Jersey Private Fund (JPF) regime overhaul: key enhancements for professional investors
25 July 2025
- Contact Andy Cunningham
- Director, Head of Funds
- [email protected]
- +44 1534 844 234
Jersey has once again demonstrated its commitment to innovation and global competitiveness in the funds space.
From 6 August 2025, sweeping enhancements to the Jersey Private Fund (JPF) regime will take effect ushering in a more flexible, inclusive, and streamlined structure for professional investors and fund managers alike.
Whether you’re a fund promoter, manager, or adviser, these changes mark a significant evolution in how Jersey operates as a fund jurisdiction of choice.
What’s changing in the JPF regime and why it matters
The JPF regime was already a well-regarded fund structure; popular for its speed, efficiency, and light regulatory touch. However the latest updates make it even more attractive, particularly for managers targeting international capital.
Here’s what’s new:
1. Unlimited offers and investors (to a restricted group)
Previously, JPFs were capped at 50 offers or investors. Under the new regime, JPFs can be offered to an unlimited number of investors, so long as they belong to a restricted group of professional investors.
This significant expansion offers much greater flexibility when structuring and marketing funds, especially for larger or globally distributed investor bases.
2. Expanded investor eligibility
Jersey has taken an important step in aligning its definitions with those used by major global regulators.
JPFs can now admit:
- UK Financial Conduct Authority (FCA) defined ‘professional clients’
- US Securities and Exchange Commission (SEC) defined ‘accredited investors’
This opens the door for Jersey funds to access a broader pool of sophisticated investors across key markets like the UK and US without the need for additional layers of regulatory burden.
3. Faster authorisation
The Jersey Financial Services Commission (JFSC) has halved the authorisation time for complete applications from 48 hours to just 24 hours.
This streamlining will give fund managers even greater agility in launching products and responding to investor demand.
4. Stock exchange listings now permitted
Jersey Private Funds can now seek listing on a stock exchange, subject to JFSC consent.
While not designed for actively traded vehicles, this change is expected to support technical listings, a strategic move for funds that want the benefits of being listed (such as enhanced visibility or compliance with investor mandates), without trading.
5. Regulatory alignment and clarity
The enhancements to the JPF regime reflect a strategic move toward regulatory harmonisation with major international markets. Specifically:
UK FCA Alignment:
The inclusion of ‘professional clients’ as defined by the UK Financial Conduct Authority (FCA) brings Jersey in line with one of the most established regulatory frameworks in Europe. This ensures that Jersey funds can seamlessly target UK-based institutional investors and advisers without needing bespoke eligibility criteria.
US SEC Alignment:
By recognising ‘accredited investors’ as defined by the US Securities and Exchange Commission (SEC), Jersey opens the door to a broader pool of sophisticated investors in the United States. This is particularly valuable for fund managers seeking access to North American capital without duplicative regulatory hurdles.
To reflect all of these changes, key regulatory documents are being updated, including:
- The new JPF Order
- The revised JPF Guide
- Updates to the Private Investment and Reporting Structures (PIRS) Order
These updates ensure that the regime remains transparent and robust, while continuing to offer one of the most flexible fund environments globally.
What this means for existing Jersey Private Funds
Existing Jersey Private Funds can convert to the new regime by applying for an updated Control of Borrowing (Jersey) Order 1958 (CoBO) consent. This gives current fund operators the opportunity to benefit from the new features without starting from scratch.
How ZEDRA can help
Our team of experts serve private families/offices, fund managers, investors, advisers and promoters who demand high-quality support, deep knowledge, and a global outlook to fund administration services.
To find out how the new JPF regime could benefit your fund strategy, contact Andy Cunningham to discuss your options and next steps.
Frequently Asked Questions
The new regime allows JPFs to admit investors classified as ‘professional clients’ by the UK FCA and ‘accredited investors’ by the US SEC. These are typically institutional investors, high-net-worth individuals, and other sophisticated parties.
No, the 50-investor cap has been removed provided the fund is offered only to a restricted group of professional investors.
Yes, but only to complete applications. Ensuring all required documentation and disclosures are in place is essential for benefiting from the fast-track review.
A technical listing places fund shares on a stock exchange without active trading. It can help meet certain investor requirements or enhance credibility without changing the fund’s structure or strategy.
By applying to the JFSC for an updated CoBO consent. This process ensures alignment with the new regulatory framework.
Key changes include the removal of the 50-investor cap, eligibility for FCA and SEC-defined investors, faster 24-hour authorisation, permission for technical listings, and improved regulatory clarity aligned with UK and US frameworks.
It enables Jersey funds to attract UK and US investors without requiring additional eligibility definitions or duplicate regulatory hurdles.
Yes, especially those targeting international capital or needing flexibility to reach more investors while maintaining regulatory efficiency.
The new JPF Order, revised JPF Guide, and PIRS Order are all being updated to reflect the enhancements.
The updated regime will take effect from 6 August 2025.
You can find out more in the JFSC Q&A: Jersey Private Fund (JPF) regime enhancements 2025 here.