Winding Up - Stonebridge Capital Hedge Fund Limited (2025-05-09)

Summary

This is a public enforcement notice from the Bermuda Monetary Authority (BMA) announcing that the Supreme Court of Bermuda has ordered the winding up of Stonebridge Capital Hedge Fund Limited, following a petition by the BMA under the Investment Funds Act 2006 (IFA) and the Companies Act 1981. It is an informational notice, not a rule imposing new ongoing requirements on the wider industry.

• Court order: The Supreme Court of Bermuda ordered the winding up of the Company on 31 January 2025 and appointed Rachelle Frisby and Robert Cowie of Interpath (Bermuda) Limited as Joint Provisional Liquidators (JPLs).
• Fund background: The Company, incorporated in Bermuda in 2018 and authorised as an Institutional Fund under section 13 of the IFA, operated two sub funds (Da Vinci Fund and Fibonacci Fund) focused on private equity capital growth.
• Breaches cited: The BMA found the Company breached section 14(1)(a) by failing to prepare audited financial statements, section 14(1)(b) by failing to appoint a replacement auditor and fund administrator, and section 26(1)(b) by failing to submit annual compliance statements to the Authority.
• Basis for action: The Authority considered these breaches serious given their duration and extent, and determined the Company and its Operators (Martin Pitoňák and Peter Pitoňák) were unable to restore or maintain compliance with the IFA.
• Contact: Questions about the Company should be directed to the JPLs, Rachelle Frisby and Robert Cowie, via the email addresses provided in the notice.

Applies to

Institutional Funds, investment funds regulated under the Investment Funds Act 2006, fund operators/directors