[2] SPCs originated in Guernsey and Delaware, but a number of other jurisdictions followed, and they can now be formed in Bermuda, the British Virgin Islands, the Cayman Islands, Anguilla, Ireland (the Republic of), Mauritius, Jersey, the Isle of Man, Malta, Bahrain, Gibraltar and Samoa.
Although growing in popularity, SPCs still remain a niche risk transfer tool.
Many U.S. states have enacted a conceptually-similar corporate law mechanism, the series LLC.
Unlike most developed financial markets, there is no legal structure similar to segregated portfolio companies in South Africa.
Separation of assets and liabilities, known as ring-fencing, is achieved through contractual agreements, and given the lack of statutory structure there exists a theoretical risk that creditors may claim dues from cells other than those that are their debtors according to the arrangement agreed to.