The Jersey Very Private Fund (VPF) regime provides a highly flexible solution for small groups of investors. These funds are governed by policy rather than statute and so can be structured or operated in a number of ways.
VPFs must limit the number of offers to investors to 15 and must be organised on a private placement or private subscription basis so there can be no general marketing or public offering of the fund. VPFs cannot be listed but can be either open-ended or closed-ended.
Although there is no minimum subscription per investor, a limit of £250,000 or above is usually applied in order to take advantage of exemptions which are available to those service providers appointed to act for the fund, e.g. the investment advisor.
VPFs can be established within five working days, subject to disclosure of certain basic information to the Jersey Financial Services Commission (JFSC). There are no statutory fees.
VPFs are treated similarly to joint venture companies and are subject to lighter touch regulation by the JFSC.
If you would like to discuss VPFs with us, please get in touch with Andrew Maiden.
T: +44 1481 231 868