* Indicative only, for a fund of £20m (about US$27m or €24m) domiciled in Guernsey, based on November 2026 Guernsey provider prices for a basic closed-ended Private Investment Fund: setup about £17,600 and running costs about £66,200 a year, including one director provided by the fund administrator. Add about £20,000 a year for a second independent director if your own directors will not travel to Guernsey for board meetings. Property management, valuations, tax reporting and any manager costs are extra. A larger or busier fund usually pays more for administration and audit, and each further fund in a shared protected cell company costs less. US dollar and euro figures are approximate, converted at the exchange rates on 21 October 2026. See fund setup costs.
Our Mission
First Fund exists because we were first-time fund managers ourselves, and found the market badly set up for newcomers. Some providers oversold complex structures we did not need. Others stopped returning calls once they realised we were not launching a flagship £500m vehicle.
That is why we built First Fund: free, honest guidance for first-time fund managers from people who have already launched a fund themselves.
Why Our Guidance Is Free
We do not charge managers for early-stage guidance. Where appropriate, our revenue comes from introducer commission paid by service-provider partners, such as the fund administrators on our panel, once a manager chooses to engage them. We will always tell you before you decide.
That means you get practical support at the exact stage where first-time fund managers most need a clear and impartial decision path. How pricing works
What We Help With
Fund Structure
Assess whether your idea is fund-ready and which route is commercially sensible, including protected cell options where relevant.
Jurisdiction Choice
Compare Luxembourg, Ireland, the Cayman Islands, the Channel Islands, the UK and more on cost, credibility, timing and what your investors expect.
Cost and Timeline
Build realistic expectations for setup and annual running costs, and plan a launch timeline you can hold providers to.
Independent Directors
Understand when your fund needs independent non-executive directors and how to find ones who suit it.
Provider Stack
Understand when you need administration, legal, governance, audit, banking and foreign exchange, and in what order. We have relationships with suppliers in all sectors and can make introductions.
Switching Administrator
A plan for existing funds moving to a new administrator, and introductions to administrators worth talking to.
Who First Fund Is For
- First-time fund managers and teams spinning out of larger firms
- Property, private credit, venture, private equity and niche-strategy sponsors
- Managers comparing jurisdictions before committing capital
- Existing funds that want to move to a new administrator
We Look At All The Major Fund Jurisdictions
We do not push every manager to the same place. We compare Luxembourg, Ireland, the Cayman Islands, Jersey, Guernsey, the UK, Delaware and Singapore on cost, speed and what your investors expect.
We often recommend Guernsey because it is good value for a first fund, but it is not right for every fund. A large raise aimed at EU institutions may need Luxembourg or Ireland, US investors often expect Delaware or the Cayman Islands, and some investors simply prefer a jurisdiction they already know.
Compare Jurisdictions in DetailReady to plan your first fund launch?
No hard sell. Just practical guidance from the start, covering structure, jurisdiction, likely costs and timing.