Commercial Court Judgment on Private Equity Continuation Fund Dispute

On Friday 17 July, Mr Justice Bryan handed down a 294 page judgment in Cedar Mundi (Holding) SAL v Attieh & Ors [2026] EWHC 1820 (Comm), following trial between February and April 2026.

The dispute concerns the transfer of a portfolio of investments from a Lebanese private equity fund to a continuation fund set up by a cornerstone investor of the original fund in the Cayman Islands. The immediate context to the dispute was the Lebanese financial crisis, and associated restrictions placed on US Dollars held in the Lebanese banking system. The Judge found that the relevant transactions were void under Lebanese law, and carried out in breach of fiduciary duty.

Ian Wilson KC and William Day acted for the Claimant, instructed by Adam Silver, Julie Witham, Harley Evans and Richard Herstell of Dechert LLP. Ryan Ferro also acted at an earlier stage of the proceedings.

Tom Montagu-Smith KC and Matthew Watson acted for the Defendants, instructed by Pinsent Masons LLP.

The judgment can be accessed here.