INSIGHTS
Independent Directors: Strengthening Jersey Private Funds under the Refreshed Regime
Overview of the JPF Changes
In August 2025, Jersey introduced important updates to its Private Fund (JPF) regime to make JPFs quicker and more flexible to establish, while maintaining their private and professional nature. These changes, published by the Government of Jersey and the Jersey Financial Services Commission (JFSC), further enhance Jersey’s competitiveness as a leading funds jurisdiction.
Key updates include:
- Removal of the 50 investor cap, replaced by a "restricted group of investors" test.
- A broader definition of professional investors, widening eligibility.
- The ability to list JPFs on an exchange (with JFSC consent).
- A streamlined 24-hour authorisation process through Designated Service Providers (DSPs).
- Updated JPF Guide clarifying eligibility, DSP responsibilities and transitional/opt-in provisions for existing JPFs.
These changes allow promoters to reach more investors, move faster to market, and consider new fundraising options — but they also raise the stakes for governance and oversight.
Why Independent Directors Matter More Than Ever
As JPFs broaden their investor base and regulatory expectations evolve, independent directors play a critical role in safeguarding governance and building investor confidence.
1. Governance and Credibility
Independent oversight provides assurance to investors and regulators. The presence of an independent director enhances market reputation and demonstrates a commitment to transparency and accountability.
2. Investor Confidence and Fundraising
Professional investors often prefer — or insist upon — independent directors. Their presence enhances investor confidence and can strengthen fundraising prospects.
3. Managing Conflicts
Independent directors are a primary safeguard when conflicts arise between investors, fund promoters, investment managers and administrators. Their impartiality ensures fair process, protects fund reputation, and prevents dominance by any one party.
4. Regulatory Compliance
With the increasing focus on AML and compliance standards, independent directors offer an additional layer of scrutiny to ensure that both DSP and fund obligations are being met effectively.
5. Facilitating Listings
For JPFs seeking an exchange listing, independent directors with capital markets experience help
navigate disclosure, reporting and investor communication — areas that exchanges and investors alike view as critical.
6. Economic Substance and Local Presence
Independent directors based in Jersey help demonstrate real local substance, supporting both tax and regulatory requirements.
Why Altair?
The refreshed JPF regime provides promoters with greater flexibility and broader reach. But with these opportunities comes the need for stronger governance. Independent directors deliver the oversight, credibility and local expertise that investors and regulators expect and help safeguard reputation, protect investor relationships and reduce regulatory risk, all of which can save significant time and cost in the long run.
At Altair, our experienced team of directors combines deep Jersey funds knowledge with an independent perspective. Many of Altair’s directors have previously worked within DSPs and maintain strong industry relationships. This practical knowledge ensures smoother interaction with DSPs and greater confidence in oversight and compliance processes. Our professional yet pragmatic approach to delivery of director services is matched by our commercial approach to pricing, ensuring that funds benefit from high-quality independent oversight at relatively minimal additional cost that supports the long-term success of our clients.
Contact us to discuss how independent directors can add value to your Jersey Private Fund.
Altair Directors are part of the Altair Group, a leading provider of independent director, compliance and governance consultancy services based in the Channel Islands.