The British Virgin Islands and the Cayman Islands are two of the most popular domiciles for offshore private funds due to their tax-neutral regimes, sophisticated business infrastructures and well-developed legal systems. A recent program presented by the Investment Management Due Diligence Association evaluated the similarities and differences between the two jurisdictions and offered commentary about which choice is better under various circumstances. Daniel Strachman, managing director of A&C Advisors LLC, moderated the discussion, which featured Walkers partners Oliver Bell and Dorothy Scott. This article summarizes the key takeaways from their presentation. For additional insights from Walkers partners, see our two-part coverage of the 2018 Walkers Fundamentals Seminar: “Fund Launches, Asset Flows, Strategies, Durations, Fees, Governance and Hot Topics” (Dec. 20, 2018); and “Suspensions, Liquidations and Restructurings” (Jan. 17, 2019).