Global law firm Ashurst has advised the Department for Energy Security and Net Zero (DESNZ) and the United Kingdom Atomic Energy Authority (UKAEA), on DESNZ's £20 million cornerstone investment in "Starmaker One" – a British fusion focused private venture capital fund, raised by the emerging UK manager East X Ventures.
The fund is focused on investing in UK fusion businesses and start-ups in the sector, with the aim to help them grow and commercialise at scale.
Ashurst supported DESNZ and UKAEA to assess and negotiate the legal elements to their investment in the fund and the basis of their new investor-manager relationship with East X Ventures.
The Ashurst team was led by investment funds partner Oliver Cary, with Alex Hutchinson as lead associate, and supported by funds counsel Neil Ziatabari and junior associate Jonny Mussard.
Partners Jacob Gold and Patricia Allen led on corporate and tax aspects respectively, supported by associates Ben Hewitt (corporate) and Aaron Robertson (tax), while partners Callum McPherson and Bradley Rice supported in relation to financing and financial regulatory elements together with senior associates Daniel Smith (finance/global loans) and Henry Glasford (financial regulatory). Ashurst Risk Advisory director Maria-Laure Knapp and executive Gohto Saikawa also assisted with certain due diligence items.
