IGUAKO Capital is a work of institutional fiction by the Iguako Institute for Applied Unreality. No financial services are offered, no accounts exist and nothing here is an offer, a contract or advice.About this work
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Domicile · Caribbean

British Virgin Islands.

The British Virgin Islands is the holding jurisdiction of the Private Equity division. Nineteen of the 47 portfolio companies and positions are held through business companies administered from Tortola Quay. The positions themselves are counted in the regions where the operating businesses sit, in Brazil, South Africa, Australia and elsewhere, so the 19 is a count of legal ownership, not of regional attribution. Twenty-seven vehicles were on the Road Town register at 30 June 2026, each with a named administrator who answers for its filings, its register and its board.

Served from Road Town
People in Road Town
6
Vehicles on the register
27
Positions held through the territory
19 of 47
Client portfolio attributed
US$41 million
Local entity
IGUAKO Capital (BVI) Ltd.
Entity type
Business company limited by shares
Role
Holding and co-investment vehicles
City
Road Town
Currency
United States dollar (USD), the legal tender of the territory
Time zone
Atlantic Standard Time (UTC-4), no daylight saving
Languages
English
Region
Caribbean

Presence

Office at Level 3, Tortola Quay, Road Town: six people led by Marisol Tennant-Adeyinka, with a named administrator for every vehicle.

Why this domicile

  • A familiar body of company law and a mature register that the founders had worked under before the group was formed.
  • The US dollar is legal tender, so vehicles that receive and distribute dollars carry no currency layer.
  • Recognition of the territory's vehicles by the co-investors' own custodians, auditors and home regulators.
  • A supervisory regime for approved managers that fits a group investing its own and its co-investors' capital without a public fund.

The long-term co-investors join the group here. IGUAKO Co-Investment I Ltd., established in 2021 and now closed to new commitments, and IGUAKO Co-Investment II Ltd., established in 2024 and open, invest in parallel with the proprietary balance sheet on the same terms and at the same time. Commitments to the two vehicles total US$118 million, of which US$41 million was invested and under stewardship at 30 June 2026. That figure is the client portfolio attributed to the territory. Capital calls, distributions and the waterfall are calculated in Road Town and checked in George Town before any notice is sent.

Substance is kept in the territory rather than on paper. Each vehicle has at least one resident director, keeps its accounting records at Tortola Quay and holds its board meetings on the island rather than by written resolution. Closings are signed and dated in this office. Structuring is worked out with the deal teams in Palm Beach and London, and the founders' experience of the territory's companies regime before 2019 is one reason the group chose it over alternatives with similar law but less familiar administration.

The 2026 phase of Programme Latitude reaches Road Town as consolidation. Four dormant vehicles were struck off in the first half of the year, and the register is reviewed each quarter so that a vehicle exists only while a position or a commitment needs it. Cash held by the vehicles between a distribution and its payment now clears through the Latitude Treasury (Cayman) Ltd. cycle. Investor reporting moves to the consolidated Caribbean return in the second half of 2026.

Services booked here

  • Holding vehicles for 19 of the 47 portfolio positions
  • Parallel co-investment vehicles for the long-term co-investors
  • Capital-call, distribution and waterfall administration
  • Registered office, registers and resident directorships
  • Quarterly statements for co-investment partners

Local entities

The register.

EntityPurpose
IGUAKO Capital (BVI) Ltd.Approved manager and parent of the territory vehicles, 2021
IGUAKO Co-Investment I Ltd.Parallel co-investment vehicle, closed to new commitments, 2021
IGUAKO Co-Investment II Ltd.Parallel co-investment vehicle, open to commitments, 2024
Tortola Quay Nominees Ltd.Nominee and registered office company for the vehicles, 2021

Regulatory approach

The Road Town vehicles are business companies registered under the territory's companies regime, and each files its register of directors and its beneficial ownership information with the territory's registry as the law requires. IGUAKO Capital (BVI) Ltd. holds approved-manager status under the local investment business regime, which permits it to manage the two co-investment vehicles for the co-investors without a full licence, subject to a cap on assets under management that the vehicles remain within. The approved manager files an annual return and a semi-annual statement of assets with the local financial services regulator and notifies it of any change of director or auditor. Economic-substance returns are filed for every vehicle carrying on a relevant activity. No territory entity accepts deposits, holds client money or offers anything to the public.

Regulatory notices

Six notices for British Virgin Islands.

Each notice combines the group standard with the provisions that apply in this jurisdiction.

British Virgin Islands: domicile factsheetPDF · 10 KB · Domicile factsheets

Also in the region

Caribbean.

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