In April 2017, the Jersey Financial Services Commission
("JFSC") introduced a new private
investment fund regime, the "Jersey Private Fund"
("JPF"). The introduction of the JPF
amalgamated and replaced three other Jersey private fund products:
the Very Private Fund, Private Placement Fund and COBO Only Fund.
New applications under the older regimes are no longer
possible.
Speed of establishment, together with appropriate and
proportionate regulation for the sophistication of the investor
base, are the unique selling points of this new fund product.
What does this mean for existing private funds?
Despite the phasing out of the aforementioned Jersey private
products, existing private funds under the old regimes will be able
to continue to operate as such until the end of their natural life.
Alternatively, existing private funds have the ability to convert
to the new JPF regime, provided key requirements are met.
