Evergreen Funds: Jersey’s flexibility and speed in a changing fund landscape

In the first of our evergreen fund series, we look at Jersey, where flexibility, speed to market and cross-border capital flows are combining to support the next generation of evergreen structures.

Jersey’s role in the rise of evergreen funds is often framed in terms of flexibility and speed to market. Both are well established. But increasingly, its positioning is also being shaped by a third dynamic: its ability to facilitate cross-border private wealth capital.

This shift is being driven by strong underlying growth. Private wealth-focused evergreen funds reached approximately AUD 427 billion by the end of 2024[1], and are projected to grow to around AUD 1.1 trillion by 2029, underscoring the scale of opportunity in this segment. At the same time, according to reporting by Private Debt Investor, by late 2024 the number of evergreen private credit funds had increased by over 30% in two years, representing around $350bn in global assets across 520 funds[2].

As evergreen structures gain traction, driven in part by private wealth demand, jurisdictional advantage is no longer just about regulatory efficiency. It is about how effectively a jurisdiction can support funds designed to raise capital continuously, across a broader and more diverse investor base.

Jersey’s regulatory framework has evolved in line with that need, most notably through enhancements to the Jersey Private Fund (JPF) regime.

Scaling private capital through regulatory flexibility

The 2025 updates to the JPF regime marked a significant step in enabling scalable fund structures. The removal of the long-standing cap on investor numbers allows funds to accept an unlimited number of investors, provided they are offered to a defined group of eligible participants.

This shift is particularly relevant in an evergreen context. Unlike traditional closed-ended structures, evergreen funds rely on the ability to bring investors into the vehicle over time. Constraints on investor numbers can therefore limit their practical viability.

At the same time, Jersey has retained its hallmark efficiency. A streamlined approval process, often within 24 hours, means managers can bring structures to market quickly.

This combination of scalability and speed aligns closely with how evergreen funds operate in practice:

• Capital is raised continuously rather than in discrete closes
• Product structures may evolve over time
• Investor onboarding needs to be efficient across jurisdictions

Aligning with cross-border private wealth

Beyond regulatory mechanics, Jersey’s relevance to evergreen strategies is increasingly tied to private wealth.

The expansion of investor eligibility definitions in 2025, bringing them closer to internationally recognised categories such as UK “professional clients” and US “accredited investors”, reduces friction when raising capital across markets.

This is a meaningful development. Evergreen funds are not typically raised within a single jurisdiction; they sit within global capital flows, particularly across family offices and high-net-worth investors.

Jersey’s framework supports this by:

• Enabling alignment with familiar investor classifications
• Simplifying onboarding across multiple jurisdictions
• Maintaining a private fund model suited to sophisticated investors

In this sense, Jersey acts as a bridge between capital pools that allows managers to access private wealth internationally while preserving the characteristics of a private fund structure.

Supporting bespoke evergreen strategies

Another distinguishing feature of Jersey is its ability to accommodate non-standard or hybrid structures.

Evergreen funds do not always fit neatly into traditional categories. They combine aspects of open-ended and closed-ended funds, often incorporating periodic liquidity within long-term investment strategies.

Jersey’s regulatory approach, deliberately broad in terms of permissible structures, supports this flexibility. Market commentary suggests that managers continue to view Jersey as a credible alternative when they require more bespoke or cost-efficient fund solutions.

This is particularly relevant for:

• private credit and income strategies,
• continuation or hybrid vehicles, and
• structures designed for specific investor segments.

Positioning in the evergreen ecosystem

Taken together, these features position Jersey in a distinct part of the evergreen landscape.

While other jurisdictions are focused on large-scale retail distribution or policy-driven access, Jersey’s strength lies in enabling flexible structuring, rapid execution, and access to globally distributed private wealth capital.

In the context of evergreen funds, that combination is increasingly valuable.

How Belasko can help

Belasko can supports fund managers at every stage of the evergreen lifecycle. From structuring and launch through to ongoing administration and investor servicing. With deep expertise in the Jersey Private Fund regime and cross-border investor onboarding, we help clients design scalable, efficient structures that support evolving investor requirements. Our focus is on delivering practical, responsive solutions that allow managers to move quickly while maintaining full regulatory confidence.

If you’d like to explore how evergreen structures are evolving, get in touch with Matt Devine-Hill at Belasko who’d be happy to have a conversation.

[1] Evergreen Funds: An Open-Ended Alternative to Private Markets, Bocconi Students Investment Club

[2] Rolling On: The Growing Popularity of Evergreen Funds | Insights | Jersey Finance