Enhancements to the Jersey Private Fund (JPF) regime that aim to strengthen the framework and ensure it meets the evolving needs of international professional investors will come into effect next week (6 August).

The Jersey Financial Services Commission (JFSC) has published its revised JPF Guide outlining the changes, which are intended to align Jersey’s offering with the expectations of global investors, managers, and fund promoters while maintaining robust oversight and regulatory standards.

Its key changes include the removal of the 50 offer/investor cap, with JPFs to be able to make an unlimited number of offers and have an unlimited number of investors, as long as the offer is made to a ‘restricted group’ of investors and that each investor is a ‘professional investor’ as defined in the JPF Guide.

A 24-hour turnaround will be introduced for JPF consents, provided the application is complete and requirements are met, and the definition of a professional investor will be broadened out.

Finally, the changes will allow a JPF to apply to the JFSC for consent to list its interests, subject to the JFSC’s approval.

The JFSC said that the revised guide and a new statutory instrument, the Collective Investment Funds (Jersey Private Funds) Order, demonstrated Jersey’s commitment to innovation and aligned with the global shift towards tailored, efficient private fund vehicles for professional investors.

“The updated JPF regime is a significant step, keeping Jersey’s fund offering evolving with the needs of industry,” stated JFSC director general, Jill Britton.

“JPFs continue to be a regulated product that investors can have confidence in - these changes streamline the regime and, together with our commitment to faster authorisation, we are underscoring our commitment to excellent service.”

Jersey Finance CEO, Joe Moynihan, added: “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.

“Combined, these enhancements will ensure Jersey remains a preferred domicile for private funds and their managers worldwide.”

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