THREE ROUTES TO MARKET

This is suited to fund managers with a close relationship with their investors.

The fund may be marketed to up to 200 potential investors, however there is a limit of up to 50 investors in the fund, with no more than 30 new investors investing over a single 12-month period following registration.

A Route 1 PIF must appoint a Guernsey licensed manager to make regulatory declarations.

The Guernsey licensed manager may also be established and managed by the administration service provider of the fund.

ROUTE 2 – Using Qualifying Private Investors

Available for managers seeking investors who are able to properly evaluate and bear the relevant investment risk. The investment manager is not required to be licensed in Guernsey.

There is a 50 investor limit, marketing can take place to 200 people.

Investors must be provided with a disclosure statement that includes necessary information for a professional investor to make an informed judgement on the investments in the PIF.

An administrator must make regulatory declarations, including the disclosure statement.