Knowledge

The Government of Jersey and the Jersey Financial Services Commission (the "JFSC") have announced some helpful and welcome enhancements to Jersey's popular Jersey Private Fund ("JPF") regime. Over 750 JPFs have been launched under the regime since 2017, which is a testament to Jersey and the JPF regime's place in today's global funds market.

The following changes are effective from 6 August 2025 and are set out in the Collective Investment Funds (Jersey Private Funds) Order 2025 (the "JPF Order"), as well as a revised version of the JFSC's JPF Guide.

Removal of the existing 50 offer/investor limit

JPFs will no longer be subject to the 50 offer/investor limit and there will no longer be any limit on the number of offers or investors for each JPF. 

Investors in a JPF must continue to be a "professional investor" or an "eligible investor" as defined in the JPF Guide. Under the JPF Order, a JPF can only be offered to a "restricted group of investors", which means that:

• the offer is addressed to an identifiable category of persons to whom it is directly communicated by the offeror or the offeror's appointed agent; and
• only persons in that category may accept the offer.

The revised JPF Guide provides helpful guidance on how existing funds may be able to convert or benefit from the new arrangements under the JPF Order.

Expanded definition of professional investor

The JPF Guide already included 12 broad categories of investors eligible to invest in a JPF and the revised JPF Guide has been updated to include:

• "professional clients", as defined by the UK Financial Conduct Authority's Conduct of Business Sourcebook; and
• "US accredited investors", as defined by the US Securities and Exchange Commission in Rule 501 of Regulation D.

Listing

Units, shares or interests in a JPF may now be listed with the consent of the JFSC. This is a very welcome development for clients seeking technical listings.

24-hour authorisation 

The JFSC's authorisation time to approve the establishment of a JPF has been reduced from 48 hours to 24 hours.

Commentary

The view of our Investment Funds team is that these changes are very positive, and testament to the commitment of the Government and the JFSC, who continue to work collaboratively with us and other members of the funds industry to further strengthen and develop Jersey's best-selling product. We expect our global fund manager clients to welcome these significant enhancements to the JPF regime and we look forward to discussing the benefits with them in respect of new structures over the coming months.

If you would like any further information, please get in touch with your usual Bedell Cristin contact or one of the contacts listed.