Article 425-19 into force since 22 February 2019

The subscription and purchase of units, shares and debt securities of specialised financing vehicles are reserved for:

1. Investors referred to in Article L. 214-190-1 of the Monetary and Financial Code;

2. Investors whose initial subscription is EUR 100,000 or more;

3. Investors, natural persons and legal entities, whose initial subscription is EUR30,000 or more and who meet one of the following three conditions:

   a) They provide technical or financial assistance to unlisted companies falling within the scope of the specialised financing vehicle with a view to their creation or development;

   b) They provide assistance to the management company of the specialised financing vehicle with a view to identifying potential investors or contribute to the company's objectives in seeking, selecting, monitoring and disposing of investments;

   c) They have acquired knowledge about private equity by being a direct equity investor in unlisted companies or by subscribing to a retail private equity investment fund that is not advertised or promoted, a professional private equity investment fund, a specialised professional fund or an unlisted venture capital firm;

4. All other investors, as soon as subscription and purchase is performed in their name and on their behalf by an investment service provider acting as part of a portfolio asset management investment service according to the conditions set out in Article L. 533-13 of the Monetary and Financial Code and Article 314-11.

5. Retail investors as defined by Regulation (EU) no. 2015/760 and under the terms of the aforementioned Regulation, provided the fund is authorised as a European long-term investment fund in accordance with the same regulation.