public chain, decentralised finance (“DeFi”), metaverse, Bitcoin and ETH. The DeFi Tracker SP covers the decentralised finance space.

Tiang & Partners advised on the funds structuring, operations, regulatory issues as well as preparing all relevant fund documentation. The Tiang & Partners team was led by Gaven Cheong (Partner, Head of Investment Funds) and supported by Felix Chan (Senior Solicitor), Agnes Pang (Registered Foreign Lawyer) and Stephanie Chen (Solicitor). The team will continue to work closely with PwC Hong Kong Tax team as Fund Tax advisor, led by Rex Ho (Partner) and Vivien Lau (Partner).

Gaven Cheong, Partner, Head of Investment Funds, at Tiang & Partners commented, “We are very pleased to have supported our client on their new funds set-up. These first three sub-funds are segregated portfolios of a Cayman Islands segregated portfolio company - a digital assets-themed umbrella fund structure that will offer a number of other crypto-focused strategies that will be launched over the coming months (and in relation to which Tiang & Partners also acts as Lead Counsel). IDEG is a large institutional player within the crypto-space, and came to us not only for our expertise in relation to crypto funds and regulations, but also for our ability to offer an integrated solution across PwC Tax and Crypto Advisory teams. It was a real pleasure working with the client, and also with the relevant teams within PwC.”

Suen Poon, Chief Operating Officer, General Counsel & Chief Compliance Officer of IDEG, also added, “We are very excited to bring a series of thematic funds to market with the support of Tiang & Partners and PwC. Working with Gaven, Rex and Vivien also made the process effortless, not only because of their expertise in this area, but also because of the way they were able to work in an integrated and seamless fashion as one team.”

IDEG is a British Virgin Islands-based professional asset manager, dedicated to offering institutionalised financial services in the digital asset market. The three newly released funds are part of IDEG’s growing TIMES suite of products. TIMES is for Tracking, Interest, Mining, Yield Earnings and Structured Solutions. More information about the ETH fund can be found here, and more details of the two sub-funds can be found here.


Notes to editors

About Tiang & Partners’ Investment Funds practice

Tiang & Partners’ Investment Funds practice consists of two Partners and a team of dedicated lawyers and legal staff covering the entire spectrum of investment funds, from crypto, private equity, hedge, hybrid to retail, real estate and authorised funds, and all non-contentious regulatory issues. The team advises clients on the entire lifecycle of investment funds, from inception, restructuring through to termination.

By collaborating closely with PwC’s Tax, Assurance, Risk and Regulatory Compliance, Deals and Crypto Advisory teams, the Investment Funds practice provides clients with an integrated, end-to-end business solution to all of their asset management and investment fund needs.

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