The Bermuda Monetary Authority has confirmed that Rapture Global Investment Fund Ltd has been ordered into liquidation, following a successful petition to the Supreme Court earlier this year.

In a notice published this week, the BMA said the court issued the winding-up order on September 4, appointing the Official Receiver as provisional liquidator. The regulator turned to the court after determining the fund had committed a series of “significant” and sustained breaches of Bermuda’s Investment Funds Act 2006 and the Investment Fund Rules 2019.

Rapture Global, incorporated in June 2017 and authorised as an institutional fund shortly after, was created to provide long-term capital appreciation across a broad range of assets.

Instead, according to the BMA, the fund failed to meet multiple core obligations, including: not conducting business in a prudent manner, failing to prepare audited financial statements, failing to file annual compliance statements, not maintaining a Bermudian-based representative with access to the fund’s books and records and failing to submit quarterly net asset value filings.

The Authority said the length and breadth of the non-compliance, and the company’s failure to fix the problem, left no reasonable prospect of the fund or its operators returning to compliance. The petition, it added, reflects the BMA’s commitment to protecting investors and maintaining Bermuda’s reputation as a well-regulated jurisdiction.

Questions related to the liquidation are being directed to the Official Receiver at kjoaquin@gov.bm.

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