Paragraph 2: Private equity funds.

At each half-yearly inventory, the management company of an innovation mutual fund or the custodian of the fund’s assets acting on behalf of the management company ensures that the companies whose securities or current account advances are used to calculate the proportion referred to in the first paragraph of article L. 214-30 meet the conditions laid down in article L. 214-30 on the closing date of their last financial year…

The maximum number of employees referred to in Article L. 214-30 is determined in accordance with the provisions of Article 235 ter E of the General Tax Code.

For the companies mentioned in the first paragraph of 1° of IV of article L. 214-30, the workforce is determined by the sum of the company’s workforce and the workforce of each of the companies mentioned in c of 1° of the same IV.

For the companies referred to in the first paragraph of 1° of IV of article L. 214-30, the condition relating to the exclusivity of the holdings is met when the redeemable shares, equity securities or securities giving access to capital issued by companies other than the subsidiaries referred to in c of 1° of IV, as well as the current account advances granted to these companies, represent no more than…

The entities mentioned in 2° of II of article L. 214-28 in which innovation mutual funds may invest are those which limit the liability of their investors to the amount of their contributions.

The Autorité des marchés financiers shall refuse to approve the creation of a fonds commun de placement dans l’innovation if, over a period of three years, each of the fonds communs de placement dans l’innovation and the fonds d’investissement de proximité set up by the management company concerned has total subscriptions of less than 5 million euros and if all the fonds de capital investissement mentioned in articles L. 214-27…