A rise in high value real estate and private equity funds
targeting UK, continental European and global assets have been
structured through Jersey in recent months, providing evidence of
Jersey's growing appeal as an alternative investment funds
In the last six months, a number of major and innovative real
estate and private equity fund structures have been reported by
Jersey law firms, involving a combination of European and
non-European assets and investors, including:
Appleby advised on two major landmark UK property transactions
with a combined value of £2.5bn. The firm's Jersey office
acted on behalf of Blackstone on the sale of its interest in a
joint venture with British Land PLC, which owns the Broadgate
Estate, to Singaporean sovereign wealth fund 'GIC', making
it one of the largest real estate transactions in UK history.
Appleby also advised Blackstone on the sale of its beneficial
interest in the Chiswick Park Estate to the China Investment
Corporation (CIC), and continues to undertake the administration of
Carey Olsen advised Nordic private equity firm FSN Capital
Partners on its latest fund FSN Capital IV, which closed with
£500m (€600m) of commitments, primarily focused on
mid-market Nordic companies. 35% of the total capital raised for
the fund came from limited partnerships in Nordic countries, 30%
from Europe excluding the Nordic region, 21% from North America and
14% from Asia.
Mourant Ozannes advised on the Jersey legal aspects of the
establishment and first closing of Northzone VII, a venture capital
fund investing in early-stage and expansion-phase European
technology companies with Nordic roots. The fund was structured as
a Jersey limited partnership and authorised by the Jersey Financial
Services Commission to be marketed within the EEA by private
placement in accordance with AIFMD, and is targeting to raise up to
£200m (€250m) through Nordic and international
Jersey's role as a centre for both EU and non-EU real estate
and private equity fund structuring will be one of the topics to
come under the spotlight at Jersey Finance's annual Funds
Conference in London this year. The conference on Wednesday 19th
March will include a panel session discussing the increasing appeal
of Jersey private investment vehicles and why sophisticated
investors are making more use of Jersey structures for global real
estate, private equity and infrastructure investments.
Geoff Cook, CEO, Jersey Finance, commented:
"As the end of the transitional period for AIFMD
implementation draws near, it is extremely encouraging that we are
seeing not just sustained use of Jersey structures across real
estate and private equity asset classes, but that the funds being
structured through Jersey are amongst some of the most
ground-breaking transactions completed in recent times.
"These recent examples involve both European assets and
non-European investors, which reflects Jersey's flexibility and
provides evidence that Jersey's approach to the AIFMD - in
being the first third country to offer the option of a
fully-compliant AFIMD regime, whilst at the same time offering a
regime for non-EU funds that falls outside the scope of the AIFMD -
is proving very attractive to UK, EU and non-EU managers. In fact,
recent feedback we have received from UK private equity and real
estate legal advisors indicates that they would be very or
extremely likely to use Jersey for offshore fund structuring.
"These are not isolated cases, but build on examples we saw
last year too and we fully expect this trend to continue. Jersey is
the leading real estate fund domicile in Europe and with the UK
Treasury confirming its national private placement regime will
definitely be in place until 2018, Jersey will continue to enjoy
easy access to the UK investor market. Equally, we anticipate an
increase in the number of Jersey real estate and private equity
funds targeting assets in growth markets in Europe, Russia, Africa
and Asia this year."
Jersey Finance's annual Funds Conference, 'Through the
Looking Glass', will also feature Gillian Tett as the keynote
speaker and a further panel session looking at how the AIFMD is
affecting fund structuring decision-making, the relationship
between onshore and offshore fund domiciles and Jersey's
substance and approach to the AIFMD. It takes place on Wednesday
19th March 2014 at 8 Northumberland Avenue, London, starting at
12.30pm and finishing at 5pm, with a drinks reception afterwards.
Further information is available and places can be booked at
Many people are baffled by trusts, the purpose of which they don't fully comprehend. Some even regard them with suspicion, as tools of of opaque tax evasion strategies of a type favoured by wealthy individuals.
We were recently instructed by a Bank in relation to a regulatory matter. The Bank had made a suspicious activity report to the Financial Investigation Unit ("FIU") due to their concerns about the potential source of funds in an account.
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).