A specialised investment fund (“SIF”) 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.

The subscribed capital of a SICAV, increased by the share premium or the value of the amount constituting partnership interests, may not be less than EUR 1,250,000. This minimum must be reached within a period of twelve months following the registration of the SICAV. The capital of a SICAV must be entirely subscribed, and at least 5% of the subscription amount for shares or units must be paid up in cash or by means of a contribution other than cash.

The subscribed capital, increased by the share premium, of a SIF not constituted as an FCP or a SICAV shall also be at least EUR 1,250,000. If the SIF is constituted under a statutory form, its capital must be entirely subscribed and at least 5% of each share or unit must be paid up in cash or by means of a contribution other than cash.

References: Articles 21, 27, 28(3), 39(1) & (6) of the amended law on SIF of 13 February 2007; Eligible Investors (SIF), September 26, 2020, Bertrand Mariaux.

Contributor: Cédric Buisine, Avocat

Editor: Hannah Seulgee Jung 

*Podcast #281:

*YouTube Video 270|:

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)