Guernsey Investment Funds - Autumn 2025 Update

New Private Investment Fund Rules and Guidance

The Private Investment Fund Rules and Guidance, 2025 (the "New PIF Rules"), which replaced the previous rules with effect from 19 May 2025, have introduced new categories of eligible investors and removed some previous regulatory requirements.

Under the New PIF Rules, there is no limit on the number of investors in a private investment fund ("PIF"), or the number of persons to whom PIFs may be offered (but they cannot be offered to the general public). There is also no requirement for a prospectus or disclosure document, an audit or a Guernsey manager under the New PIF Rules.

There are now two types of PIFs, Qualifying Investor PIFs (which replace and consolidate the old Route 1 and Route 2 PIFs) and Family PIFs (based on the former Route 3 PIF). Investors in Qualifying Investor PIFs must be able to evaluate the risks and strategy and bear the consequences of investing in the PIF, including the possibility of any