Investment funds in Guernsey

Carey Olsen (Guernsey) LLP

Carey Olsen handles a mix of funds work, clearly leading some statistical measures of funds advice. The firm handles private funds work instructed via elite London firms for some of the global elite private equity fund sponsors, with Tom Carey, Annette Alexander, David Crosland, Andrew Boyce and Ben Morgan leading key work in this area; a number of those also have expertise in handling listed funds work. Chris Hutley-Hurst is a well-respected senior associate, as is Gemma Campbell, who co-operates with Alexander and Morgan on work for elite private equity houses.

Practice head(s):

Ben Morgan

Other key lawyers:

Tom Carey; Annette; Alexander; David Crosland; Andrew Boyce; Chris Hutley-Hurst; Gemma Campbell


The Carey Olsen team is truly first-class: it is has very broad and deep experience and a real focus on combining technical excellence with commercial acumen.’

What differentiates the firm is the team’s solutions-oriented approach: they never present issues without suggestions on how to resolve them.’

The relationship and respect Carey Olsen has with the Guernsey Financial Services Commission is exceptional, and of great assistance when up against a tight time frame.’

David Crosland is very focused on delivering pathways to the result the client wants.’

Annette Alexander manages her relationships with a true ownership mindset – working with her and her team is a real partnership.’

Chris Hutley-Hurst is a very capable senior associate who is also a really nice guy.’

Key clients


Marble Point Loan Financing

Inflexion Private Equity Partners

CEIBA Investments

Alchemy Partners

ADM Capital

Macquarie Group

Blue Water Energy

Alchemy Partners

Terra Firma Capital Partners

Work highlights

  • Advised Inflexion Private Equity Partners on forming Inflexion Buyout Fund V, which raised £1.25bn, and Inflexion Partnership Capital Fund II, which raised £1bn – both of which were oversubscribed.
  • Advised Alchemy Partners on forming a special opportunity fund, Alchemy Special Opportunities Fund IV, which raised its hard cap of £900m.
  • Advised Picton Property Income, a fund with a net asset value of around £500m, on its transition from a Guernsey resident collective investment scheme to a UK REIT.
  • Advised ADM Capital on the designation of its agribusiness fund, the Cibus Fund, as the first Guernsey Green Fund.
  • Advised Permira on forming Permira Growth Opportunities and Permira Sigma V, a debt fund investing in European CLOs.


Mourant handles a range of work, including complex mandates relating to leading listed funds. Caroline Chan has listed funds expertise, as does Darren Bacon; in private funds, Frances Watson  also handles billion-dollar fundraisings, as well as complex work concerning open-ended funds. Senior associate Alana Gillies is active in advising leading private equity firms. Dylan Latimer is now at Bedell Cristin.

Practice head(s):

John Lewis


‘The team has a thorough grasp of the sector and issues affecting listed funds, with advice delivered in an efficient manner.’

‘Frances Watson is very calm but clearly on top of all the issues, without over-complicating the points.’

‘Excellent on listed funds.’

‘Frances Watson gives excellent practical advice and is extremely user-friendly.’

‘One of the leading firms for funds work.’

‘Darren Bacon is responsive, commercial, easy to deal with and very strong across a broad range of fund types.’

‘For funds work, the three leading firms are Mourant Ozannes, Carey Olsen and Ogier. To be a top funds practice in Guernsey, you need to be a team that knows when to be hands-off (ie letting lead counsel in London run the deal) and when to be hands-on, and a team that is able to come up quickly with good solutions to problems that arise. Ideally, you also need to be strong at both private funds and listed funds.  The Mourant team is very good because it has all these key characteristics’.

Key clients

Aberdeen Asset Management

Actis Capital

AXA Investment Management







SQN Capital

Work highlights

  • Advised Stonehage Fleming on launching a Guernsey fund using assets transferred from cells in protected cell company.
  • Advised Investec World Axis on launching two open-ended funds as cells of an existing protected cell company.
  • Advised NextEnergy Solar Fund on issuing preference shares.
  • Advised Sequoia Economic Infrastructure Income Fund on the offer and placing of shares.
  • Advised John Laing Infrastructure Fund on its sale to a consortium led by Dalmore Capital and Equitix Investment Management.


Alongside a number of private funds mandates, Ogier handles listed fund formations and transactions as well as a range of ongoing advisory and regulatory matters. Craig Cordle handles venture capital work as well as listed vehicles, with Bryon Rees also a key name for both seams of work. Tim Clipstone, who joined in 2018 from Maples Group in Tortola, contributes BVI law expertise.

Collas Crill

Collas Crill covers both listed funds as well as mid-size private funds, some of which invest in unusual assets such as litigation finance, while the firm also advises institutional investors on limited partner commitments. Paul Wilkes, Sean Cheong and Wayne Atkinson are all active in funds work as part of the firm's broader corporate and finance practice.

Practice head(s):

Paul Wilkes

Other key lawyers:

Sean Cheong; Wayne Atkinson

Key clients


EquityBridge Asset Management

Channel Islands Property Fund

Riverside Capital Group

Freedom Asset Management

SA Alpha

Cannon Asset Management

Da Vinci Group

Calunius Capital

Work highlights

  • Advised Peregrine Guernsey on relocating a Bermuda master-feeder structure to Guernsey.
  • Advised India Capital Growth Fund on its elevation from AIM to the main market of the London Stock Exchange.
  • Advised African Capital Managers on the creation of an open-ended fund registered with the GFSC.
  • Advised SA Alpha on the creation and regulatory approval of two new funds structured as protected cells.

Ferbrache & Farrell LLP

Ferbrache & Farrell LLP handles a range of fund formation and advisory mandates, covering both private funds as well as open-ended funds work. Gavin Farrell's team has a strong following among Norwegian managers, and also advises US university endowments. Natalie Le Cras is the key senior associate.

Practice head(s):

Gavin Farrell

Other key lawyers:

Natalie Le Cras


A newer boutique law firm on the island with partners that have worked for years in larger offshore and onshore firms.’

Gavin Farrell is one of the best corporate and funds lawyers on the island – he has a very detailed approach but always sees things with a fresh mind.’

Key clients

Associated Partners

E. I. Sturdza Strategic Management

ESRG Group

Financial Services Opportunity Investment Fund

Guernsey Investment Fund


Kestrel Partners

Lakestar Advisors


Offshore Merchant Partners Asset Yield Fund

Phaunos Timber Fund

Work highlights

  • Advised Lakestar Advisors on creating two new billion-Euro private fund structures: Lakestar III and Lakestar Growth I.
  • Advised as sole counsel on the creation of the Guernsey Investment Fund, a structure aiming to invest in on-island assets structured as a Guernsey PCC.


WALKERS advises a number of managers, many of real estate funds, on various issues concerning the uses of Guernsey protected cell companies. The team also handles investor-side work for sovereign wealth funds. Matt Sanders and Sam Shires - key names in the firm's broader corporate, finance and funds practice - lead agenda-setting mandates. Among the firm's senior counsel ranks, Stephen Ozanne is a new promotion and Zoe Hallam joined from the firm's Cayman office.

Practice head(s):

Matt Sanders

Other key lawyers:

Sam Shires; Stephen Ozanne; Zoe Hallam

Key clients

Hansa Fund

Hillview Partners Property Fund

PSG Mutual Fund

Shelley Capital Management

Socii Capital Growth

Strawberry Star Real Estate

The International Mutual Fund PCC

Work highlights

  • Advised Strawberry Star Real Estate on the launch of two new protected cells to invest in UK property.
  • Advised Shelley Capital Management on the creation of a new fund to take control of one whose manager was subjected to a GFSC suspension.
  • Advised The International Mutual Fund on the wind-down of a number of its cells.


Appleby's handles various mandates concerning listed and private funds, some of which involve collateralised loan obligations, with counsel Chet Pohl. Kate Storey left in mid-2018 to join WALKERS, and in September 2019 Andrew Harding returned to the Isle of Man, joining DQ.

Bedell Cristin

Bedell Cristin's corporate team, which is led by Kate Ovenden and Richard Sharp, handles funds work, primarily private funds in the energy space, while some of the firm's other mandates concern regulated funds as well. Sharp also has insurance-related funds expertise. Dylan Latimer joined as a partner from Mourant, where he was a counsel, in September 2019.

Practice head(s):

Kate Ovenden

Other key lawyers:

Richard Sharp; Dylan Latimer

Key clients

Catalyst Investment Management

Work highlights

  • Advised EV Private Equity on launching a new fund, EV Private Equity V Plus.