Sub-paragraph 1: General-purpose professional funds

Unless otherwise stipulated, articles L. 214-24-24 to L. 214-24-27 and L. 214-24-29 to L. 214-26-2 apply to AIFs covered by this sub-paragraph.

The subscription and acquisition of units or shares in a general-purpose professional fund are reserved for professional clients as referred to in article L. 533-16 and for foreign investors belonging to an equivalent category under the law of the country to which they belong. The General Regulation of the Autorité des marchés financiers sets the conditions under which the subscription and acquisition of units or shares in these funds are…

A general-purpose professional fund may invest in the assets mentioned in article L. 214-24-55 under the conditions and within the limits set by a Conseil d’Etat decree.

The general regulations of the Autorité des marchés financiers shall set the conditions for the subscription, sale and redemption of units or shares issued by such an AIF. By way of derogation from the third paragraph of Article L. 214-24-29 and the first paragraph of Article L. 214-24-34, the fund rules or articles of association of a general-purpose professional fund may stipulate that the redemption of units or shares may…

When a general-purpose professional fund is a master AIF, the rules governing investment holding, canvassing and marketing of the feeder AIF are those of the master AIF.