the Private Investment Fund (PIF) The PIF regime recognises that there is a category of fund where management have a closer relationship with investors than is typical. As such, the Guernsey Financial Services Commission (GFSC) has a proportionate approach to requirements
PROSPECTUS
No requirements to demonstrate track record.
24 HR APPROVAL
No prospectus required.
Regulatory approval obtained in 24 hours.
A PIF should have no more than 50 investors. The PIF should contain no more than 50 legal or natural persons with an ultimate economic interest in the fund, save in the instance where the investment is made by an investment manager acting as agent for a wider group of stakeholders. For example, an investment manager acting as agent for investors in a collective investment scheme or members of an occupational pension scheme. In such cases, that agent may be considered one investor.
No attempt has been made to limit the number of investors to whom a PIF may be marketed.
A PIF may be open-ended or closed-ended.
LEARN MORE ABOUT THE PIF
The PIF is a regulated product with a focus on strong corporate governance.
The PIF requires a licensed manager in the structure.
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As part of the applications process, the proposed licensed manager provides declarations on the ability of the investors to assume loss. As the philosophy of a private fund is a close relationship between investors and management, the GFSC does not believe this to be an unreasonable representation.