A fund set up under Part II of the amended law of 17 December 2010 relating to undertakings for collective investment (a “UCI Part II Fund”) can be constituted as either:
an open or closed ended common fund (fonds commun de placement - “FCP”); or
an open or closed ended investment company with variable capital (société d’investissement à capital variable - “SICAV”) or fixed capital (société d’investissement à capital fixe - “SICAF”).
The net assets of an FCP may not be less than EUR 1,250,000. This minimum shall be reached within a period of 6 months following the authorisation of the common fund.
The share capital of a SICAV may not be less than EUR 1,250,000. This minimum shall be reached within a period of 6 months following the authorisation of the SICAV.
The minimum capital of a SICAV which has not designated a management company may not be less than EUR 300,000 at the time of authorisation. The capital of any SICAV including SICAVs which have designated a management company shall reach EUR 1,250,000 within a period of 6 months following the authorisation of the SICAV.
References: articles 23§1 and §2, 27(1), 94 of the amended law of 17 December 2010 relating to undertakings for collective investment; What Is the Legal Framework for a UCI Part II Fund?, October 9, 2020, Bertrand Mariaux; How to set up a UCI Part II Fund, Luxembourg for Finance, January 2019.
Contributor: Cédric Buisine, Avocat
Editor: Hannah Seulgee Jung
*Podcast #293:
*YouTube Video 282|:
Bertrand Mariaux, Avocat à la Cour, LL.M. (hons.)
Prestation de serment (Swearing-in oath): Luxembourg (2011), Certificat d’Aptitude à la Profession d’Avocat, École de Formation professionnelle des Barreaux de la Cour d’appel de Paris (2009), Bond University (LL.M. (distinct.), International Legal Practice, 2010), Université Sorbonne Paris Nord & University of Limerick (Master in European & International Law - major in economics, 2008), certified Expert in Microfinance (Frankfurt School of Finance & Management, 2015), social entrepreneurship (University of Oxford, 2015 & The Wharton School of Social Policy & Practice, 2014) and social & solidarity economy (International Labour Organization Academy - Social & Solidarity Economy, Organisation Internationale du Travail - Économie Sociale et Solidaire, 2017)