The investment company in risk capital (“SICAR”) may not be created in the form of a contract. The SICAR must be set up in the form of a corporate entity. Instruments of incorporation are required. The SICAR could have a fixed or a variable capital. Single fund or umbrella set-up (with multiple compartments) is possible. 

In the case of an umbrella fund, each compartment represents a distinct part of the SICAR’s assets and liabilities. The fund and the compartments are not limited as regards the number of classes of shares. This can then be tailored on investors’ needs or based on to whom the fund is distributed.

References: Articles 1(1) §1 and 3(2) of the amended law of 15 June 2004 relating to SICAR; Legal Framework (SICAR), September 11, 2020, Bertrand Mariaux.

*Podcast #266:

*YouTube Video 255|: 

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)