First-time fund manager FAQs

First Fund gives first-time fund managers free guidance on setting up a fund: structure, jurisdiction, costs, timing and service providers. It is a First Offshore brand and a trading name of SGS Ltd.

No. Our guidance and introductions are free to fund managers.

If you appoint a service provider we introduced, such as a fund administrator, that provider may pay us an introducer commission. We tell you before you decide whether a provider pays us, and you are free to appoint anyone.

First-time fund managers, teams spinning out of larger firms and sponsors planning their first fund, plus existing funds that want to move to a new administrator.

No. First Fund gives general guidance and introductions. Your lawyers and other authorised advisers confirm the detail for your fund.

No. First Fund does not provide regulated advice. Nothing on this website or in our consultations is investment, legal, tax, regulatory or financial advice. It is general guidance only, and you should take advice from suitably qualified professionals who are authorised to give it before you act.

We are not placement agents and do not raise money for funds. We help you get the structure and operations ready for investors.

All the major fund jurisdictions, including Luxembourg, Ireland, the Cayman Islands, Jersey, Guernsey, the UK, Delaware and Singapore. We often recommend Guernsey because it is good value for a first fund, but it is not right for every fund. Where your investors are and how they expect to invest can point to somewhere else, and we will say so. Compare the major fund jurisdictions.

For example, a basic closed-ended fund of £20m (about US$27m or €24m) domiciled in Guernsey costs about £84k (US$112k or €100k) in its first year, including about £17,600 of setup costs, and about £66k (US$89k or €79k) a year after that. Add about £20,000 a year if you need a second independent director. See fund setup costs.

You do. Until a fund has investors the manager pays its costs, and if it never raises money they stay with you. In our Guernsey example that is at least the setup costs of about £17,600, plus running costs such as administration, the director, insurance and regulator fees from the day the fund is set up until it is wound up. The minimum fee and notice period in the administration agreement decide how much that is. See fund setup costs.

Once the fund has investors, most fund-level costs are paid by the fund and shared by investors: administration, audit, directors, insurance, regulator fees and deal costs. Setup costs are often repaid to the manager at first close, up to a cap set in the fund documents. The manager pays its own team, office and fundraising costs, usually from its management fee. The fund documents set out exactly what can be charged.

Usually several months for a standalone fund. A cell in an existing protected cell company is often quicker. Documents, provider onboarding and bank accounts take most of the time.

Yes. We work with a panel of fund administrators to help get fund managers the best deal, and know administrators across the major fund jurisdictions.

Yes. We explain what a fund board needs and introduce independent non-executive directors. Independent fund directors.

Yes. We help existing funds compare administrators and plan the move. How switching works.

A free call about your strategy, your likely investors, where the fund might be based and the practical launch options. Book a free consultation.