Acquisitions in Cayman Islands

IQ-EQ, an Astorg portfolio company, has acquired Gordian Capital, an institutional cross-border fund platform focused on serving asset managers, sovereign wealth funds, family offices, and corporates. Founded in 2004, Gordian has operations across Asia Pacific and manages approximately $17 billion in assets. Gordian will continue operating under its current name until a planned rebrand in Q2 2026, with CEO and co-founder Mark Voumard joining IQ-EQ’s Asia leadership team.

Polymath completed its acquisition of the Polymesh Association, which has transitioned into Polymesh Labs Ltd. following the close. As a Cayman Islands-based subsidiary of Polymath, Polymesh Labs will oversee the Polymesh blockchain and related applications, with added resources aimed at accelerating institutional adoption for regulated asset tokenization.

TNL Mediagene announced it has completed its previously announced business combination (merger) with Blue Ocean Acquisition Corp, a Nasdaq-listed SPAC. Following the merger, TNL Mediagene will begin trading on NASDAQ under the ticker symbol TNMG starting December 6, 2024.

Gladstone Investment Corporation increased its investment in existing portfolio company Nocturne Luxury Villas by providing $18.5 million of secured first-lien debt to support Nocturne’s acquisition of Grand Cayman Villas and Condos (GCVC). GCVC is a villa rental management company operating in Grand Cayman, managing and marketing more than 180 luxury properties and condos.

Collegium Pharmaceutical, Inc. entered into a definitive agreement to acquire Ironshore Therapeutics Inc. for $525 million in cash, with the potential for an additional $25 million milestone payment tied to 2025 net revenue performance of Jornay PM. The transaction expands Collegium into neurology/ADHD through Ironshore’s commercial product Jornay PM and is expected to close in the third quarter of 2024, subject to customary conditions and regulatory approvals.

PROVEN Investments Limited, through its newly formed subsidiary PROVEN Bank Holdings Limited, completed the acquisition of 100% of Fidelity Bank (Cayman) Limited effective February 1, 2022. The shares were acquired from Fidelity Bank & Trust International Limited, expanding PROVEN’s regulated banking footprint in the Cayman Islands.

Umbrella Network, a decentralized Layer-2 oracle solution, acquired Lucidity, a blockchain-based digital advertising and analytics/oracle platform, in a deal completed in August 2021 for an undisclosed amount. Umbrella Network plans to integrate Lucidity to increase transaction volume and provide enhanced transparency and analytics tools for digital advertising customers, with expected accretion as early as Q1 2022.