Avertissement

VENTURE CAPITAL MUTUAL FUNDS (VCMF):

The French stock market authority ("AMF") wishes to draw the attention of subscribers to the specific risks attached to Venture Capital Mutual Funds ("VCMF"); at least fifty (50)% of the assets of these funds consists of securities giving direct or indirect access to the capital of companies or shares which are not traded on a regulated market.

The AMF wishes to draw the attention of subscribers to the fact that the Fund's settlement value may not reflect the potential of the assets held throughout the lifetime of the Fund and may not take account of the possible change in their value, be it upward or downward.

As this VCMF comes under a simplified procedure, it has not been subject to AMF approval. It is therefore not necessarily governed by its investment rules.

Consequently, the public's attention is drawn to the fact that all subscription, acquisition, sale or transfer of units of this VCMF, either directly or through an intermediary, is reserved for:

  • the investors mentioned in Article L. 214-35-1 of the CMF, i.e. investors with the required skills and resources to appreciate the risks inherent in operations on financial instruments, i.e. Undertakings for Collective Investment in Transferable Securities (UCITS) and the qualified investors mentioned on the list established by decree 98-880 of 1 October 1998, as well as foreign investors in an equivalent category according to the law of the country in which their registered office is located, as well as the asset management firm, its managers, employees and the natural persons acting on its behalf;
  • a state, or in the case of a federal state, one or more of the members of the federation;
  • the Central European Bank, the central banks, the World Bank, international monetary funds, the European Investment Bank;
  • investors initially subscribing for or acquiring at least thirty thousand (30,000) euros' worth of securities and which have held a post in the financial sector for at least one year wherein they gained knowledge of the strategy implemented by the VCMF in which they want to invest;
  • natural persons or legal entities initially subscribing for or acquiring at least thirty thousand (30,000) euros' worth of securities provided they meet one of the three conditions below:
    • they provide technical or financial assistance to the non-listed companies in line with the purpose of the Fund, in view of their creation or development;
    • they provide assistance to the VCMF's asset management firm in view of seeking out potential investors or contributing to the objectives it pursues in the search for, selection, follow-up and disposal of the investments;
    • they have knowledge of capital investment gained through their capacity as direct capital contributor to non-listed companies or as subscribers either in a VCMF for which no advertising or solicitation has taken place, a VCMF coming under a simplified procedure, or a non-listed venture capital company.
  • investors initially subscribing for or acquiring at least thirty thousand (30,000) euros' worth of securities and holding at least one million (1,000,000) euros' worth of deposits, life insurance products or financial instruments.
  • companies which met two of the following three criteria, at the close of their last financial year:
    • balance sheet total of more than twenty million (20,000,000) euros;
    • turnover of more than forty million (40,000,000) euros;
    • capital of more than two million (2,000,000) euros;
  • investors initially subscribing for or acquiring at least five hundred thousand (500,000) euros' worth of securities.

LOCAL INVESTMENT FUNDS (FIP):

When you invest in a FIP (Local Investment Fund), you should take account of the following elements and risks:

  • The Fund will invest at least 60% of the amounts collected in regional enterprises, of which at least 10% must be young enterprises (less than 5 years old). The remaining 40% may be invested in legally authorised financial instruments such as stocks or funds (this is set out in the FIP prospectus).

  • To provide you with tax advantages, the above mentioned 10 and 60% thresholds will need to be complied with within a maximum of 2 financial years and you will need to keep your units for at least 5 years. However, the optimal duration of the investment is not linked to this fiscal constraint due to the fact that the Fund invests in regional enterprises which are often small and whose maturing period is generally long.

  • Your money will therefore be partly invested in non-listed enterprises. The value of your units will be determined by the asset management firm according to the method described in the Fund rules, under the control of the Fund custodian and auditor. The calculation of this value is a delicate matter.

  • The buyback of your units may depend on the Fund's capacity to sell its assets quickly. The buyback may therefore not be immediate or take place at a lower price than the last known settlement value.

  • If your units are transferred to another subscriber, the sale price may also be lower than the last known settlement value.