Funds under local management and administration grew by 11 per cent - £15.2 billion ($30.2 billion) - over the quarter ended 30 June 2007 to reach a new high of £155.6 billion, according to the latest figures from the Guernsey Financial Services Commission. For the year since 30 June 2006, the rise was £32.3 billion. Non-Guernsey schemes for which some aspect of management or administration is carried out on the island saw growth of £5.4 billion (21 per cent) over the quarter and by £8.5 billion (38 per cent) over the year to reach a record high of £30.7 billion. The qualifying investor fund regime introduced in February 2005 continues to be popular. Following its success in the first quarter, the registered closed-ended investment fund regime, introduced in February 2007, has continued through the second quarter to be extensively used by local fund administrators. Advocate Roger Le Tissier, a partner at law firm and advisor Ogier, said: “In the private equity sector, the figures do not show that the committed capital in fact far exceeds the figures provided by the commission as they only include drawn down capital. For example, Coller International Partners V, for whom we act, has closed its most recent fund at $5 billion but has yet to draw down the majority of the commitments. The success story is even greater than the figures suggest.”