The following is illustrative of some technical investment vehicles for which applications may be submitted, however, it would be expected that applicants take appropriate legal advice before submitting an application.

Parallel Funds

These investment vehicles are generally formed to invest and divest in the same investments and at the same time as the main fund. They are formed under substantially the same terms as the main fund but with specific differences to accommodate the requirements applicable to the investors in the parallel fund.

Alternative Investment Vehicles

These are special purpose investment vehicles are formed to accommodate the structuring needs of the fund (or its investors) in connection with one or more particular investments. Unlike a parallel fund, which is designed as an umbrella entity for investors to participate as an alternative to the main fund, an alternative investment vehicle is formed so that investors who have subscribed to the main fund (or a parallel fund) can take advantage of efficient structures to hold specific assets if the fund is not the optimal investment vehicle for a particular investment.

Feeder Funds

These special purpose vehicles are formed by a fund to accommodate investment in the fund by one or more investors

Co-Investment Vehicles

These are investment vehicles formed by the sponsor to co-invest alongside the fund (and its parallel funds) in specific fund investments. Unlike parallel funds or alternative investment vehicles, these do not necessarily have the same investment terms or fees as the fund.

Private Equity Vehicles

Parallel funds, alternative investment vehicles, feeder funds and co-investment vehicles may choose to be established in Guernsey and administered by the same Designated Administrator/Manager as a private equity fund. Should one or more of these vehicles have the attributes of a collective investment scheme, as defined in the POI Law, and are intimately connected to the private equity fund, we will consider authorising/registering a basket of entities as one collective investment scheme. Please note a robust case would need to be made as to why a vehicle should form part of a basket of entities rather than be separately authorised/registered under the POI Law.


The GFSC recommend that any application for authorisation/registration of a private equity fund consisting of a basket of entities be made in a “generic” name, relevant to all the constituent parts, rather than in the name of one of the constituent parts: constituent parts would be listed thereunder. The foregoing facilitates additions (or removal) of further entities in a meaningful manner.

Offering documentation relating to such a fund should reflect the fact that each constituent entity is part of a larger fund consisting of other entities, and also that any authorisation/registration has been granted to the fund as a whole, rather than specifically to certain entities constituting such a fund.