As previously touched on, a specialised investment fund (“SIF”) can 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 or a SICAV / SICAF could be set up as an umbrella fund with multiple compartments or as a single fund. The single fund or the umbrella fund may have an unlimited number of shares / unit classes (issued against the fund or a dedicated compartment of an umbrella fund) - depending on the needs of the investor to whom it is distributed.

References: the amended law on SIF of 13 February 2007; What Is the Legal Framework for a SIF? September 27, 2020, Bertrand Mariaux.

Contributor: Cédric Buisine, Avocat

Editor: Hannah Seulgee Jung 

*Podcast #282:

*YouTube Video 271|: 

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)