National Private Placement Regimes (NPPR) Factsheet

For alternative fund managers raising capital internationally, choosing the right fund domicile starts with a simple question: where are your investors?

If your fundraising strategy is focused on professional investors in selected European markets, you may not need an EU-wide marketing passport.

Jersey provides an established route to European capital through National Private Placement Regimes (NPPRs), enabling managers to focus their fundraising activity on the markets that matter to their strategy.

247 Jersey alternative investment fund managers
482 funds marketed into the EU

Source: Jersey Financial Services Commission (JFSC), 30 June 2026

National Private Placement Regimes allow non-EU alternative investment managers and funds to market to professional investors in individual EU Member States, subject to the requirements of the relevant Member State.

Rather than providing a single passport covering the whole of the EU, NPPRs allow managers to identify the individual markets in which they want to raise capital and seek access to those markets.

For managers with an investor base concentrated in selected European jurisdictions, this can provide a practical route to market without necessarily establishing the fund or manager within the EU.

Jersey has regulatory cooperation agreements supporting access to EU Markets through NPPRs, subject to requirements of the relevant jurisdiction.

There is no single route to European capital that will be right for every fund manager.

NPPR may be worth considering if:

• your fundraising is focused on professional investors
• you have identified specific European markets in which you intend to raise capital
• you do not require an EU-wide marketing passport
• your investor base spans the UK, selected EU jurisdictions and other international markets.

Managers seeking broad distribution across the EU may also wish to consider whether an EU structure and AIFMD marketing passport is more appropriate.

The right approach will depend on your investor base, investment strategy and longer-term fundraising ambitions.

Managers should seek appropriate legal and regulatory advice when determining the requirements applicable to their individual fundraising strategy.

AIFMD II is in force across the EU since 16 April 2026, with certain provisions relating to supervisory reporting applying from 16 April 2027. It introduced changes across the EU alternative investment fund framework, including changes relevant to the conditions under which non-EU funds and managers access EU investors. These include requirements relating to the status of the relevant third country for anti-money laundering and tax purposes and arrangements for the effective exchange of tax information.

Jersey has updated its AIFMD framework to reflect AIFMD II. The JFSC has confirmed that the impact on Jersey business is minimal, as most of the changes apply to full passport jurisdiction AIFMs and AIFs and do not affect the NPPR through which Jersey retains its third country market access. Managers should nevertheless assess the requirements applicable to their manager, fund and target markets.

Read our guide to AIFMD II and what it means for fund managers.

For international managers, European fundraising may be one part of a wider capital-raising strategy.

Jersey is a well-established international finance centre with established private placement routes for managers seeking access to professional investors in both the UK and the EU.Managers can use the relevant NPPRs to target professional investors in selected EU Member States, while the UK’s private placement framework provides a route to eligible investors in the UK. As the EU and the UK frameworks evolve separately, Jersey supports access to both markets.

This can make Jersey particularly relevant for international managers with investors across the UK, selected European markets and other international jurisdictions.