Luxembourg Investment Vehicles

Shareholding UCITS ("Part I Fund") Eligible investors All types. Listing Possible. Regulated Investment Vehicles Part II Fund with authorised AIFM SIF with authorised AIFM All types. Possible. Well-informed investors. Possible. SICAR with authorised AIFM Well-informed investors. Possible. Capital calls FCP Capital calls can be made either by way of capital commitments or through the issue of partly paid units. The law does not prescribe a minimum percentage of payment of the unit. SICAV Capital calls may only be made by way of capital commitments, as partly paid shares are not allowed for a SICAV. SICAF If the SICAF is set up as a SA or SCA, capital calls can be organised through capital commitments or by way of the issue of partly paid shares. At least 25% of each share must be paid up. FCP Capital calls can be made either by way of capital commitments or through the issue of partly paid units. The law does not prescribe a minimum percentage of payment of the unit. SICAV Capital calls may only be made by way of capital commitments, as partly paid shares are not allowed for a SICAV. SICAF For a Sàrl capital calls may only be made by way of capital commitments, as partly paid shares are not allowed. If the SICAF is set up as a SA, SCA, SCS or SCSp capital calls can be organised through capital commitments or by way of the issue of partly paid shares. For SA and SCA, at least 25% of each share must be paid up and there are no minimum legal requirements for SCS or SCSp. FCP Capital calls may be made by way of capital commitments or through the issue of partly paid units. The law does not prescribe a minimum percentage to which each unit must be paid up. SICAV Capital calls may be done by way of capital commitments or through the issue of partly paid shares. At least 5% of each share must be paid up. SICAF Capital calls may be done by way of capital commitments or through the issue of partly paid shares. At least 5% of each share must be paid up. Capital calls may be made by way of capital commitments or through the issue of partly paid shares. At least 5% of each share must be paid up. Issue of shares / units FCP Units must be issued at the NAV price. Existing unitholders do not have a pre-emption right when new units are issued, unless specifically provided for in the management regulations. FCP Units must be issued at the NAV price. Existing unitholders do not have a pre-emption right when new units are issued, unless specifically provided for in the management regulations. FCP The unit price will be determined based on the principles laid down in the management regulations. Existing unitholders do not have a pre-emption right when new units are issued, unless specifically provided for in the management regulations. The issue of new shares requires an amendment of the constitutive documents unless the SICAR is set up with variable share capital. The share price will be determined based on the principles laid down in the constitutive documents. Issue of shares / units (continued) 20 20 KPMG Luxembourg Investment Vehicles

View entire presentation