Sub-paragraph 1: Specialised professional funds

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L214-154L214-155L214-156L214-157L214-158

Article L214-154

French Monetary and Financial CodeIn force
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Updated 8 Nov 2023

A specialised professional fund takes the form of a SICAV, a fonds commun de placement or a société en commandite simple. Depending on the case, it is called a "specialised professional investment company", a "specialised professional investment fund" or a "partnership company". The société de libre partenariat is subject to sub-paragraph 3 of this paragraph.

By way of derogation from Articles L. 214-24-29, L. 214-24-34 and L. 214-24-55, a specialised professional fund may invest in assets if they comply with the following rules:

1° Ownership of the property is based either on a registration, a notarial deed or a private deed whose evidential value is recognised by French law. This condition is deemed to be met for property that is registered in a shared electronic registration system;

2° The asset is not subject to any security other than those that may have been created to achieve the management objective of the specialised professional fund;

3° The asset is subject to reliable valuation in the form of an accurately calculated and regularly established price, which is either a market price or a price provided by a valuation system making it possible to determine the value at which the asset could be exchanged between informed parties entering into a contract with full knowledge of the facts in an arm's length transaction;

4° The liquidity of the asset enables the specialised professional fund to meet its redemption obligations to its unitholders and shareholders as defined in its articles of association or fund rules.

Specialised professional funds may grant loans to companies, under the conditions set out in Regulation (EU) No 2015/760 of the European Parliament and of the Council of 29 April 2015 on European long-term investment funds, when they have received authorisation to use the name "ELTIF" pursuant to the same regulation.

These funds may also grant loans to non-financial companies under conditions and limits set by decree in the Conseil d'Etat. Loans granted in this way have a maturity of less than the residual life of the fund. Redemptions of units or shares and the use of leverage are subject to restrictions.

Specialised professional funds may grant current account advances to companies in which they hold a stake for the duration of the investment made in these companies.

Mariela Petrova

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Mariela Petrova

Mariela Petrova

Avocate au Barreau de Paris

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15+ Years In Corporate Practice

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Communications protected by professional secrecy — secret professionnel de l'avocat, Article 66-5 of the Law of 31 December 1971.

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