As previously described, a specialised investment fund (“SIF”) may take the form of either:

an open or closed ended common contractual 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”).

An FCP must be managed by a management company. The management company shall draw up the management regulations for the common funds.

The SICAV/SICAF has the choice to be self-managed or to have a management company. If the SICAV/SICAF is self-managed, whereby its board of directors or the general partner is entrusted with the functions usually devoted to a management company (risk management, portfolio management etc.…), it can only manage assets of its own portfolio. It is therefore not possible for a self-managed SICAV/SICAF to manage the assets of a third-party.

References: Which Legal Forms May take the SIF? September 28, 2020, Bertrand Mariaux; Article 12(1)§1 of the amended law on SIF of 13 February 2007.

Contributor: Cédric Buisine, Avocat

Editor: Hannah Seulgee Jung

*Podcast #288:

Management (SIF) #288-277* *Article #288-277* *YouTube Video 277| . . . . . . . . #ImpactFinance , #ServeAndThrive , #lawyer , #ThriveAndAccomplishYourMission , #MariauxAvocats , #ImpactInvesting , #SocialImpact , #impact , #ImpactSocial , #SocEnt , #MissionDriven , #MissionDrivenVenture , #EU , #DFI , #SocialVentureCapital , #AssetManagement , #sustainability , #AlternativeInvestment , #SustainableFinance , #ResponsibleInvestment , #ResponsibleFinance , #domiciliation , #SIF Any content published on MariauxAvocats.com does not constitute legal advice.

*YouTube Video 277|:

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)