Highly flexible, fast track fund regime – what we’ve been waiting for!

Graeme Paton
25 May 2017

A highly flexible fund regime with a forty eight hour regulatory approval process capable of being offered to up to 50 investors sounds very attractive. When that regime is offered from one of the world’s most highly respected international finance centres then it starts to sound like the perfect solution for many prospective fund launches. Perhaps it’s just what many of us have been waiting for!

That’s exactly why the recent launch of the Jersey Private Fund regime has been welcomed with open arms by fund professionals, private equity houses and family offices in equal measure.

The Jersey Private Fund regime affords considerable flexibility both in terms of structuring and documentation requirements coupled with a streamlined, fast-track approval process. Key features include:

  • Minimum investment per investor of £250,000
  • Can be open or closed ended
  • No investment or borrowing restrictions are prescribed within the regime
  • Fund vehicle can take a variety of legal forms e.g. company, limited partnership etc
  • Does not have to be a Jersey legal entity
  • Promoter does not require prior regulatory approval in Jersey
  • No requirement for a formal offering document
  • Investors must acknowledge an investment warning & disclosure statement
  • No audit is required although we usually recommend one as good practice
  • Must appoint a designated service provider in Jersey, Minerva can fulfil this role
  • Regulatory approval within 48 hours of application being lodged with the Regulator
  • Regulatory application fee of £1,070 and annual regulatory fee of £500
  • When marketed into EEA – AIF Codes apply and an offer document may be required
  • Cannot be listed (including technical listings)

The new regime is a perfect complement to the existing Expert and Unregulated Fund regimes available in Jersey.

Gavin Wilkins, Client Relationship Director at Minerva commented: “The Jersey Private Fund regime is the perfect solution for a variety of scenarios where a highly flexible framework is required from a jurisdiction which is known and trusted by investors and fund professionals alike. The ability to offer a Jersey Private Fund to up to 50 investors really makes a difference as it is not unduly restrictive, neither is the level of prescription related to the investment manager which makes it an ideal solution for established players and start-ups alike. The open architecture in terms of legal form together with a stream-lined application process are the icing on the cake. We see the Jersey Private Fund regime being hugely attractive to a wide variety of users and strategies.”

For further information on the Jersey Private Funds regime or for a straightforward and clear overview of the various fund regimes available in Jersey please refer to Minerva’s briefing notes on these subjects  – Jersey Investment Funds, Overview and Jersey Private Funds, Overview.

Or better still, please get in touch with Gavin Wilkins, Graeme Paton or your usual Minerva contact to find out more.

Contacts

Gavin Wilkins
Client Relationship Director and Group Head of Intermediaries

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