The investment funds team at the Jersey-based Mourant Ozannes law firm has established the first five so-called Jersey Private Funds since the island’s new JPF regime came into force last month.
Introduced by the Jersey Financial Services Commission, the new JPF regime has been designed to enable the creation in Jersey of a new type of privately-offered, alternative investment funds, which may be offered to up to 50 professional investors at a time.
Mourant Ozannes partner Dan Birtwistle said that the new JPF regime has quickly been seized on by existing and new clients alike, as an “effective, streamlined and proportionate product”.
“The speed and ease with which these new launches were achieved – all within 48 hours of applying to the [JFSC] – has really underlined their effectiveness, and we are expecting to see increasing demand for this product from clients looking for a flexible and efficient fund structuring solution,” he added.
Three of the new JPFs were classed as existing “Very Private Funds”, which elected to become subject to the new JPF regime once it came into effect. These were co-investment vehicles to facilitate investment in a US$2.5bn portfolio of buy-out and growth funds and direct investments, the law firm said in a statement announcing the transactions.
The Mourant Ozannes’ funds team also provided advice on the Cayman Islands law aspects of the transactions.
The second JFP was a real estate co-investment structure that also used a Jersey limited partnership managed by a Jersey management company.
Jersey Finance chief executive Geoff Cook, pictured left, praised the new JFP regime and said it was consistent with Jersey’s aim of distinguishing itself in the fund management sector on the basis of ” speed to market, expertise, and an appropriate level of regulatory oversight”.
He said the industry was confident that the new Jersey Private Fund regime would help to ensure that the “strong growth” Jersey’s funds industry has shown over the past five years would continue.
Mourant Ozannes dates back to 1842, when Ecrivan J C Le Mottée begins practising as a notary public in St Peter Port, Guernsey. By 1942, it had evolved into a law firm in St Helier, Jersey, called Mourant du Feu & Jeune, founded by Helier Mourant, Clifford du Feu and Reg Jeune.
In addition to Jersey it has offices in Guernsey, London, Hong Kong, the Cayman Islands and the British Virgin Islands.