Welcome amendments to the Guernsey Private Investment Fund (PIF) stand to streamline and increase the appeal of the structure to a wide range of investors, writes Head of Corporate and Fund Services at Suntera Global, Mark Vidamour.
The Guernsey Financial Services Commission announced this week (19 May) a raft of amendments to its PIF regime aimed at increasing the flexibility and marketability of the fund structure for a wide range of private capital investment strategies.
Borne out of extensive discussions with industry, the new PIF specifically amalgamates what were formerly two routes into a single private fund regime while still maintaining the Family PIF, which provides wealthy families and individuals a separate, tailored route to market with the plus points of a collective investment scheme structure.
Among the benefits of this new-look PIF are increased flexibility – funds can be open and closed ended using a range of structures – with further options to qualify as a private investor, including licensee warranted investors. There is also no compulsory audit requirement, and no limit to the number of qualifying private investors or amount of offers that are made privately to qualifying investors.
Further, the PIF remains a regulated product with an emphasis on strong corporate governance including the management of conflicts of interest.
This undoubtedly will prove compelling reading for those managers looking to target sophisticated investors with a light-touch regime.
Back in 2016, Suntera Guernsey (formerly Carey Commercial) launched one of the first PIFs when the product was initially introduced and while we’ve supported numerous clients with the set up and associated administration requirements since, these amendments are sure to increase the appeal of the PIF and the jurisdiction as a whole in the private markets space.
It is worth adding that the amendments are testament to Guernsey’s forward-thinking approach whereby the industry, government and regulator have worked together to evolve the international finance centre’s offering to meet global needs.
It is a mindset that aligns acutely with Suntera Global’s empowering responsible ambition mantra while also ensuring Guernsey remains an attractive jurisdiction for the funds industry.
If you would like to know more about the PIF or Guernsey for funds, get in touch with Mark Vidamour, Head of Corporate and Fund Services, using the details below.
Key Contact:
Mark Vidamour
HEAD OF CORPORATE AND FUND SERVICES
