BVI: Private Investment Fund Vehicles Introduced

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The British Virgin Islands government has introduced a new type of collective closed-end investment vehicle, the Private Investment Fund (PIF), has been introduced in. PIFs are now to be lawfully recognised under an amendment to the BVI Securities and Investment Business Act 2010 (SIBA).

Each PIF must be funded by no more than 50 professional investors recruited through private invitation, and they will be subject to valuation, auditing and anti-money laundering regulations. Entities that already exist have until the 1st of July 2020 to conform with the requirements.