Paragraph 2: Private equity funds.

I. – For the assessment of the 50% quota set out in I of article L. 214-28 : 1° The numerator is made up of the subscription or acquisition price of the securities or rights in the portfolio and the book value of the other assets. The denominator is made up of the paid-up amount of subscriptions to the fund. This amount is reduced by unit redemptions requested by unitholders…

I. – The provisions of articles R. 214-32-18 to R. 214-32-21, R. 214-32-29, R. 214-32-32 to R. 214-32-36, R. 214-32-38 to R. 214-32-40 and R. 214-32-42 do not apply to risk mutual funds. II. – The assets of a fonds commun de placement à risques may be invested in : 1° no more than 10% in securities issued by a single issuer ; 2° 35% maximum in shares or units…

A fonds commun de placement à risques may borrow up to 10% of its assets. This limit is raised to 30% of its assets to enable it to meet, on a temporary basis, requests for redemption of units by the fund’s unitholders or contractual subscription commitments in an entity mentioned in 3° and 4° of II of article R. 214-36.

For the purposes of assessing the limits set out in Article R. 214-36 : 1° When the securities held by the fund are not admitted to trading on a financial instruments market within the meaning of I of Article L. 214-28, they are taken at their acquisition or subscription value; 2° When securities held by the fund are exchanged for securities that are not admitted to trading on a financial…

For the purposes of calculating the 15% limit referred to in 1° of II of article L. 214-28, the denominator is the higher of the following two amounts: the fund’s net assets or the paid-up amount of subscriptions to the fund.

A fonds commun de placement à risques : 1° May not hold more than 40% of the capital or voting rights of any single issuer. However, due to the exercise of exchange, subscription or conversion rights and in the interests of unitholders, this limit may be temporarily exceeded. In this case, the management company will inform the Autorité des marchés financiers, the custodian and the fund’s auditor of the reasons…

After reporting to the Autorité des marchés financiers and to the tax department with which its management company files its income tax return, a fonds commun de placement à risques may enter into a pre-liquidation period: 1° From the start of the financial year following the end of its fifth financial year if, since the end of a subscription period of no more than eighteen months immediately following the date…

During the pre-liquidation period, the fund : 1° May no longer arrange for new subscriptions of units other than those of its unitholders on the date of its entry into the pre-liquidation period in order to reinvest in units, shares, redeemable bonds, convertible bonds or profit-sharing securities, as well as in current account advances in companies which are not admitted to trading on a financial instruments market within the meaning…