What is a JPF? — Jersey Private Fund (Jersey)
A JPF is Jersey's lighter-touch private fund, run under the JFSC's Jersey Private Fund Guide rather than a full fund-authorisation regime. It is open to professional investors and to anyone subscribing at least £250,000, is authorised by the JFSC on a 24-hour turnaround, and needs no depositary and no audit — the regulatory substance sits with a mandatory Jersey-regulated administrator, the Designated Service Provider (DSP).
The regime changed materially on 6 August 2025: the JFSC removed the 50-offer/investor cap entirely for new JPFs, relaxed the treatment of top-ups and transfers, widened "professional investor" to expressly include UK FCA professional clients and US Reg D accredited investors, and committed to the 24-hour authorisation (previously 48). Any comparison still citing the 50-investor cap predates the current rules. Consent is granted under Jersey's Control of Borrowing Order (CoBO); regulator fees are modest — £1,849 application, £1,475 annual, per the 2025 CoBO Fees Notice.
Jersey is a third country for AIFMD purposes, so a JPF reaches EU/EEA investors by NPPR only, country by country — there is no passport, and the manager only meets AIFMD obligations at the point of EU marketing.
The practical gotcha: "no investor cap" is not "retail" — every investor must still clear the professional-investor or £250,000 gate, and the DSP carries the obligation to evidence it. The eligibility file, not the fund structure, is where JPFs go wrong.
Where this appears on FundRegTracker
- Where to domicile a private fund — JPF vs Guernsey PIF vs RAIF vs ILP
- Sub-threshold AIFM by jurisdiction — Jersey's third-country mechanics
- NAV error correction across domiciles — JPFs sit outside the certified-fund pricing rules