Jersey will become the first of the Crown Dependencies to offer Incorporated Limited Partnerships (ILPs) and to create a dedicated and distinct law for the constitution of Separate Limited Partnerships (SLPs). Both new structures will further enhance Jersey’s international appeal as a domicile for funds and other investment entities.
It was announced at the annual Jersey Finance funds conference and exhibition in London today (April 6) that SLPs will be able to be formed in Jersey from 20th April and ILPs from 24th May.
Heather Bestwick, Technical Director of Jersey Finance, said:
‘The new Separate Limited Partnership and Incorporated Limited Partnership will be attractive additions to the Jersey Limited Partnership regime. Since the Limited Partnerships (Jersey) Law 1994 came into force, the Limited Partnership has become a vehicle of choice in establishing private equity funds and venture capital schemes. In the last few years, Jersey’s Limited Partnership has also been used to form funds investing in diverse asset classes, including real estate and mezzanine debt and in raising Tier 1 capital for financial institutions.
“The new SLP will appeal to funds clients and those wishing to set up carried interest vehicles and the new ILP will find use in structured finance. The range of possibilities that the new partnerships will bring, with their variations of legal personality and asset ownership combined with commercial flexibility will further enhance Jersey’s appeal as a domicile for fund and finance vehicles.”
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