It is the first vehicle of its kind to be created since two new categories of unregulated fund were introduced in February.

The fund vehicle, a Jersey public company, has an umbrella fund structure which allows the creation of multiple managed investment portfolios, or sub-funds, with multiple classes of shares in respect of each sub-fund.

The transaction was led in Jersey by Carey Olsen funds partner Eve Kosofsky and senior associate Daniel O’Connor.

Ms Kosofsky commented:

“The recent introduction of the unregulated funds regime completes Jersey's offering of investment funds and enhances the carefully targeted changes in Jersey's regulatory regime. The developments are seen as an important step in making the Island the jurisdiction of choice in the European alternative funds sector.”

The new regime aims to provide certainty, flexibility and speed when establishing new funds.

Promoters have the ability to tailor funds to suit their particular commercial and tax requirements.

Ms Kosofsky concluded:

“Once the fund is established, which can take as little as two hours, no further regulatory approval is required under Jersey's funds legislation. In an industry where speed in bringing the product to market of the essence, this is seen a particular advantage.”