France Investment Funds 2025 | SICAV, SIF, FSMA Authorization

Fund Industry in France

France has a mature regulatory framework for investment funds, supervised by FSMA. With UCITS and AIFMD passports, French funds can be distributed throughout the EU.

Available Fund Types

SICAV (Variable Capital Investment Company)

Most common structure for retail funds. Capital varies with subscriptions and redemptions. Can be UCITS (EU harmonized) or non-UCITS.

SIF (Specialized Investment Fund)

Vehicle reserved for informed investors. Greater investment flexibility, lighter regulation, suited for alternative strategies.

FIIS (Specialized Real Estate Investment Fund)

Dedicated to real estate investments. Benefits from specific tax regime. Reserved for institutional and informed private investors.

European Passports

UCITS: Distribution to retail investors across 27 EU countries
AIFMD: Distribution to professional investors in the EU
Simple notification: No authorization required in each country

Frequently Asked Questions

What types of funds can be created in France?

France offers several structures: SICAV (variable capital investment company), SIF (specialized investment fund), FIIS (specialized real estate investment fund), PRICAF (private equity). Each vehicle has its own regulatory characteristics.

Is FSMA authorization required?

Fund management companies must obtain FSMA authorization. UCITS funds require full authorization. Alternative funds (AIF) may benefit from exemptions depending on size and investor type.

Can a French fund be distributed throughout the EU?

Yes, through UCITS and AIFMD passports, an authorized French fund can be distributed across all 27 EU countries via simple notification, without additional authorization in each country.

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