O'Melveny Represents Deutsche Bank Community Development Finance Group in Formation of Groundbreaking Social Venture FundMay 06, 2010
FOR IMMEDIATE RELEASE
O'Melveny & Myers LLP
O'Melveny & Myers LLP
SAN FRANCISCO, CALIFORNIA ─ MAY 06, 2010 ─ O’Melveny & Myers LLP represented Deutsche Bank Community Development Finance Group (DB-CDFG) in connection with the formation and capitalization of Eye Fund I, LLC (Eye Fund).
The Eye Fund is a social venture fund formed to provide capital to eye care organizations in developing countries around the world. The money will be used to expand programs offering prevention and treatment for blindness and other visual disabilities in those countries, where sufferers account for 87% of the 314 million visually impaired people globally, according to World Health Organization estimates. The Eye Fund is sponsored by DB-CDFG in partnership with the International Agency for the Prevention of Blindness, the largest association of eye care intermediaries, and Ashoka, a non-profit organization that identifies and invests in leading social entrepreneurs.
The Eye Fund raised approximately US$14.5 million from a diverse group of investors and lenders in the United States and Europe. To date, the Eye Fund has provided financing to eye care organizations in China, Nigeria, and Paraguay to assist with the construction of new hospitals and facilities, expand community outreach programs, provide training programs, and purchase specialized eye care equipment.
The commencement of the transaction through closing spanned more than two years and faced numerous structuring and regulatory challenges due to general economic conditions and the global scope of the Eye Fund. At closing, Asad Mahmood, Managing Director of Global Social Investment Funds at Deutsche Bank, commented, “we are especially thankful to O’Melveny & Myers LLP who provided continued pro-bono services since the early stages of the Eye Fund.”
"The entire O’Melveny team was pleased to work alongside Deutsche Bank to provide pro bono services to the socially-conscious Eye Fund and to make the Eye Fund’s worthy mission become a reality," said Peter Healy, the lead O’Melveny partner on the pro bono team.
The O’Melveny San Francisco team was led by partner Peter Healy and counsel Todd Hamblet, with support from counsel Justin Laubach and associates Jennifer Taylor and Sam Roseme.
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