The Jersey Financial Services Commission has launched a simplified private fund with a 48-hour authorization process.
The Jersey Private Fund replaces the island’s three existing private fund products – COBO only funds, Private Placement Funds and Very Private Funds. Existing funds can either continue to operate until the end of their life or apply to the JFSC to become a JPF.
Non-Jersey funds qualify for the new product if they have a relevant connection to the island, such as a Jersey general partner.
The regime allows the fund to make up to 50 offers to LPs who qualify as professional investors or subscribe for interests of at least £250,000 ($304,099; €286,847). Previous Jersey funds only allowed offers to up to 15 LPs.
The fund structure will be open for applications from April 18.