Sub-paragraph 2: Professional private equity funds

I. – Unless otherwise stipulated, professional private equity funds are private equity funds governed by articles L. 214-27 to L. 214-32-1. II. – Professional private equity funds take the form of either mutual funds or open-ended investment companies known as “private equity companies”. Articles L. 214-24-29 to L. 214-24-33, with the exception of the third paragraph of Article L. 214-24-29 and 1° and 9° of Article L. 214-24-31, are applicable…

I. – The subscription and purchase of units in professional private equity funds is reserved for the investors referred to in article L. 214-144 as well as for investors who are managers, employees or natural persons acting on behalf of the fund management company and for the management company itself. The custodian or the person designated for this purpose by the regulations of the professional private equity fund shall ensure…

Non-advertised or non-solicited venture capital mutual funds in existence on 30 June 1999 follow the rules applicable to professional venture capital funds, with the exception of the rules relating to the status of investors and those applicable to transformations, mergers, demergers or liquidations, unless each unit-holder of the fund expressly agrees to place these events under the professional venture capital fund regime.

A professional private equity fund may only be placed under the specialised professional fund regime with the express agreement of each unitholder.