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Would you like to create a UCITS, AIF or other collective investment scheme in France? You will find the information you need here.
Collective investment undertakings (OPC)
"Other collective investments"
AIF (by nature)
These are investment vehicles which, although AIFs, are not listed in the Monetary and Financial Code.
These are collective investments that are neither UCITS nor AIFs.
These are investment vehicles subject to Directive 2009/65/EC (UCITS IV Directive)
These are vehicles that are AIFs and are listed in the Monetary and Financial Code : private equity funds, employee investment undertakings, real estate collective investment undertakings (OPCI), securitisation vehicles, etc.
The range of French collective investment undertakings (CIUs) covers the various asset classes, including transferable securities, private equity, real estate, securitisation, etc.. It includes UCITS, which are governed by harmonised regulations at the European level, and CIUs, mainly AIFs, which are governed by national law. The applicable rules are tailored to the clients targeted, either the general public or professional investors. Creating certain products requires prior authorisation, which is issued on average within 18 days.
The regulations applicable to the creation or modification during the life of each product are provided below.
Funds open to retail investors
Retail Investment Fund (FIVG)
Funds of Alternative Fund (FFA)
Private Equity Fund
- Retail Private Equity Investment Fund (FCPR)
- Retail Venture Capital Investment Fund (FCPI)
- Retail Local Investment Fund (FIP)
Real Estate Collective Investment Undertaking (OPCI)
Real Estate Investment Company (SCPI)
Forestry Investment Company (SEF)
Forestry Investment Grouping (GFI)
Closed-Ended Investment Company (SICAF)
No specific instruction – please contact us
Funds open to professional investors
Professional Alternative Investment Fund (FPVG)
Professional Specialised Fund (FPS), including limited partnership (SLP)
Professional Private Equity Investment Fund (FPCI)
Professional Real Estate Collective Investment Undertaking (OPPCI)
Employee Savings Fund
- Employee Savings Plan Investment Fund (FCPE)
- SICAV for Employee Shareholders Savings Scheme
Securitisation Vehicle (SV)
Specialised Financing Vehicle (SFV)
Other collective investments include open-ended investment companies (SICAVs) and open-ended real estate investment companies (SPPICAVs), which are simplified joint-stock companies set up by a single person and whose articles of incorporation expressly prohibit multiple shareholders. They are subject to the same regime as their equivalent in the form of AIFs.
The collective investment undertakings listed above may be covered by a harmonised regime at the European level, in addition to the provisions governing their type (UCITS, AIF, etc.). For example, a UCITS will be governed by both the UCITS provisions and the specific rules applicable to money market CIUs.
Money Market Fund (MMF)
Regulation (EU) 2017/1131 of the European Parliament and of the Council of 14 June 2017
See also AMF instructions DOC-2011-19, DOC-2011-20, DOC-2011-21 and DOC-2012-06
European Venture Capital Fund (EuVECA)
Registration if asset manager is in France
Regulation (EU) 345/2013 of the European Parliament and of the Council of 17 April 2013
European Social Entrepreneurship Fund (EuSEF)
Regulation (EU) 346/2013 of the European Parliament and of the Council of 17 April 2013
European Long-Term Investment Fund (ELTIF)
Regulation (EU) 2015/760 of the European Parliament and of the Council of 29 April 2015