Jersey Finance applauds updates to Jersey Private Fund regime

Jersey Finance has welcomed the government’s updates to the Jersey Private Fund (JPF) regime, which come into effect on 6 August.

The changes were announced by the Government of Jersey on Wednesday (23 July) following an industry consultation.

The revised JPF Guide published by the Jersey Financial Services Commission (JFSC) will seek to address the evolving needs of international professional investors by aligning Jersey’s offering with the expectations of global investors, managers and fund promoters.

Key enhancements include:

• Removal of the 50 offer/investor cap: a JPF may now make an unlimited number of offers and have an unlimited number of investors, provided the offer is made to a ‘restricted group’ of investors and that each investor is a ‘professional investor’ under the JPF guide.
• Introduction of a 24-hour turnaround for JPF consents, provided the application is complete and all requirements are met, enhancing Jersey’s speed-to-market advantage.
• Broader definition of professional investor.
• Permitting a JPF to apply to the JFSC for consent to list its interests, subject to the JFSC’s approval.

Joe Moynihan, CEO, Jersey Finance, said: “Since its launch in 2017, the JPF has become Jersey’s fastest-growing fund category, particularly well-suited to private equity, venture capital and real asset strategies.

“As private capital continues to evolve globally, these updates will further increase Jersey’s appeal to managers and professional investors seeking flexible fund solutions.

“Critically, the enhancements come after a period of industry consultation to offer a proportionate, risk-based regime that safeguards quality whilst also supporting innovation and responding to specific market needs for scalability, speed to market and optionality.”