Next Generation Partners

Investment funds in Guernsey

Carey Olsen

Carey Olsen fields 'the leading team for investment funds in Guernsey', with the capacity to advise on the waterfront of investment fund issues. The group has particular expertise in the formation of private equity, real estate, debt and energy funds, as well as the listing of funds on the London Stock Exchange. The group sits in the corporate and finance group, under the leadership of Ben Morgan , who focuses on alternative investment fund matters. Andrew Boyce  specialises in structuring and establishment of open and closed-ended investment funds and the credit and structured finance products related to them. David Crosland  is noted for fund launches, while Annette Alexander  is another key name for alternative investment funds, advising domestic and overseas fund promoters and financial institutions. Senior associate Gemma Campbell  is also recommended, particularly for open- and closed-ended fund structuring and regulation.

Practice head(s):

Ben Morgan

Other key lawyers:

Andrew Boyce; David Crosland; Annette Alexander; Chris Anderson; Gemma Campbell


‘The leading team for investment funds in Guernsey.’

‘David Crosland is cutting edge and the go to lawyer. Ben Morgan’s knowledge and experience is palpable. Andrew Boyce is diligent and thoughtful with advice. Chris Anderson provides excellent advice. Annette Alexander is very approachable.’

‘Best in class investment fund legal advice on the island’

‘Andrew Boyce is an outstanding expert in this field.’

‘The investment funds practice is outstanding. Commercially driven, fantastic turn around times, reliable and high quality deliverable.’

‘Annette Alexander has top notch commercial and regulatory knowledge and she is always available. She leads a brilliant team and it is always very pleasant to work with her.’

‘Extremely responsive, pragmatic and helpful team. They are well-organised and provide the sort of intelligent service you would expect from a top City firm, I am really happy with them. They have deep and broad industry knowledge and are useful sounding boards and creative solution providers.’

‘Annette is very hands-on and always available, I feel myself to be in very capable and safe hands. The rest of her team’s performance is equally reassuring, and I also work a lot with Alexandria du Jardin, who is impressive and knowledgeable. The team are also friendly and a pleasure to work with.’

‘Carey Olsen is without doubt the market leader for funds in Guernsey. It holds tremendous knowledge on the industry, structures and best practise, which other firms in many cases just do not have the level of experience with.’

‘Anette Alexander is a long-time trusted partner to us. She ensures full coverage by the team no matter what the circumstances and uses her in depth knowledge of our business and structures to steer us in the optimal direction. She leads by example with timely responsiveness and at all times ensures we feel in safe hands.’

Key clients

Coller Capital

Ashmore Group

Cordiant Digital Infrastructure Limited

Hambro Perks Acquisition Company Limited

Neuberger Berman


Park Square Capital

Ninety One Premier Funds PCC

BMO Commercial Property Trust

VinaCapital Vietnam Opportunity Fund Limited

Brevan Howard

JP Morgan Global Core Real Assets Limited

Corten Capital


Inflexion Private Equity Partners LLP

Deutsche Beteiligungs AG

Alchemy Partners LLP

Macquarie Group

Alchemy Partners

Terra Firma

Work highlights

  • Advised Coller Capital on the launch and US$9 billion final close of Coller International Partners VIII (CIP VIII).
  • Advised Basalt Infrastructure Partners (Basalt) on the successful launch and final close of its latest fund, Basalt III, with commitments of US$2.75 billion.
  • Provided Guernsey legal and regulatory advice to Preservation Capital Partners in respect of the formation, structuring and launch of Preservation Capital Partners Fund II, a new fund domiciled in Guernsey.


Clients say that they receive 'first class advice from technically gifted lawyers who really understand the sector' from the team at Mourant, which has significant experience in alternative fund asset classes; particularly in relation to private equity, venture capital, technology, crypto assets and renewable energy. Darren Bacon  focuses on real estate and infrastructure funds, and is active in Guernsey's  investment and funds association; and Frances Watson  is another key member of the team and a veteran of the investment funds arena. Helen Wyatt  heads the group, with broad expertise across funds and their regulation. Fluent in Cantonese, senior associate Pui Yee Lai draws on experience practicing in Hong Kong, Singapore and the UK, as well as in-house, to advise on multi-jurisdictional on- and offshore investment fund deals.

Practice head(s):

Helen Wyatt

Other key lawyers:

Darren Bacon; Frances Watson; Pui Yee Lai; Alana Nisbet


‘Our ‘go to’ legal advisers in the Channel Islands. Excellent local knowledge and connections.’

‘Helen Wyatt is always responsive to our legal questions and provides practical, plain-speaking advice in a very timely manner.’

‘First class advice from technically gifted lawyers who really understand the sector.’

‘Darren Bacon and Frances Watson are very responsive and technically capable and a pleasure to deal with.’

Key clients

Aberdeen Standard Global Infrastructure GP III Ltd

Acis Capital

African Global

Arab Bank

Arion Bank

Arle Capital

Asper Investment Management Limited


APQ Global Limited


Baker Street  Resources Trust

Bencis Capital


BMO Global

Brockton Capital


Castledon Commodities

CC Debt



CP Cognent Asset Management

Dominion Fund

Dragon Capital

Dr. Peters Group

Fairfax Africa Holdings Corporation

Fidelity Funds

Foord Asset


Generation Investment

Genesis Investment

Goldman Sachs

GPH Group

Hamilton Lane


Harwood Capital


Highland Capital Management


Hoegh Capital Partners


Infrared Capital


John Laing Infrastructure

Jordan/Zalaznick Advisors

Kingsbridge Capital

Kuwait Investment Company

Kvika banki

Long Harbour

MENA Capital

Mercer Global Investments

Morgan Stanley

NextEnergy Capital Management

NextEnergy Solar Fund Limited

NextPower II LP


Nova Capital


One Peak



Pembroke VCT

Premier Milton Group

Preservation Capital

Private Label


RBC Wealth

Rising Star


Savex Capital


Schroder Real Estate Investment Trust Limited

Sequoia Economic Infrastructure Income Fund Limited

Sherborne Investors Management LP


SoftBank Group

SQN Capital

Standard Life


Stirling Mortimer



Timber Capital

Warburg Pincus LLC

Weiss Asset Management

White Star

Windmill Hill Asset

Work highlights

  • Advising on the issue of shares in Aberdeen Emerging Markets Investment Company Limited in connection with the reconstruction of Aberdeen New Thai Investment Trust PLC. Our scope of work included reviewing a prospectus, circular and other transaction documents and providing a Guernsey legal opinion with respect to a placing agreement.
  • Advised HgCapital LLP on the establishment, initial closing and subsequent closings of the Hg Titan 1 Fund, including the establishment of the GpCo, GPLP, Aggregator and P&E entities, preparing and advising on all regulatory applications.
  • Advising from a Guernsey law perspective on Close Brothers Asset Management (Guernsey) Limited’s application to the GFSC for a license to carry on controlled investment business.


The investment funds team at Ogier is particularly well-versed in advising asset managers and Guernsey and international funds on local and cross-border regulation and structuring; providing transactional advice, and representation in contentious issues, as well as assisting with financing issues. Bryon Rees  and Tim Clipstone  jointly lead the practice, with experience across the investment funds space. Managing associate Richard Doyle handles investment fund-related taxation, while fellow managing associate Michelle Watson Bunn has expertise in investment funds transactions.

Practice head(s):

Bryon Rees

Other key lawyers:

Tim Clipstone; Richard Doyle; Michelle Watson Bunn; Michaela Jesson; Gabrielle Payne; James Dickinson


‘Strong understanding of the range of Funds and regulatory regime. Practical approach to complete necessary structuring and documentation. Good team work to provide a value-focused service by working with partners and associates’

‘Good team leader and ability to delegate work. Ability to provide a quick response and problem-solving approach. Very patient with explanations and providing a range of options.’

‘The individuals within the Ogier investment funds team which we work with are friendly, calm and always keen to help in whatever way they can. Special mention to Gabrielle Payne who can never do enough to help and Bryon Rees who understands clients needs and provides appropriate advice/solutions.’

‘Bryon Rees – Very responsive. Provides solutions with minimal fuss cutting to the chase on the important issues. Always provides value-add.’

‘Advice that is concise, on point and within budget is key for an onshore firm when introducing an offshore firm to clients. Ogier tick all three boxes.’

‘They work extremely well as part of a large cross-firm team, fitting in seamlessly and effectively. It is great to work with local counsel that advance rather than hinder a project.’

‘Approachable, knowledgeable, professional and friendly are some of the qualities that come to mind. Bryon Rees, Marcus Leese, Chris Jones and Michelle Watson-Bunn particularly stand out for me.’

‘Phenomenal knowledge of both the law and the intricacies of the private equity industry. Always the best.’

Key clients

Vision Blue Resources

Ventures Platform

Tanjun Capital


Disruptive Capital Acquisition Company Limited

Stanley Capital Partners

Chrysalis Investment Company Limited

Trian Investors 1 Limited

Work highlights

  • Acted as lead counsel in respect of the structuring, set up and first close of a new fund, Vision Blue Resources Limited (the Fund). The focus of the Fund is on investments in the battery minerals sector. The primary individuals behind the fund include Sir Michael Davis who was a key executive involved in the development of Xstrata and LSE listed mining company which was acquired by Glencore plc.
  • Advised Ventures Platform on the establishment of a new registered closed-ended capital fund, Ventures Platform Fund IV LP, which will invest in early and growth stage venture capital opportunities in Africa. The fund has commitments from a broad range of Nigerian and African based investors, as well as global and institutional investors.
  • Acting as Guernsey counsel in respect of the establishment and close of Tanjun Capital I LP. Advice was provided in respect of the establishment of the fund and its registration number the Registered Collective Investment Scheme Rules and Guidance, 2021 in Guernsey.


Walkers‘ investment fund and corporate team grew in 2022, with the arrival of Craig Cordle from Ogier, adding an experienced hand in fund structuring and transactions. The group is jointly led by Kate Storey , whose practice spans investment fund structuring and finance, as well as equity raising and listings; and managing partner Matt Sanders , who often coordinates multijurisdictional fund deals involving the Channel Islands and London offices. Chris Hutley-Hurst has substantial experience in private equity fund and listed fund formation, as well as a variety of fund transactions. Senior counsel Jessica Robinson is a lawyer to watch for transactional issues.

Practice head(s):

Kate Storey; Matt Sanders

Other key lawyers:

Chris Hutley-Hurst; Jessica Robinson

Key clients

Singapore Exchange Limited

Stanley Capital

Strawberry Star

Chrystal Capital Partners LLP

IlliquidX Limited

Guernsey Investment Fund PCC

Longship AS

Longship Fund I LP

Longship Fund II LP

g Capital Limited

Network Innovations Inc

Warburg Pincus

Work highlights

  • Advised IlliquidX on the establishment and launch of a new Guernsey protected cell company Canaima Global Opportunities Fund PCC Limited, the cells of which will focus on purchasing distressed sovereign and corporate debt in emerging economies including Venezuela.
  • Instructed by Wong Partnership LLP, Singaporean counsel, to assist with the Guernsey legal aspects of Singapore Exchange Limited’s US$200m investment in a Guernsey limited partnership managed by 7Ridge.
  • Advised Network Innovations Inc on minority limited partner rights in respect of the rollover of management equity rights from a technology company headquartered in Illinois, Chicago into a Guernsey limited partnership, in connection with the private equity investment by Cinven, including reviewing final limited partnership and investment documents.

Bedell Cristin

Bedell Cristin combines expertise in funds, real estate and corporate law to advise on fund administration, regulation and transactions. The practice is led by Dylan Latimer, whose recent instructions include assisting real estate investment funds with the sale and acquisition of commercial property and clean energy funds on their investments into green projects and ESG-related regulation.

Practice head(s):

Dylan Latimer

Key clients

Pollen Street Capital

Catalyst Investment Management (Guernsey) Limited

Schroder Real Estate Investment Trust Limited

Work highlights

  • Advised Catalyst MENA Clean Energy Fund in relation to two new solar projects in Egypt. We have also advised on the restricting of investor drawdowns, the extension of the investment period, management fees, and changes in the global tax compliance and consequential changes to ESG standards in investor side letters.  We are also mandated to act in connection with the upcoming second fund.
  • Advised (as lead counsel) long standing global fund administration client, Ocorian Services Limited on its acquisition of Trust Corporation, a Guernsey licensed fund administrator and fiduciary services provider.
  • Provided Guernsey legal advice to Schroder Real Estate Investment Trust Limited, an authorised closed ended fund listed on the London Stock Exchange on an ongoing basis.

Collas Crill

Clients appreciate the 'real depth and knowledge' on display at Collas Crill, where lawyers focus on advising innovative managers on fund formation, with increasing expertise in the crypto asset space; as well as investors, including high-net-worth individuals, private banks and sovereign wealth funds on their activity. Wayne Atkinson  heads the team and has developed a reputation for green and impact investment structuring and the related regulatory requirements. Gareth Morgan  has strong links with South African clients, advising on launching a number of funds. Paul Wilkes is a consultant with broad investment funds knowledge.

Practice head(s):

Wayne Atkinson

Other key lawyers:

Paul Wilkes; Gareth Morgan


Very approachable and one of the only teams in Guernsey with the real depth and knowledge to launch and maintain investment funds.’

Strong technical funds team and responsive.’

Collas Crill is my preferred offshore law firm. They are very focussed, responsive, cost conscious and pro active. Every funds lawyer I worked with at Collas Crill was extremely technically able. They offer a very commercial approach and add value.’

Wayne Atkinson is a very thoughtful lawyer who sees a big picture without neglecting minutiae. Very experienced.’

Wayne and Gareth managed to create a structure and framework from scratch and get a regulator to approve it. Their willingness to take on this piece of work and execute it makes them stand out.’

Key clients

Jacobi Investment Funds PCC Limited

Integral Asset Management Limited

Oleada Capital Guernsey Limited

Freedom Asset Management Limited

RAW Capital Partners

Marlborough International Management Limited

Darwin Property Investment Management Limited

Riverside Capital Limited

The Channel Islands Property Fund Limited

Ravenscroft Investment Management Limited

White Star Capital Group (Venture Capital Group)

Cazenove Capital Management Limited

Rangemore Advisory Limited

Seek Ventures GP Limited

Sanlam Investments UK Limited

Sygnia Group (South African venture fund manager)

MJ Hudson

Resolute Capital Partners Ltd (US based investment firm)

IP Global Limited

Work highlights

  • Advised Digital RFQ Limited on the establishment, structuring and authorisation as an authorised, open-ended Class B fund of Jacobi Investment Funds PCC Limited and the creation of its first fund, Jacobi Bitcoin ETF, the Worlds first Bitcoin backed investment fund.  Transaction value, based on predicated year one value of the Fund, is US$1billion.
  • Acted for Sanlam Investments UK as lead counsel on the establishment, structuring and authorisation of Aubrey Walk Asset Management Limited and Aubrey Walk Investment Funds PCC Limited (a licensed manager and authorised open-ended Class B fund respectively) and on the launch of its first fund, the Qualified Dividend Fund.
  • Acting as lead counsel for Oleada Capital Limited on the establishment of an open-ended PCC investment fund structure focusing on ESG and ESG-related strategies such as renewables futures, health and clean energy investment.  This structure is expected to be approved early 2022 and the transaction value based on predicted year one value of the funds formed day one, is US$225million

Ferbrache & Farrell LLP

Ferbrache & Farrell LLP's investment funds practice encompasses fund establishment work and deals. The team, led by Gavin Farrell , also has experience in migrating structures out of Guernsey via limited partnerships. Farrell is ably supported on the transactional side by counsel Helen McGeoch and associate Joshua Black .

Practice head(s):

Gavin Farrell

Other key lawyers:

Helen McGeoch; Joshua Black


It is the breadth of knowledge and experience at the top of this firm which filters down the organisation and makes this practice unique. Coupled with the responsive availability of its senior personnel their capability to deal with innovative and complex investment structures is exceptional.’

Gavin Farrell is the stand-out partner. He has the edge on competitors by applying both cumulative experience and innovative thinking to new investment vehicles. A responsive, professional and insightful focus.’

F&F is a relatively small firm compared to the big offshore legal firms in Guernsey, however it offers the flexibility and accessibility that an independent company can offer.’

The main partner on the Corporate Finance/Investment Funds side, Gavin Farrell is a long outstanding veteran of the industry in Guernsey. His knowledge and accessibility is considerable. He has extensive experience on the Guernsey, UK, French and German market which makes him unique.’

Joshua was simply brilliant. He displayed the maturity and efficiency of a partner. Gavin is practical and marries commercial and operational understanding with the “legalese” elements which makes it very easy to engage with.’

Key clients




Prime Investments

White Star Capital


Work highlights

  • Ongoing legal advice including the establishment of funds and ongoing support of existing Lakestar funds, including the structuring of a PCC for certain angel investors.
  • Advising Prime Investments ICC Limited, a Guernsey protected cell company, in respect of the establishment of an open-ended Class B ICC structure, the launch of new cell sub-funds, and the transfer of 3 Class B incorporated cells from an existing third-party ICC platform
  • Advising an investment fund structure on its migration out of Guernsey, including the first limited partnership migrations out under the new Guernsey Regulations.


At Appleby, lawyers are most known for their fund finance work, but they also handle fund transactions and regulatory issues such as formation, restructuring and termination. Taking the lead is Stuart Tyler, an experienced transactional lawyer. Guernsey managing partner Jeremy Berchem  is the name to note for fund finance.

Practice head(s):

Stuart Tyler

Other key lawyers:

Jeremy Berchem

Key clients

Apex Fund and Corporate Services (Guernsey) Limited




BMO Real Estate Partners

Braemar Group PCC

Brooks Macdonald

Butterfield Bank (Guernsey) Limited

Equiom Group

Ground Rents Income Fund plc

HSBC Bank plc

Imperium Fund Services Limited

Investec Bank

JTC Fund Administration (Guernsey) Limited

JTC Fund Managers (Guernsey) Limited

Intertrust Group

Lax Capital Limited

Maitland Administration (Guernsey) Limited

Noe Group

Royal Bank of Scotland

Silicon Valley Bank

Société Générale

Wells Fargo Bank

Vistra Fund Services (Guernsey) Limited

Zedra Fund Managers (Guernsey) Limited

Work highlights

  • Acted as Guernsey counsel to Thornbridge Investment Management LLP acting as investment advisor to the Bearman ICC Limited, an open-ended umbrella fund platform with incorporated cells to be used as vehicles for trading equities, bonds and derivative instruments.
  • Regularly acting for Silicon Valley Bank in connection with funds finance transactions.
  • Appointed fund lawyers/listing sponsor for Brooks Macdonald’s fund Ground Rents Income Fund plc (a UK REIT).