National Private Placement Regimes (NPPR) Factsheet

Jersey offers easy and cost-effective marketing into the EU through National Private Placement Regimes (NPPRs), providing managers with an attractive alternative to the Alternative Investment Fund Managers Directive (AIFMD) ‘passport’.

The AIFMD ‘passport’ allows EU investment funds to be distributed across the EU. However, the EU investment fund market is still predominantly a national market – in fact, only 3% of EU alternative investment funds (AIFs) are registered for sale in more than three Member States.

Managers can access EU capital without establishing a Luxembourg, Irish or onshore EU structure.

NPPR works thanks to bilateral agreements between Jersey’s financial regulator and those in each EU Member State. Jersey has these in place with the majority of EU countries. This means lower establishment costs, reduced regulatory burden and efficient fund operations.

Crucially, marketing through NPPR offers a lighter regulatory burden and therefore often a lower cost to managers than the AIFMD ‘passport’. This means managers can target the jurisdictions where investors are located rather than establishing an expensive EU presence. In a nutshell, using Jersey offers alternative fund managers:

• future certainty
• simplified regulatory obligations
• flexibility
• tried and tested market access
• a cost-effective platform

The NPPR route through Jersey is working extremely well and continues to be a trusted route for managers raising capital across Europe. Growing numbers of promoters are choosing Jersey for their fundraising strategies, with 233 AIFMs as at March 2026. This momentum is also reflected in the number of Jersey AIFs being marketed in Europe through NPPR, which stood at 458 demonstrating continued confidence in Jersey as a gateway to European capital.

(Source: JFSC)

These managers are using a well-established and widely used route to access EU investors.

Jersey offers a compelling proposition. But don’t just take our word for it – the following pages are some real-life examples of funds launched in the past three years where a Jersey-based AIFM has successfully raised EU capital through private placement, some through reverse solicitation and some through active marketing.

Jersey’s NPPR route is working incredibly well in practice and is an optimal solution for managers based in a diverse range of non-EU countries running a broad range of fund types, sizes and asset classes. The message is clear – Jersey is playing a key role in enabling managers to continue to market their funds to EU investors through its tried and tested private placement regime.