THOUGHT LEADERSHIP
Insights
Legal analysis and market commentary from Lexkara & Co
The Board's Blind Spot: When Governance Becomes Personal Liability
Why non-executive directors are increasingly finding themselves personally exposed — and what prudent governance looks like in 2026. The shift from collective responsibility to individual accountability is accelerating.
Read →Cross-Border M&A: Structuring for Substance in a Post-Pillar Two World
The OECD's global minimum tax is reshaping how cross-border acquisitions are structured. Substance over form is now a legal imperative, not merely a tax planning preference.
Read →AI and the Legal Profession: What the Regulatory Framework Actually Says
Separating substance from speculation in the UK's evolving approach to AI regulation and its implications for legal services, professional liability, and client expectations.
Read →Insolvency in 2026: The Return of Pre-Pack Administration
After years of reform and scrutiny, pre-pack administrations are back — but the landscape has changed. New regulations mean that the old playbook no longer works.
Read →Director Liability in Group Structures: The Cases Every Board Should Know
A review of the key authorities on director liability within corporate groups — and why understanding the distinction between holding company and subsidiary duties is critical.
Read →Telecoms Disputes: Why Regulatory Change is Creating Litigation Opportunity
Ofcom's evolving regulatory framework is generating commercial tension between operators, infrastructure providers, and equipment suppliers — and the disputes are starting to arrive.
Read →CAYMAN ISLANDS
Fund Formation & Private Capital
A practitioner's series on Cayman Islands fund structuring, regulatory compliance, and private capital deployment
Digital Assets, Tokenised Fund Interests, and Virtual Asset Fund Structuring in the Cayman Islands
A practitioner’s guide to regulatory compliance, legal characterisation, and commercial structuring of digital asset vehicles and tokenised fund interests under Cayman Islands law.
Read →Open-Ended and Hedge Fund Structuring in the Cayman Islands
A practitioner’s guide to structural frameworks, regulatory classification, and operational mechanics governing open-ended fund vehicles — master-feeder architectures, NAV calculation, redemption frameworks, and CIMA regulatory classification.
Read →Fund Termination, Wind-Down, and Liquidation of Cayman Investment Funds
A practitioner’s guide to the legal mechanics of ending a Cayman fund — voluntary dissolution, compulsory winding up, liquidator powers, distribution waterfalls, and the regulatory obligations that persist long after the final distribution.
Read →Private Credit Fund Structuring Through the Cayman Islands
An examination of the jurisdictional, regulatory, and structural considerations attendant to private credit strategies domiciled in the Cayman Islands — vehicle selection, fund-level leverage, loan origination, and cross-border regulatory coordination.
Read →Fund Formation in the Cayman Islands: The Anatomy of an Exempted Limited Partnership
The Exempted Limited Partnership remains the vehicle of choice for private equity and venture capital fund formation. A comprehensive analysis of the statutory architecture, GP authority, LP protections, and CIMA regulatory categories.
Read →Master-Feeder vs Standalone Fund Structures: When Each Makes Sense Under Cayman Law
The structural choice between master-feeder and standalone architectures is among the most consequential decisions a sponsor makes at fund inception. An analysis of mechanics, regulatory landscape, and commercial circumstances.
Read →GP/LP Economics in Cayman Funds: Structuring the Carry, the Clawback, and the Waterfall
Management fees, carried interest, preferred returns, distribution waterfalls, and clawback obligations — how the economic architecture of a private capital fund is structured under Cayman law.
Read →CIMA Registration and Ongoing Regulatory Obligations for Cayman Investment Funds
The three-tier CIMA regulatory framework — mutual funds, regulated funds, and private funds — and the mechanics of registration, ongoing reporting, and compliance requirements.
Read →Carried Interest Structuring in Cayman Vehicles: Tax, Governance, and Investor Alignment
Carry allocation mechanics, vesting and forfeiture, tax treatment across jurisdictions, and the governance structures that protect both GP economics and LP interests.
Read →Co-Investment Vehicles and Side Letters in Cayman Fund Structures
Co-investment has become a defining feature of modern PE and VC structures. The legal mechanics of co-invest vehicles, fee arrangements, governance, and regulatory treatment under Cayman law.
Read →Secondary Transactions Involving Cayman Funds: Legal and Structural Considerations
LP interest transfers, GP-led secondaries, consent requirements, valuation methodology, and the tax and regulatory considerations that arise in secondary transactions involving Cayman-domiciled funds.
Read →Early-Stage Fund Structuring Through the Cayman Islands: A Practitioner’s Guide for VC Managers
A practitioner's guide to Cayman fund structuring for emerging VC managers — vehicle selection, regulatory positioning, cost management, and what institutional investors actually require.
Read →Convertible Instruments Under Cayman Law: SAFEs, Convertible Notes, and Investor Protection
The legal characterisation of SAFEs and convertible notes under Cayman law, conversion mechanics, interaction with company law share issuance, and investor protection frameworks.
Read →The Cayman Private Placement Memorandum: A Practitioner’s Guide to Drafting and Disclosure
The gap between CIMA's regulatory minimum and institutional investor disclosure standards has become the central tension in modern Cayman fund documentation. A strategic guide to PPM drafting.
Read →Offering Circulars for Cayman Funds: What Sophisticated Investors Actually Look For
What institutional investors scrutinise in Cayman fund offering circulars — disclosure depth, risk factors, governance provisions, and the gap between regulatory compliance and commercial credibility.
Read →PPM Drafting for PE vs VC Funds: Disclosure Obligations and Structural Differences
How Private Placement Memoranda differ between private equity and venture capital funds — investment strategy disclosure, fee structures, valuation methodology, and regulatory treatment.
Read →Cayman Corporate Vehicles: Exempted Companies, LLCs, and Segregated Portfolio Companies
A comparative analysis of the three principal Cayman corporate vehicles — governance frameworks, liability structures, and practical considerations for sophisticated commercial structures.
Read →Economic Substance in the Cayman Islands: What the Regime Requires and Where the Risks Lie
The International Tax Co-operation (Economic Substance) Act and its regulatory requirements — compliance obligations, enforcement trends, and practical risk management for Cayman entities.
Read →Beneficial Ownership Transparency in the Cayman Islands: The Current Framework and What Is Coming
The Beneficial Ownership Transparency Act 2023 and the evolution from confidentiality-as-default to transparency-as-condition for continued market access.
Read →Cayman Holding Structures in Cross-Border Financing: When and Why They Still Work
Why Cayman holding companies remain the foundation of cross-border acquisition financing despite Pillar Two, economic substance rules, and beneficial ownership transparency.
Read →Security Interests and Charges Under Cayman Law: A Practical Guide for Lenders and Borrowers
Creating, perfecting, and enforcing security interests under Cayman law — fixed and floating charges, share pledges, registration requirements, and enforcement mechanics.
Read →The Cayman-UK Regulatory Interplay: FCA-Authorised Managers and Offshore Fund Structures
How FCA-authorised fund managers navigate dual regulation when establishing and managing Cayman Islands investment funds — delegation frameworks, compliance architecture, and practical considerations.
Read →Anti-Money Laundering in the Cayman Islands: Obligations for Fund Sponsors, Directors, and Service Providers
The Cayman AML/CFT compliance framework — Proceeds of Crime Act, Anti-Money Laundering Regulations, CIMA oversight, and practical obligations for fund participants.
Read →Tax Information Exchange: CRS, FATCA, and the Cayman Compliance Framework
The Cayman tax information exchange regime — CRS and FATCA compliance obligations, reporting mechanics, entity classification, and the consequences of non-compliance.
Read →Corporate Governance for Cayman-Domiciled Entities: Director Duties, Fiduciary Standards, and the UK Comparison
Director duties and fiduciary standards for Cayman companies compared with the UK statutory regime — governance frameworks, liability exposure, and practical implications for boards.
Read →Cayman SPV Structuring for Cross-Border M&A: When and Why the Cayman Acquisition Vehicle Still Makes Sense
Why Cayman SPVs remain the dominant acquisition vehicle for cross-border M&A — structural advantages, tax neutrality, merger mechanics, and the impact of Pillar Two.
Read →Dispute Resolution in Cayman Fund Structures
A comprehensive examination of the mechanisms and forums governing dispute resolution in Cayman fund structures — Grand Court litigation, arbitration, derivative actions, winding-up petitions, and enforcement of foreign judgments and awards.
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