Guide to investment funds in Bermuda

This guide is a summary of the law and procedures relating to the establishment and operation of investment funds in Bermuda. It should be read in conjunction with the Appleby guide to companies in Bermuda, guide to partnerships in Bermuda and guide to trusts in Bermuda.

For the purposes of this guide, the term ‘investment fund’ is used to refer to open-ended mutual fund companies, unit trust funds and partnership funds. Closed-ended investment funds (e.g. private equity funds) are not governed by the Investment Funds Act 2006, as amended.

The Investment Funds Act governs the exclusion, exemption and authorisation of investment funds and contains certain requirements for the formation of investment funds, their operation and the offering of shares, units or interests of investment funds. Investment funds are prohibited from being operated in or from Bermuda unless they are authorised or exempted under the Investment Funds Act. The requirement to be authorised or exempted does not apply to investment funds that are deemed to be private (such as master funds). An investment fund is a private fund if the number of participants is 20 or less and if the promotion, communication and offer to participate in the investment fund is restricted and is not made to the general public…

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