This page covers launching or restructuring an investment fund in Jersey, including Jersey Private Funds and Expert Funds.
solicitors.je is an independent directory. We can point you towards Jersey firms that work in this area.
Jersey fund structures
Jersey funds are regulated by the JFSC under the Collective Investment Funds (Jersey) Law 1988 and the Control of Borrowing (Jersey) Order 1958.
Jersey Private Funds (JPFs)
Since 6 August 2025, Jersey Private Funds are no longer limited to 50 offers or investors, provided the offer is made only to a restricted group of investors, and applications from registered Designated Service Providers can be authorised within 24 hours.
Eligible Investor & Expert Funds
Expert Funds are offered to expert investors as defined in the JFSC's Jersey Expert Fund Guide.
Non-Regulated Funds & Co-Investment Vehicles
Non-regulated funds and co-investment vehicles are structured under Jersey’s corporate and limited partnership laws.
Who Uses Jersey Fund Structures
Jersey funds are launched by private equity promoters setting up syndicates, and by independent and international managers restructuring vehicles.
solicitors.je is an independent directory. We can point you towards Jersey firms that work in this area.
The two laws that decide how a Jersey fund is regulated
Whether a Jersey fund is regulated, and how, turns mainly on two pieces of legislation. The first is the Collective Investment Funds (Jersey) Law 1988, which regulates collective investment funds and the businesses that run them. The second is the Control of Borrowing (Jersey) Order 1958, under which the Jersey Financial Services Commission (JFSC) gives consent for companies, unit trusts, partnerships and limited liability companies to issue interests.
The JFSC also publishes product guides, including the Jersey Private Fund Guide and the Jersey Expert Fund Guide. Both are referred to in the Control of Borrowing Order's definition of a retail investor.
When a scheme counts as a collective investment fund
Under Article 3 of the 1988 Law, a scheme is a collective investment fund if two conditions are met:
- One of its objects is the collective investment of capital raised by an offer to the public.
- It has one of these features: units are bought back or redeemed continuously or at short intervals; units are issued continuously or at short intervals; or the fund operates on the principle of risk spreading.
An offer is not "to the public" if it is addressed only to a restricted circle of persons. In broad terms, that means an identifiable category of people to whom it is communicated directly, who alone may accept it, and who have enough information to evaluate it. Getting this analysis right comes first, because it decides which regime applies.
What follows if it is a collective investment fund
- Functionaries need permits. Article 5 bars anyone from acting in or from within Jersey as a functionary of a recognized fund without a permit. The Schedule lists functionaries. They include the company issuing units, managers, administrators, registrars, investment managers and advisers, distributors, trustees, custodians, depositaries and members of a partnership other than limited partners.
- Unclassified funds need a certificate under Article 8.
- Classes and codes. Article 11 lets the Minister classify funds and set requirements for each class, and Article 15 provides for codes of practice.
Jersey Private Funds after 6 August 2025
The Jersey Private Fund (JPF) regime changed on 6 August 2025. On that date the Collective Investment Funds (Jersey Private Funds) Order 2025 came into force with a revised JPF Guide.
The Order defines a JPF as a scheme, established in Jersey or elsewhere, that:
- is for a restricted group of investors, meaning the offer is addressed to an identifiable category of persons, communicated directly by the offeror or its agent, and only they may accept it; and
- has received the relevant consent from the JFSC under the Control of Borrowing Order, in line with the revised JPF Guide.
Article 3 of the Order adds that a JPF consented to on or after 6 August 2025 is not a collective investment fund for the purposes of the 1988 Law. The consent needed depends on the vehicle: a company, unit trust, limited partnership, limited liability partnership or limited liability company each falls under a different Article of the Control of Borrowing Order.
The Government of Jersey's announcement of 23 July 2025 summarised the main changes:
- the 50-offer / investor cap was removed
- the definition of professional investor was widened
- listing of JPF interests is permitted with JFSC consent
- a 24-hour authorisation process applies to JPF applications submitted by registered Designated Service Providers
Older guides and articles still quote the 50-investor limit, so check the date of anything you rely on.
The 2026 change to Control of Borrowing consents
The Control of Borrowing (Jersey) Order 1958 was amended with effect from 13 April 2026. The amendment added a definition of "retail investor" (Article A1). Under the new Article 14A, certain consents granted before that date to entities that are not investment funds are treated as no longer having effect.
Investment funds are outside that release. Anyone restructuring an existing vehicle should check which consents still apply to it.
What to have ready before instructing an advocate
- Who the investors will be, and how and by whom the offer will be made
- Whether investors can redeem, and whether units will be issued in more than one closing
- The vehicle you have in mind (company, limited partnership, unit trust or limited liability company)
- Your proposed Jersey administrator or Designated Service Provider
- Any intention to list interests or to market to investors outside Jersey
Investment Funds Asked Questions
How long does it take to establish a Jersey Private Fund (JPF)?
Since 6 August 2025, a JPF application submitted by a registered Designated Service Provider can be authorised within 24 hours. How long the documents take to prepare depends on the fund.
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