Investment Funds in France: SICAV, FCP, AMF | BleuLex Law

Launching a fund in France: scale and reach

Two figures sum up Paris's standing better than any argument: more than €4,500 billion under management and around 700 asset-management firms — enough to place France second in Europe, behind only the United Kingdom. That depth means a ready pool of managers, depositaries and fund administrators to draw on when launching a vehicle, all under the supervision of the AMF (Autorité des marchés financiers).

The decisive advantage, though, is distribution. A fund authorised in France is not confined to its home market: the UCITS and AIFMD passports open up the whole European Union to it on a simple notification. It is this pairing — local critical mass and pan-European access — that persuaded a number of players to move to Paris in the wake of Brexit.

Available Fund Types

OPCVM - Collective Investment in Transferable Securities

OPCVM are EU-harmonized retail funds (UCITS directive). They can take two forms:

• SICAV: Variable capital investment company - corporate form with shareholders
• FCP: Mutual fund - co-ownership without legal personality

OPCVM benefit from the European passport and can be distributed to all investor types.

FIA - Alternative Investment Funds

FIA cover all non-UCITS funds: hedge funds, real estate funds, private equity, private debt. Subject to AIFMD directive:

• Open to professional investors only
• More flexible investment policy
• Eligible for AIFMD passport for EU distribution

FCPR / FCPI / FIP - Private Equity

Vehicle	Characteristics	Tax Incentive
FCPR	Min. 50% in unlisted securities	Capital gains exemption (conditions)
FCPI	70% in innovative SMEs	18-25% income tax reduction
FIP	70% in regional SMEs	18-25% income tax reduction

FPCI - Professional Private Equity Fund

The FPCI is the reference vehicle for professional investors in private equity:

• Minimum ticket: €100,000
• Great investment flexibility
• No mandatory investment ratio
• Attractive tax regime for carried interest

OPCI - Real Estate Funds

OPCI (Organisme de Placement Collectif Immobilier) is dedicated to real estate investments:

• Minimum 60% in real estate assets
• Minimum 10% in liquid assets
• SPPICAV (corporate) or FPI (fund) form
• Specific tax regime (corporate tax exemption under conditions)

AMF Authorization and Registration

Procedure	Applicable To	Timeline
SGP authorization	All management companies	3-6 months
OPCVM authorization	UCITS retail funds	1-2 months
FIA authorization	Public AIFs	2-3 months
FIA declaration	Professional AIFs	Immediate
Sub-threshold registration	SGP <€100/500M	Immediate

European Passports

AMF-authorized French funds benefit from two passports:

• UCITS Passport: Distribution of OPCVM in 27 EU + EEA countries via notification
• AIFMD Passport: Distribution of AIFs to EU professional investors
• Management Passport: Management of funds domiciled in other EU countries

Why Paris for Your Fund?

• 2nd European market: Mature ecosystem, €4.5T under management
• Recognized expertise: 700+ management companies, available talent
• Efficient regulator: AMF with competitive authorization timelines
• EU access: UCITS and AIFMD passports for all of Europe
• Post-Brexit: Relocation of many players from London
• Innovation: Green finance, Article 8/9 SFDR, crypto-assets