Jersey Private Fund Guide

Summary

This is JFSC guidance explaining the eligibility criteria and authorisation process for a Jersey Private Fund (JPF), a lightly regulated private investment vehicle that pools capital on a risk spreading basis. It sets out who may invest, how a JPF must be structured, what service providers it must appoint, and how it interacts with AML/CFT rules and the Collective Investment Funds Law, including changes introduced by the Collective Investment Funds (Jersey Private Fund) (Jersey) Order 2025, effective 6 August 2025.

• Investor eligibility: Investors must be professional investors, make a minimum commitment of GBP 250,000 (or equivalent), or otherwise qualify as an eligible investor under Annex A; retail investors generally cannot invest directly.
• Restricted offering: Offers of units must be made only to a restricted group of investors so as not to constitute an offer to the public under the CIF Law; existing JPFs wanting to rely on the 2025 JPF Order and exceed 50 offers must obtain a new relevant consent dated on or after 6 August 2025.
• Structure: A JPF must be a company, LLC, partnership or unit trust (Jersey or equivalent foreign form), with an expectation of Jersey resident director(s); an auditor is optional.
• Designated Service Provider (DSP): A JPF must appoint a DSP registered for Fund Services Business (classes V, U, X or ZG) or, for a 'very private' JPF (15 or fewer offers/investors), any FSB or TCB class; DSP changes need prior JFSC approval.
• AML/CFT/CPF compliance: JPFs established in or managed from Jersey, and their DSPs, are Schedule 2 businesses and must comply fully with the Money Laundering (Jersey) Order 2008 and the AML/CFT/CPF Handbook.
• Investor disclosures: Investors relying on the professional/eligible investor route must acknowledge in writing an investment warning and disclosure statement in the form set out in the Guide.
• Other conditions: A JPF is not required to have a prospectus/PPM unless otherwise required by law, does not need Code of Practice for Certified Funds compliance, needs no personal questionnaires or promoter approval, but listing requires prior JFSC officer approval, and JPFs must comply with the Sustainable Investment requirements in part L.

The Guide also confirms that applications, notifications and Annual Return submissions must now be made through the JFSC's online authorisations tool, as paper submissions are no longer accepted.

Key obligations

• Each investor in a JPF must qualify as a professional investor, make a minimum investment/commitment of GBP 250,000 (or currency equivalent), or otherwise meet the eligible investor criteria in Annex A.
• Offers of JPF units must be addressed exclusively to a restricted group of investors so as not to constitute an offer to the public under the CIF Law.
• An existing JPF wishing to rely on the Collective Investment Funds (Jersey Private Fund) (Jersey) Order 2025 and make more than 50 offers must apply to the JFSC for a new relevant consent dated on or after 6 August 2025.
• A JPF must appoint a Designated Service Provider regulated for Fund Services Business (class V, U, X or ZG) or, if a 'very private' JPF, any FSB/TCB class, and cannot change its DSP without prior JFSC approval.
• Investors relying on the professional/eligible investor eligibility route must acknowledge in writing receipt and acceptance of the prescribed investment warning and disclosure statement.
• A JPF and its DSP must comply with the Money Laundering (Jersey) Order 2008 and the AML/CFT/CPF Handbook as a Schedule 2 business.
• A JPF must comply with the Sustainable Investment requirements set out in part L of the Guide.
• A JPF may only be listed with the prior approval of an officer of the JFSC.
• Applications, notifications and Annual Returns must be submitted via the JFSC's online authorisations tool, as paper submissions are no longer accepted.

Applies to

Jersey Private Funds, Designated Service Providers, Anti-Money Laundering Services Providers, Fund Services Business providers, Trust Company Business providers, professional investors, eligible investors

Deadlines

• 6 August 2025: Effective date of the Collective Investment Funds (Jersey Private Fund) (Jersey) Order 2025; existing JPFs must hold a relevant consent dated on or after this date to rely on the Order.