Mid-year figures from the Jersey Financial Services Commission (JFSC) show that the Jersey Private Fund structure (JPF), launched last year, continues to show strong appeal across the alternative asset classes.
According to the JFSC, 130 JPFs had been established by 30 June this year, holding combined total assets under management (AUM) of £19.4bn.
The figures also show that around half of the AUM figure (48 per cent) is attributed to infrastructure, debt and credit funds, whilst hedge funds account for almost a third (29 per cent). Private equity and venture capital funds make up 16 per cent of the total.
The JPF was added to Jersey’s suite of fund structuring options in April 2017 to provide institutional and professional investors with a more streamlined, fast-track regime.
The product offers the ability to establish a fund for up to 50 investors in as little as 48 hours – the JFSC figures show almost a quarter of established JPFs (24 per cent) have less than 15 investors or offers.
Jersey Finance CEO Geoff Cook commented: “This is the first time this set of figures has been published since the JPF was launched. The indications are that it is meeting the needs of a key segment of the alternative investor community who are looking for better co-investment solutions.
"Firms are reporting, for instance, that the vehicle is particularly popular among like-minded family offices who are looking to come together to tap into the burgeoning alternatives market.”
Mike Byrne (pictured), Chair of the Jersey Funds Association, added: “The JPF is essentially mirroring the general growth Jersey is seeing in the infrastructure, debt and credit fund asset classes, which across our funds spectrum grew by 50 per cent over the past 12 months.
"The JPF is also being well used for hedge, venture capital and private equity funds. We fully expect the upward trajectory of the JPF to continue.”