Investment funds in Guernsey

Carey Olsen

Fielding the largest investment funds team in Guernsey, Carey Olsen’s comprehensive bench is highly praised by clients and peers alike. The group handles fund launches for international fund managers across the full breadth of asset classes, ranging from real estate and private equity to energy and multibillion-dollar infrastructure funds. Key partners include 'stand-out' team head Ben Morgan (who also assists with fund migrations under the nascent fast-track process), Annette Alexander (who is praised as 'one of the most responsive people in the industry'), Andrew Boyce, David Crosland and senior associate Gemma Campbell. The practice is retained by the majority of LSE-listed funds domiciled in Guernsey.

Practice head(s):

Ben Morgan

Other key lawyers:

Annette Alexander; Andrew Boyce; David Crosland; Gemma Campbell


‘In-depth knowledge of the investment funds sector and regulatory framework across all participant types. Very proactive and exceptional turn-around speed.’

‘Andrew Boyce highly experienced.’

‘Availability and approachability of Ben Morgan. Great value for money. Commercial and not overly-legalistic.’

‘Deep knowledge as a result of Carey Olsen having the lion’s share of the investment business in Guernsey. This allows them greater knowledge of developments in the fund industry and how the regulator is dealing with particular structures both on establishment and dissolution.’

‘Ben Morgan is standout. Deep knowledge, accessible and understands what his clients require and what their risk profile is. He gets to the point, explains the law and deals with the practical implementation. He makes himself available and in the 16 years he has acted for me is consistent and a pleasure to deal with and that is coming from a lawyer.’

‘Group of excellent lawyers who offer responsive, pragmatic, commercial legal advice.’

‘Strong legal advice with a desire to achieve and maintain human relationships with their clients. Putting the people side at the forefront is culturally aligned to my company.’

‘I would single out Annette Alexander as not only an excellent counsel but someone who I very much trust to have my (and my firm’s) interests in mind. She is also one of the most responsive people I have come across in the industry which makes my life so much easier!’

Key clients

JP Morgan Global Core Real Assets Limited

Corten Capital

Hambro Perks Asset Management Limited


Inflexion Private Equity Partners LLP

Deutsche Beteiligungs AG

Alchemy Partners LLP

Macquarie Group

Alchemy Partners

Terra Firma

Work highlights

  • Provided Guernsey legal and regulatory advice to Coller Capital on the formation, structuring and launch of Coller International Partners VIII, a new fund domiciled in Guernsey.
  • Advised VinaCapital Investment Management on the migration of the investment manager’s licence and registration to Guernsey – the first such inbound migration to use the GFSCs new fast-track application regime for managers of overseas funds.
  • Provided Guernsey legal, regulatory and tax advice to Deutsche Beteiligungs AG on the formation, structuring and launch of DBAG Fund VIII, a new fund domiciled in Guernsey with commitments of €1.1bn.


Ongoing work for Mourant’s investment funds practice (which is 'a safe pair of hands on any deal' according to a client) comprises a combination of top-level fund formations and additional fundraisings for existing fund clients. Headed up by Helen Wyatt and fielding Frances Watson, Darren Bacon (who is praised as 'responsive, technically excellent and commercial') and Cantonese-speaking senior associate Pui Yee Lai, the bench is instructed by funds managers across the span of asset types, including real estate, infrastructure, private equity, venture capital and listed fund assets. Investor-side clients, primarily in the pensions space, are also looked after.

Practice head(s):

Helen Wyatt

Other key lawyers:

Frances Watson; Darren Bacon; Pui Yee Lai


‘They are very solid in the listed investment company sector and a safe pair of hands on any deal.’

‘Darren Bacon is excellent. Responsive, technically excellent and commercial.’

‘The funds team have great experience in the sector and are one of the strongest in their field.’

‘Darren Bacon is both technically strong and highly experienced. He has successfully advised some of the biggest names in the local market.’

Key clients

Aberdeen Asset Management

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



Dominion Fund

Dragon Capital

ECM Equity

Fairfax Africa Holdings Corporation

Fidelity Funds

Foord Asset


Goldman Sachs

Guaranteed Investment Products 1 PCC Limited

Hamilton Lane





Infrared Capital


John Laing Infrastructure



Long Harbour

MENA Capital

Morgan Stanley

NextEnergy Capital Management

NextEnergy Solar Fund Limited

NextPower II LP


Nova Capital


One Peak




Peel Hunt

Preservation Capital


RBC Wealth

Resources Trust



Work highlights

  • Advising Investec W&I International on an open-ended class B fund, including (a) moving to daily dealings (b) negotiating a new custodian agreement, and (c) launching two new cells – Investec Griffin and Investec W&I Global Sustainable Fund.
  • Advising from a Guernsey law and regulatory perspective on the successful raising of the fifth iCON Infrastructure fund, iCON Infrastructure Partners V LP.
  • Acted as Guernsey legal counsel to Sequoia Economic Infrastructure Income Fund, a FTSE 250 specialist in economic infrastructure debt, in connection with a scrip dividend programme, including drafting a circular and application form for shareholders.


Alongside established clients in the infrastructure and real estate fund sectors, Ogier’s ‘deep, dedicated and very knowledgeable‘ investment funds and regulatory team’s client roster includes fund managers in the growing renewables and green finance fields. Co-head Tim Clipstone‘s regulatory background is appropriately leveraged, while fellow co-heads Craig Cordle and Bryon Rees excel at listed and private funds respectively. Venture capital is a growth asset class for the team, with new fund managers being added to the portfolio. The team also advises on a large number of fund restructuring mandates.

Practice head(s):

Tim Clipstone; Craig Cordle; Bryon Rees

Other key lawyers:

Gabrielle Payne


‘The team is deep, dedicated and very knowledgeable.’

‘Bryon Rees is very client-oriented, commercial and responsive.’

‘Ogier’s investment funds team is lead by Tim Clipstone, Craig Cordle and Bryon Rees. Their approach delivers clarity and focus, with total confidence in ultimate outcome. Working with any of them, and their team, is a pleasure and they can lead on multijurisdictional advisory mandates. Overall, a highly credible Guernsey practice.’

‘Genuine desire to build positive relationships, with an interest in understanding your business and aligning their advice to your needs.’

‘Craig Cordle is a leader in the listed funds space.’

‘Accessible, knowledgeable, amiable, commercial.’

‘Great people with deep-rooted knowledge of our business and funds.’

‘Bryon Rees and Gabrielle Payne provide the expert support we require and importantly can move quickly to help us meet our timetables and objectives.’

Key clients

Mid Europa Partners LLP

Next Energy

RED fund Limited

Hillview real Estate

Financial Services Capital


Foresight Group CI Limited

Stanley Capital

CBRE RPFI Management Limited

Merian Chrysalis Investment Company Limited

Work highlights

  • Advised Mid Europa Partners on the establishment and regulation of its fifth investment fund (Mid Europa Fund V) as a closed-ended authorised collective investment scheme.
  • Acting as Guernsey counsel on the launch of Next Energy Renewables Limited and its admission to trading on the Premium Segment of the London Stock Exchange’s Main Market.
  • Representing RED fund Limited as lead counsel on its ongoing regulatory and fundraising activities.

Collas Crill

The 'commercially and technically excellent' corporate finance and funds team at Collas Crill has a strong open-ended funds practice, and practice head Wayne Atkinson recently advised on closed-ended formations for South African managers. Including senior associate Gareth Morgan, the team is actively advising on green, renewable and social impact funds. Co-head Paul Wilkes stepped down from the partnership to establish his own venture capital fund, though is still retained as of counsel.

Practice head(s):

Paul Wilkes; Wayne Atkinson

Other key lawyers:

Gareth Morgan


‘Very personable team that are supportive and provide solid guidance.’

‘Paul Wilkes tries to understand the client and match their needs to the law. He is proactive and grasps matters quickly.’

‘The responsiveness of the team, the willingness to go an extra mile, and a very commercial approach.’

‘I have worked with Paul Wilkes and Wayne Atkinson. Both were very commercial and technically excellent. I appreciated their responsiveness and keenness to make things work for my client. Top service and commercially priced as well.’

Key clients

Alpha Investment Funds PCC Limited

Freedom Asset Management Limited

SA Alpha PCC Limited

RAW Capital Partners

Marlborough International Management Limited

Darwin Property Investment Management Limited

Riverside Capital Limited

Trend Ventures PCC Limited

The Channel Islands Property Fund Limited

Ravenscroft Investment Management Limited

Rozendal Partners PTY Limited

White Star Capital Group

Cazenove Capital Management Limited

Rangemore Advisory Limited

Peregrine Guernsey Limited

Slater Investments Limited

Seek Ventures GP Limited

Sanlam Investments UK Limited

Sygnia Group

MJ Hudson

Resolute Capital Partners Ltd

Next Energy

Work highlights

  • Advised Freedom Asset Management Limited in connection with the listing of the first Abu Dhabi Global Market established fund on TISE.
  • Advised Alpha Investment Funds PCC Limited on the establishment and regulatory registration of a Guernsey investment fund aimed at venture capital initiatives in the life sciences, engineering, environmental and technology sectors.
  • Acted for Resolute Capital Partners (a US-based investment management firm) on the structuring, regulation and launch of RCP Investment Funds PCC Limited, a protected cell company and the launch of its first two cells, each of which operate as feeder funds into US-based referral funds of a US-based master fund with interests in US infrastructure projects.

Ferbrache & Farrell LLP

Gavin Farrell at Ferbrache & Farrell LLP has a broad practice which incorporates fund formations and closures alongside general fund finance and corporate transactions. Recent advice pertained to closed-end collective investment schemes, venture capital funds and fund liquidations.

Practice head(s):

Gavin Farrell


‘Gavin Farrell is very responsive indeed on all matters.’

‘Gavin Farrell and the team do whatever it takes to get the job done at the required level of quality.’

‘Responsive, pragmatic advice.’

‘Gavin Farrell – probably best fund lawyer in Guernsey.’

‘Ferbrache & Farrell’s investment funds practice has a good reputation on the island due to partner Gavin Farrell’s background of practising investment funds law over the years in Guernsey.’

‘We have worked with Ferbrache & Farrell for several years and have always found their advice and support to be excellent. I believe the firm is unique in Guernsey in that the individuals all come from large law firms and have extensive experience and yet they are able to deliver a very personal approach to their clients.’

‘The firm feels very personal. Gavin Farrell and his team are very well versed in the legislation and apply a hands-on approach. We find their methodology collaborative and enabling.’

Key clients


Progressive Asset Value Limited

Work highlights

  • Supported European venture capital specialist Lakestar with the side-by-side closing of its third-generation fund Lakestar III and Lakestar Growth.
  • Advised Progressive Value Management Limited on the Guernsey law aspects of the establishment of the Meritwell II Fund.


The investment funds and corporate lawyers at Walkers advise across a range of asset classes, from real estate and private equity to market-first medicinal cannabis funds. Practice heads Matt Sanders and Kate Storey are active in the distressed debt and ESG-focused funds spaces. Storey is also a key name in Guernsey for fund manager migrations, particularly under the fast-track process. Adam Pickering is a well-regarded senior associate and the team also brought over senior counsel Chris Hutley-Hurst from Carey Olsen.

Practice head(s):

Matt Sanders; Kate Storey

Other key lawyers:

Adam Pickering; Chris Hutley-Hurst


‘The turnaround time for the piece of work that we had asked Walkers to help with, was very tight. The team delivered on the time restraints and were able to quickly get back to us when we had comments and questions, as well as having last-minute calls to help get everything over the line.’

‘The team we worked with were very efficient and knowledgeable and made the process of completion of this investment seamless. We were particularly happy with Adam Pickering – the quick and efficient way that he would talk us through documents and the patience he showed with our numerous questions, this was very valuable in this transaction.’

‘In my opinion, Walkers have consolidated their position as a solid challenger to the more established Guernsey law firms specialising in investment funds work. The practice has grown significantly and excels at a wide array of legal sectors and geographies.’

‘The partners and staff are energetic, experts in their respective fields, friendly, provide good value for money and are results orientated. Kate Storey is a great example of what makes Walkers successful.’

Key clients

Chrystal Capital Partners LLP

Guernsey Investment Fund PCC Limited

IlliquidX Ltd

Longship AS

Raiffeisen Bank International AG

Strawberry Star Real Estate PCC Limited

The Royal Bank of Scotland International Limited

Work highlights

  • Advised Chrystal Capital Partners LLP on the establishment and approval of a new investment fund dedicated to the cannabinoid healthcare market, Verdite Capital Fund I.
  • Advised Longship AS on the establishment of its second fund, Longship Fund II LP.
  • Assisted with 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.


Appleby’s 'friendly, approachable, professional and knowledgeable' corporate department acts for fund managers on fund formations and downstream transactional work in the regulated and AIF spaces. Co-head Stuart Tyler is a key name, and co-head Chet Pohl guides clients through the funds listing process. New associate recruit Oratile Jonas increased the team’s knowledge of collective investment schemes.

Practice head(s):

Chet Pohl; Stuart Tyler

Other key lawyers:

Oratile Jonas


‘The speed and knowledge of partner of Chet Pohl is excellent. His experience of the local scene is impressive.’

‘Overall the team’s approach has been extremely helpful and practical – especially when dealing with multiple strands of concerned parties, including but not limited to the regulator.’

‘Chet Pohl as partner in charge had been excellent. His commercial and pragmatic outlook had been of great assistance to the board.’

‘Friendly; Approachable; Professional; Knowledgeable.’

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

JTC Fund Administration (Guernsey) Limited

JTC Fund Managers (Guernsey) Limited

Intertrust Group

Lax Capital Limited

Maitland Administration (Guernsey) Limited

Noe Group

PraxisIFM Group

Royal Bank of Scotland

Wells Fargo Bank

Vistra Fund Services (Guernsey) Limited

Zedra Fund Managers (Guernsey) Limited

Work highlights

  • Acted for Thornbridge Investment Management LLP as investment adviser to Bearman ICC Limited, an open-ended umbrella fund platform with incorporated cells to be used as vehicles for trading equities, bonds and derivative instruments.
  • Advised Nordea Bank acting as agent for a syndicate of banks (including RBSI) providing subscription facilities of up to £327m to a leading fund, Bridgepoint Development Capital IV.
  • Advised Wells Fargo Bank, National Association on the accession of a new Guernsey LP as borrower under an existing €1bn secured capital call facility agreement in place with a leading European primary fund.

Bedell Cristin

Recent work for Bedell Cristin’s 'highly knowledgeable' funds practice encompassed closed-ended fund closures, structural changes to existing funds, and downstream investment activity. Joint practice heads Kate Ovenden and Richard Sharp are active in the real estate funds space, and also provide expertise at the cross section of funds and insurance law.

Practice head(s):

Kate Ovenden; Richard Sharp


‘Highly knowledgeable, sophisticated, attention to detail, punctual, good records keeping.’

Key clients

Pollen Street Capital

Catalyst Investment Management (Guernsey) Limited


Schroder Real Estate Investment Trust

Work highlights

  • Advised Inflexion Private Equity on the acquisition of Estera, a leading global provider of funds corporate and trust services, from Bridgepoint.
  • Advised funds client, Pollen Street Capital, on the Guernsey law aspects of structuring its £200m investment, alongside the existing founder team and Qatar Insurance Company, into Markerstudy Group, which is the fifth largest motor insurance provider in the UK.
  • Advising London-listed Guernsey collective investment scheme Schroder Real Estate Investment Trust Limited on various commercial property acquisitions and disposals.