THE BASICS
With the ability to be open or closed ended funds, the JPF benefits from a streamlined, fast-track regulatory process which has proven very popular since launch. When it launched, the JPF essentially merged and replaced three other products:
- Very Private Funds
- Private Placement Funds
- COBO Only Funds
A streamlined authorisation process applies at the Jersey Financial Services Commission (JFSC) on the basis that the JPF meets certain criteria. Each case requires formal guidance and appropriate advice to ensure that the proposal is in scope of the Jersey legislation and regulation.
THE ESSENTIALS
A Jersey Private Fund:
- Is quick and easy to establish with a conditional 48-hour
regulatory turnaround - Can be marketed to 50 or fewer professional or eligible investors
(those with a minimum investment value of £250,000) - Can be established as a company, limited partnership, limited
liability partnership, separate limited partnership, incorporated
limited partnership, or unit trust - Can be open-ended or closed-ended
- Is not required to appoint any Jersey-resident directors
- Is not required to appoint an auditor
- Must appoint a Jersey Designated Service Provider (DSP)
- Has no requirement for an offering document
- Must have JPF Annual Compliance Return signed and submitted
by the DSP - Does not require personal questionnaires in relation to the JPF itself
JTC’s PRIVATE CLIENT SERVICES
Many of our global entrepreneurial families and family offices we work alongside would benefit from Jersey Private Funds.
Some primary uses for creating a JPF include:
- Co-investment
- For launching private equity, real estate and corporate finance
vehicles - As a route to maintaining a sense of control and decision making
- As an opportunity to provide arm’s length commerciality
separate to the administration of the client’s personal structure - Enabling the setting of parameters to measure, reward and
ensure higher standards of corporate governance - To provide a compliant framework for philanthropy and to source
co-funding for sustainable investment projects
