Rising Stars

Investment funds in Jersey

Carey Olsen

Carey Olsen specialises in supporting Jersey-domiciled funds with the gamut of funds-related matters, advising on the fundraising for launch, closing of funds, and related structuring matters. The firm counts a number of notable private equity and secondaries, real estate, hedge and digital asset funds among its clients. Robert Milner, who acts for both boutique and institutional fund managers, leads the practice alongside private and real estate funds specialist James Mulholland. Daniel O’Connor focuses on the formation and structuring of new funds, in addition to offshore transactions, while Christopher Griffin handles transactional and regulatory issues, including guiding funds through Jersey’s approval process. Claire Le Quesne, Andrea Steel and Nienke Malan advise on real estate and investment funds, regulatory issues, and cross-border and collective investment vehicles.

Practice head(s):

Robert Milner; James Mulholland

Other key lawyers:

Daniel O’Connor; Christopher Griffin; Claire Le Quesne; Andrea Steel; Nienke Malan


‘The team is 100% focused on the client, anticipating their needs and just making their lives easier overall. Difficult questions are thoroughly assessed with relevant advisors in advance to ensure user-friendly, but sound, legal advice is rendered without the clients having to second-guess or interpret the guidance. They deliver actionable advice each and every time.’

‘Daniel O’Connor can read his clients’ minds. He knows what they want before they ask for it. Bespoke solutions are offered without sacrificing speed of delivery or robustness of the legal advice rendered. Efficiency is second to none and he’s straight to the point. Andrea Steel knows her clients and gives them the feeling that their matters are in good hands: technically versed, reliable and pleasant to work with. A real team player who makes clients forget where their in-house team ends and the external advisor team begins.’

‘The team in Jersey is very experienced in the field and has its finger on the pulse with new regulations and local laws.’

‘Carey Olsen has a sophisticated investment funds practice with a large group of specialists that justifies its eminent reputation. The team demonstrates deep industry knowledge and extensive experience developing complex products.’

‘James Mulholland is pragmatic and commercial, which he combines with a deep industry knowledge. He is always on hand to offer expert advice on complicated matters. Nienke Malan stands out as being on top of the detail and very hands-on. Her commercial approach to solving complex matters is something we have continuously valued.’

‘Excellent client interaction. Very strong commercial approach. Focus on diversity, ESG, employee wellbeing. Excellent technical advisors.’

‘James Mulholland is an outstanding lawyer and a very good people person. Everything you want in a relationship partner. Claire Le Quesne is a superb technical lawyer and a very calming influence on clients.’

‘Robert Milner and Nienke Malan consistently provide timely and commercial advice, enabling us to service our international private equity clients.’

Key clients

Apollo Global Management

Appian Natural Resources Fund GP II

Binance (Jersey)

Bregal Capital

Capital & Counties

CBRE Global Investment Partners

Centricus Partners LP

Criptyque Limited

Davidson Kempner European Partners

Delancey Real Estate Asset Management

Diginex Limited

ED Group Holding

EJF Investments

EMK Capital

EPIC Private Equity

Epiris Managers

Falco Regional Aircraft

FSN Capital Partners



Gramercy Europe (Jersey)

Gulf Islamic Investments

Hermes GPE

Hollyport Capital

Insight Venture Partners

Janus Henderson Group

Kennedy Wilson Europe Real Estate

Lothbury Investment Management

M7 Real Estate Financial Services

Mondrian Investment Partners

Nordic Capital

Oaktree Capital Management (UK)

Patron Capital Advisers

Quinbrook Infrastructure Partners

Realty Income Corporation

RK Investment Management

Schroder Real Estate Managers (Jersey)

Softbank Group Corp

The Blackstone Group


Work highlights

  • Advised Nordic Capital on a large fundraising, closing Nordic Capital Fund XI at €9bn.
  • Advised Hollyport Capital on the launch and final close of its latest fund, Hollyport Secondary Opportunities Fund VIII.
  • Advised Bregal Sagemount on the successful launch and final close of its latest flagship fund, Bregal Sagemount Fund IV, which held a final close of $2.5bn.


Advising fund managers across a range of asset classes and fund structures, Mourant supports clients from the private equity, venture capital, real estate and infrastructure spaces, and is developing its reputation in the cryptocurrency and digital assets sectors. The funds team works closely with the firm’s other practice groups to advise on the launch, structuring and close of Jersey-domiciled funds, in addition to advising fund managers on the acquisition of key assets. Private equity and real estate specialist Ben Robins leads the team alongside Joel Hernandez, who specialises in advising pension and sovereign wealth funds on investment into UK assets. Felicia De Laat and Daniel Birtwistle focus on private equity and property funds, while Alistair Horn assists with the establishment of investment platforms. Alex Henderson assists clients with the establishment and regulation of private equity, venture capital and real estate funds.

Practice head(s):

Joel Hernandez; Ben Robins

Other key lawyers:

Felicia De Laat; Daniel Birtwistle; Alistair Horn; Mark Chambers; Alex Henderson


‘From partner down to associate level you get a personal touch which is of the highest quality. Their strength is their people. I have built a longstanding relationship with Mourant and it is the people, combined with their outstanding work and knowledge, that mean I highly recommend anyone to use them.’

‘I have worked with Alex Henderson on a number of clients and his personal approach, alongside his exceptional knowledge of the market, results in a great all-round service to our clients. He is a future leader in the investment funds legal sector in Jersey, and when I get an opportunity to refer for legal counsel with a new client, Alex is at the top of that list.’

‘Alistair Horn is a “go to” contact for Jersey structuring matters – he is highly responsive, pragmatic and collaborative in his approach and well-informed on industry developments.’

Key clients

UBS Life Sciences

Aristata Capital

Ardian (ASF VIII Infrastructure)

Mitsui joint venture/South Molton Triangle

Credo Ventures

Chorus Aviation Inc.

Averna LLP

Stonecutter Investments Limited

Peel Logistics Management Limited

Goodstone Living Limited

Averroes Capital Limited

Duke Street LLP

Highland Europe

TDR Capital

Work highlights

  • Advised Ardian on its $5.25bn infrastructure secondaries fund.
  • Advised UBS Asset Management’s Real Estate & Private Markets business and Carne Global AIFM on the launch of UBS’ first UK life sciences property strategy, in partnership with Reef Group, with commitments of £400m.
  • Advised the National Pension Service of Korea on the structuring and listing aspects for Stonecutter Investment on the indirect acquisition of 5 Broadgate, London.


Ogier‘s practice spans the breadth of fund structures and asset classes, with growing strength in digital asset management structures, in addition to private equity, hedge, infrastructure and real estate funds. In addition to assisting with the launch and structuring of Jersey-domiciled and listed funds, the practice also handles contentious and non-contentious regulatory issues. Niamh Lalor heads up the team, focusing on funds regulation in the private equity, venture capital and infrastructure sectors. Emily Haithwaite advises on the formation, listing and winding up of private equity funds, while Sophie Reguengo assists real estate funds with capital raising, acquisitions and disposals. Managing associates Alexandra O’Grady and Matt McManus are recommended for their expertise in private equity funds, and co-investment and joint venture structures, respectively.

Practice head(s):

Niamh Lalor

Other key lawyers:

Emily Haithwaite; Sophie Reguengo; Alexandra O’Grady; Matt McManus


‘The Jersey funds team do an excellent job on numerous matters that we work with them on. They always give excellent legal advice whilst being approachable, pragmatic and pleasant to work with.’

‘Matt McManus is exceptional in all aspects, from client interaction and commerciality, right through to billing. He sees the bigger picture when it comes to clients and looks to develop a long-term relationship rather than a one-off service. I have recommended Matt to various fund managers because I have confidence in his experience and his all-round attributes. He is a standout in the Jersey market for me and a future partner for sure.’

‘Responsive and clearly very connected with all aspects of investment fund activity in Jersey.’

‘Holistic approach covering multiple disciplines providing a resourceful and cost and time effective service. Their ability to draw on wide-reaching expertise within the firm ensures a client’s requirements are met and, more often than not, problems addressed in a comprehensive and detailed way.’

‘Niamh Lalor stands out for her ability to engage, understand quickly a client’s requirements, and deliver outstanding advice. Niamh provides the same level of professional service for day-to-day questions through to complex legal matters requiring a multi-disciplinary approach and she always delivers the same high standard level of advice and support.’

‘Ogier is very experienced in Jersey specific matters and is very well connected locally with various parties. As a result they can assist on a wide variety of matters.’

‘Sophie Reguengo and her team are always willing to assist, including in tricky situations where it is not immediately obvious what the solution is.’

‘We have worked with Emily Haithwaite for a number of years. Emily is always available, listens to the issues at hand and responds with pragmatic and co-ordinated solutions in a timely manner. Unlike other law firms, you don’t feel that the time clock is switched on every time the phone is answered!’

Key clients

AEW Capital Management LP

Cain International




Deutsche Asset Management

Franklin Templeton

DWS Real Estate

Rockpool Investments LLP

Ethos Private Equity

Global Infrastructure Partners

HSBC Bank plc – Jersey

London Venture Partners

Alexander Forbes

Pinebridge Benson Elliot

Julius Baer

IK Partners

Alpstone Capital

Index Ventures

Intermediate Capital Group PLC

Knight Frank Investment Management

Knife Capital

Salt Capital Ventures Limited

Alanda Capital

Deutsche Finance International

Medicxi Ventures

Pacific Equity Partners

Paloma Capital

Palamon Capital Partners

Pemberton Asset Management

Quadriga Capital

Schroders Capital

Therium Capital

Jigsaw VC GP Ltd

Brooks Macdonald Asset Management International

EPIC Management Limited

Valor Real Estate Partners

Darwin Capital


STANLIB Fund Managers Jersey Limited

Alter Domus



JTC Group

Langham Hall


R&H Fund Services


Sanne (Apex Group)

Work highlights

  • Advised investment firm Medicxi on the launch of the €400m Medicxi IV Fund.
  • Advised Salt Capital Ventures on the establishment of a Jersey limited partnership, Salt Equity I, authorised as a Jersey Private Fund.
  • Advised DWS on the establishment of a Jersey property unit trust and the associated acquisition of the land at Lower Bristol Road, Bath, which is to be used to build 316 residential properties, to be developed by Watkin Jones.


Appleby‘s funds team marshals its ‘very strong technical capabilities’ to advise new market entrants and established players on the formation, financing and structuring of fund and co-investment products in the Jersey market, with notable expertise in the private equity, listed and real estate funds sectors. The firm is also adept at handling fund and financing regulatory issues, particularly the restructuring of funds. Practice head Andrew Weaver supports private equity, hedge and real estate funds with regulatory matters. Paul Worsnop, who was made counsel in April 2023, specialises in fund formation and finance issues.

Practice head(s):

Andrew Weaver

Other key lawyers:

Paul Worsnop


‘The Appleby team have an incredible amount of knowledge, both of the local regulatory environment and the client. Most workstreams are complex due to the client nature but always dealt with in a professional and calm manner. We learn a great deal about the regulatory environment through our dealings with Appleby.’

‘Andrew Weaver and Paul Worsnop both have an in-depth knowledge. Whenever we embark on a new piece of work it is always made very clear to us what is required, why and the timescales we are working to. We see Appleby and these two lawyers in particular as essential to ensuring we are able to service our client in the best possible way.’

‘The team are particularly creative in how they think through a problem, and collaborative in working to find a solution to meet client needs and expectations. They have very strong technical capabilities, which help them come up with solutions. I would say they seem more strongly versed in the technicalities of the law than some of their competitors.’

‘I work primarily with Andrew Weaver and Paul Worsnop. Andrew is very personable and pleasant, with excellent technical skills and a collaborative and helpful approach to finding solutions. He is supported by Paul Worsnop, who is friendly and helpful to clients.’

‘We work directly with Paul Worsnop who is outstanding, both in being very responsive at all times, and very pragmatic and creative in his problem solving.’

Key clients

Heligan Group LLP

Altor Funds

Stirling Square Capital Partners

Tritax Group

Work highlights

  • Advised Heligan Group on the launch of its first Jersey fund, Heligan Private Equity I.

Bedell Cristin

The formation of a range of investment structures, including syndicates, club deals and joint ventures, form the core of the practice at Bedell Cristin. Real estate and Sharia-compliant funds are focus areas for the team. On the regulatory front, the practice advises clients on AML measures and developments in sanctions regimes. Team head Martin Paul specialises in matters concerning offshore private equity and real estate funds. Richard Le Liard focuses on the establishment of private equity and venture capital funds, while counsel Stephen Ferguson assists real estate clients with the foundation of funds, investment syndicates and joint ventures. Senior associates Louise Ridgway and Emily Nieuwburg advise on regulatory issues and property holding structures, respectively.

Practice head(s):

Martin Paul

Other key lawyers:

Richard Le Liard; Stephen Ferguson; Louise Ridgway; Emily Nieuwburg


‘Diligence and value for money.’

‘Richard Le Liard played an extremely helpful role in supporting us on a key project. As well as being on top of his brief and understanding the regulations and details of the agreements in place (providing great confidence to our team), he ‘got it’ and understood the nuances of the issues and our objectives.’

‘We deal with a consistent team of individuals with strong experience and knowledge.’

‘Responsiveness and clarity.’

‘From our engagement with Bedell Cristin, we value the teams’ hard-working, problem-solving, friendly and collaborative attributes.’

‘In particular, we mostly value Richard Le Liard’s and Louise Ridgway’s high responsiveness to queries and requests via both email and by phone. We have met with Richard in both a professional and friendly environment and admire his work ethic and commitment to his clients.’

Key clients

Nissay Asset Management


Aviva Investors


Lombard Odier


Dual Private Equity Partners

Buckthorn Partners



No Label Ventures

Compass Partners

Halcyon Portfolio Management

36 South Capital Advisors

George Capital

Evans Randall

Work highlights

  • Advised venture capital firm Alicorn on a number of fund-of-one, single asset, hybrid and traditional structures.
  • Advised Buckthorn Partners on its acquisition of Amey, acting as lead counsel in the establishment of its participating investment vehicles.
  • Advising Nissay Asset Management on the establishment and termination of a number of funds.

Collas Crill

Collas Crill‘s ‘technically excellent’ funds practice assists a broad roster of clients, including private equity and sovereign wealth funds, with the establishment and structuring of funds, in addition to advising on fund authorisations and other regulatory matters. The ‘highly knowledgeable’ Sam Sturrock heads up the team, and advises fund managers on matters concerning a range of asset classes, including ESG, real estate and infrastructure.

Practice head(s):

Sam Sturrock


‘Technically excellent, very personable, super responsive, competitive pricing.’

‘Sam Sturrock: very good and thoughtful lawyer, clients like him, very hands-on and responsive, diligent, great attention to detail.’

‘Very knowledgeable in the sector I require.’

‘Excellent client relationship.’

‘Collas Crill offers a partner-lead, boutique-feel experience. Sam Sturrock is hands-on and provides clear, practical advice.’

‘Sam Sturrock’s friendly and practical approach helps navigate complicated matters in a stress-free manner.’

‘The Collas Crill team is excellent. They have great knowledge of complex issues and are always willing to go the extra mile. I have had nothing but great experiences with them. I rate them especially for their partner availability, expert knowledge and eye for detail.’

‘Sam Sturrock is the partner I deal with. He is highly knowledgeable, a really valuable and trusted partner for all corporate and investment fund transactions. He is also our go-to person for all questions relating to Jersey Limited Liability Companies, a new vehicle in Jersey’s toolbox which Sam helped to develop. I would highly recommend Sam to anybody.’

Key clients


GemCap Investment Funds (Ireland) plc


Copper Street Capital

Work highlights

  • Assisted a $6.6bn Cayman exempted limited partnership investing in Delaware tech and healthcare master funds to obtain the necessary consents to allow the fund to be marketed to Jersey investors.
  • Advised Copper Street Capital, which is focused on the European financial services sector, on the Jersey aspects of its investment into Thistle Initiatives Group.
  • Advised on the Jersey launch of the Affinity Sustainable Growth Fund, the latest addition to the list of funds within the GemCap Investment Funds (Ireland) UCITS Umbrella structure, a $4bn platform domiciled in Ireland.

Maples Group

US, Middle Eastern and Asian fund managers come to Maples Group for advice on the establishment and structuring of funds, ranging from private equity and hedge funds to venture capital and real estate vehicles. The practice is noted for its expertise in co-investment structures and GP-led restructuring transactions, with further experience handling deals that require Sharia compliance. Leading the team in tandem are Simon Hopwood, a UK REIT and Islamic finance specialist, and Tim Morgan, who supports private equity houses with the launch of new funds and funds transactions.

Practice head(s):

Simon Hopwood; Tim Morgan


‘The Maples team advises us on all our Jersey funds requirements. Tim Morgan is our partner contact and delivers a consistently excellent service.’

‘The team is genuinely led from the front, with a high level of partner involvement in all matters.’

‘The partners take a very active role in all elements of a transaction. Simon Hopwood is especially helpful and always goes the extra mile. As a result of each partner’s involvement, the standard of work is always excellent.’

‘Strong team of investment funds lawyers, with coverage across the full range of offshore funds products.’

‘I particularly value the personal touch and investment made in relationships with our leadership team and directors by Maples, which ensures that fund launches and events get closed and completed in an efficient manner with good communication present.’

‘Excellent service and first-rate engagement.’

‘I work mainly with Simon Hopwood. He is technically excellent and is a pleasure to deal with.’

‘Seamless service across the business and team. Proactive, knowledgeable and reactive to our needs.’


Fund managers, hedge funds and private equity houses come to Walkers for assistance with the structuring and launch of a range of fund structures and investments in a range of asset classes, including real estate and digital assets. Jonathan Heaney, admitted in Jersey and the BVI, leads the team, focusing on the structuring and launch of private equity funds. Dilmun Leach has experience assisting funds trading in real estate, infrastructure and CLOs, with further expertise in regulatory issues. Leanne Wallser‘s practice covers sustainable investing, in addition to the establishment, operation and closing of fund structures. Senior counsel Sarah Townsend joined the firm from Carey Olsen in April 2022, and advises on Jersey’s regulatory funds regime.

Practice head(s):

Jonathan Heaney

Other key lawyers:

Dilmun Leach; Leanne Wallser; Christopher Reed; Tatiana Collins; Sarah Townsend; Marco Carossa


‘Consistently strong, proactive, responsive and commercially minded. The group of Dilmun Leach, Tatiana Collins and Marco Carossa provide a great client service, with a real partnership approach, strength of legal knowledge and straight-to-the-point attitude that ensures that issues are raised in advance and smoothly dealt with.’

‘Standout individuals are Dilmun Leach, Tatiana Collins and Marco Carossa – each is consistently strong and what is much appreciated is that Tatiana and Marco each provide (and are trusted to provide) a great legal service on their own, unlike other firms where associates defer to or wait for partners. This gives the team a real strength in depth and a better client experience.’

‘Walkers has many experienced funds lawyers who take a practical, flexible approach.’

‘The Walkers team is very responsive. They are very agile in responding quickly to requests for information and joining preliminary structuring calls, for example. The team clearly understand their market and are very client friendly in approach.’

‘Dilmun Leach runs a very impressive funds team. They have strong knowledge of the regulatory regime in Jersey and also other jurisdictions to allow comparisons. They are both commercial and very technical.’

‘Excellent coverage of the major offshore centres.’

‘We have worked mainly with Dilmun Leach who is always very approachable and easy to work with.’

‘Leanne Wallser in the Jersey office is a brilliant support to start-up funds.’

Key clients

Hawthorn Residential Fund LP

Flashpoint Capital

Arcapita Investment Partners Limited

Work highlights

  • Advised Hawthorn Residential Fund on the establishment and launch of a new Jersey private fund structured as a Jersey limited partnership.
  • Advised Flashpoint Venture Capital Fund III LP on its conversion into a Jersey Expert Fund.