JTC Group has played an instrumental role in setting up the very first Private Placement Fund (PPF) out of Jersey. Introduced only late last month, the Private Placement Fund (PPF) is a competitive new product from Jersey that has been designed to make it quicker and easier to establish close-ended funds, including property and private equity funds. It can be offered to less than 50 people, all of which must be professional or sophisticated investors.
The first PPF will be set up for a long standing client of JTC Group looking to create a fund that will manage mixed real estate investments.
“This is an exciting and innovative new product for Jersey and we are delighted to be the first to administer and provide specific fund and corporate related services to this PPF,” says Philip Burgin, Group Director at JTC Group.
A PPF is: established in Jersey (or established outside of Jersey but managed in Jersey); private and closed-ended; suitable for less than 50 professional and sophisticated investors; either a Jersey company (including a protected cell company or an incorporated cell company); a Limited Partnership (including separate limited partnership, limited liability partnership or an incorporated limited partnership); or a Unit Trust; and put through a fast-track application service, which enables it to be formed in just three days.
Once qualified, under the private placement funds guide issued by the Jersey Financial Services Commission (JFSC), the fund can be formed using a streamlined formation process, which excludes the promoter policy test usually applied to private funds.
JTC Group believes the new PPF will be an attractive proposition to other clients and is an excellent addition to Jersey’s funds offering. “The introduction of the PPF is an important step in the continued development of Jersey’s funds industry and provides the island with an opportunity to compete with other jurisdictions. These funds complement the Unregulated Fund, Expert Fund and Jersey Listed Fund regimes already on offer,” says Burgin.
