Juno supplies services to Funds.
This means everything including pre-launch structuring, prospectus drafting, banking, onboarding/KYC, investor communication, NAV calculation, annual return, AML and regulatory filings and ongoing administration of the Fund. In other words, we nurture your fund…
Of course, we welcome new Funds as well as existing Funds moving to a new jurisdiction or Fund Administrator. That’s why we are the largest Fund Administrator in Gibraltar by number of Funds; and have Funds under Administration of some USD 500mm equivalent at the time of writing.
Why would I spend money on a Fund Administrator? Put simply, we do the work you don’t want to do; and let you get on with owning or investing the fund. And it’s really good value – it would cost you double what we charge to administer all the functions of a Fund in-house or on your own. The basic reason from the investor side too is, of course, that the Fund Administrator is a major selling point – we are licensed and regulated to be fair to your investors and ensure everything runs like clockwork, is above board and the playing field level.
We run and value all types of fund assets: existing examples of our types are art, equities, bonds, B2B lending, litigation funding, crypto and real estate.
Typically we price our services off your Fund’s Net Asset Value or NAV (we charge a small percentage to run the fund) – but for larger funds doing many thousands of transactions we will also price off of number of transactions.
Our two basic fund types are:
1. Private Fund: for smaller or start-up funds casting a less-wide net (at least initially); and
2. Experienced Investor Fund: for growing Private Funds or ambitious start-ups targeting investors who are verifiably experienced.
A Gibraltar Private Fund is a very simple and efficient structure. A sort of fund lite. It is not listed on any stock exchange and may not have more than 50 investors. Although there must be some identifiable link between all the investors in a Private Fund, there are no investment restrictions. It is particularly suitable for investors who are ‘friends or family’ or fall into some form of connectivity by having something in common. All of these will be onboarded by Juno in line with regulation. No US persons are allowed.
Following the Alternative Investment Fund Managers Directive (2013), a Private Fund must register and report to the local financial regulator. It does not have to adhere to any investment or borrowing restrictions and benefits from “light touch” regulation. There is still a de minimus amount of annual reporting done though – but this is reflected in the more modest cost. A Private Information Memorandum (PIM) will typically need to be produced. You will need a lawyer, whom Juno can recommend and work with.
Experienced Investor Funds
An EIF is highly flexible in terms of establishment, portfolio composition, investment strategy and borrowing restrictions. It is a relatively quick set up. However, there are restrictions on investor type –all of whom (corporate or individual) must fall within the legal definition of an “Experienced Investor”.
An Experienced Investor is a person or corporate which falls into certain defined categories: but typically either a person who typically or professionally deals in investments; is a professional client (as defined in EU and Gibraltar legislation); has individual net worth greater than €1mm; or has a current aggregate of €100k invested in one or more EIFs.
Whether or not an EIF has appointed an investment management company, the ultimate responsibility for the investment management function as well as all operational and other aspects of the fund) lies with the EIF directors (of whom each EIF needs two). But Juno will also guide you.
Costs, while some 30% greater than for a Private Fund, are very competitive compared with alternative jurisdictions such as Cayman, Luxembourg or Ireland.