Private Funds - The New Channel Islands Approach

In the last twelve months, both Jersey and Guernsey have launched new “private fund” regimes, which are designed to enhance speed to market and to offer an alternative to the more regulated products which may not be necessary or appropriate at the time of launch.

Jersey Private Funds
Launched in April 2017, the regime amalgamates and replaces three other products aimed at the private fund market, thereby simplify and streamlining Jersey’s offering in this area. Based on industry feedback and an analysis of competitor products in other jurisdictions, the regime represents a welcome development in the product range offered by Jersey and recognises the need for regulatory flexibility for private funds targeted at investors at a professional level of sophistication. The regime is likely to be of considerable interest to the private equity and real estate funds markets.

Guernsey Private Funds
The Guernsey Financial Services Commission introduced the new Private Investment Fund regime in November 2016. The regime creates a new class of private fund which may be registered with the regulator. Such funds may be either open or closed-ended, and are aimed at the situation where a manager has a close working relationship with a small group of investors. In this situation a more informal and flexible regulatory regime is appropriate.

 

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GUERNSEY
Sam ShiresPartnerT +44 (0)1481 748 916sam.shires@walkersglobal.com
Matt SandersGroup PartnerT +44 (0)1481 748 914matt.sanders@walkersglobal.com

JERSEY
Jonathan HeaneyManaging PartnerT +44 (0)1534 700 786jonathan.heaney@walkersglobal.com