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Guidance · AMF

Guide on Private Equity Funds and Professional Private Equity Funds

securities

The French Autorité des Marchés Financiers (AMF) issued DOC-2012-11 to provide regulatory guidance on the management of the end-of-life phase and liquidation procedures for private equity funds. The document specifies diligence requirements for professional private equity funds investing entirely in foreign entities, outlines conditions for management companies to conclude liability guarantee agreements, and details the blocking period and dissolution processes. It also addresses specific operational and investment perimeter characteristics for private equity UCITS.

FranceAutorite des Marches Financiers

Guide on Private Equity Funds and Professional Private Equity Funds

Applicable from: January 31, 2025 Position - Recommendation: DOC-2012-11

II - Investment Products

II. 1 - Collective Investments

II. 1.3. Specific Provisions for AIFs

II. 1.3.2. Specific Provisions for Funds Open to Non-Professional Investors

Doctrine: UCITS

Summary

DOC-2012-11 deals with the management of the end-of-life phase and the liquidation procedures of private equity funds. It also provides specific clarifications for professional private equity funds regarding the diligence to be carried out when they invest their entire assets within the same foreign law entity, the conditions under which their management company can conclude liability guarantee agreements on their behalf, the blocking period, and the dissolution and liquidation procedure.

Reference Texts

  • Article L. 214-24-45 of the Monetary and Financial Code
  • Article L. 214-27 of the Monetary and Financial Code
  • Articles R214-40 and R214-41 of the Monetary and Financial Code
  • Articles R214-53 and R214-54 of the Monetary and Financial Code
  • Articles R214-71 and R214-72 of the Monetary and Financial Code
  • Articles R214-204 and R. 214-205 of the Monetary and Financial Code

Summary

DOC-2012-11 deals with the management of the end-of-life phase and the liquidation procedures of private equity funds. It also provides specific clarifications for professional private equity funds regarding the diligence to be carried out when they invest their entire assets within the same foreign law entity, the conditions under which their management company can conclude liability guarantee agreements on their behalf, the blocking period, and the dissolution and liquidation procedure.

Reference Texts

  • Articles R214-40 and R214-41 of the Monetary and Financial Code
  • Articles R214-53 and R214-54 of the Monetary and Financial Code
  • Articles R214-71 and R214-72 of the Monetary and Financial Code
  • Article L. 214-24-45 of the Monetary and Financial Code
  • Article L. 214-27 of the Monetary and Financial Code
  • Articles R214-204 and R. 214-205 of the Monetary and Financial Code

Summary

DOC-2012-11 deals with the management of the end-of-life phase and the liquidation procedures of private equity funds. It also provides specific clarifications for professional private equity funds regarding the diligence to be carried out when they invest their entire assets within the same foreign law entity, the conditions under which their management company can conclude liability guarantee agreements on their behalf, the blocking period, and the dissolution and liquidation procedure.

Reference Texts

  • Articles R214-40 and R214-41 of the Monetary and Financial Code
  • Articles R214-53 and R214-54 of the Monetary and Financial Code
  • Articles R214-71 and R214-72 of the Monetary and Financial Code
  • Article L. 214-24-45 of the Monetary and Financial Code
  • Article L. 214-27 of the Monetary and Financial Code
  • Articles R214-204 and R. 214-205 of the Monetary and Financial Code

FAQ on the Liquidation Procedures of an FCPR/FCPI/FIP

Questions/Answers on the Creation of Contractual FCPRs

UCITS for private equity investment present specificities regarding their constitution methods, investment perimeter, and operational procedures, which are detailed in this guide. This guide also deals with the management of the end-of-life phase and the liquidation procedures of an FCPR / FCPI / FIP (pre-liquidation period, dissolution, liquidation).

Reference Texts

  • Articles R.214-40 and R.214-41 of the Monetary and Financial Code
  • Articles R.214-53 and R.214-54 of the Monetary and Financial Code
  • Articles R.214-71 and R.214-72 of the Monetary and Financial Code
  • Article L.214-12 of the Monetary and Financial Code
  • Article L.214-37 of the Monetary and Financial Code

FAQ on the Liquidation Procedures of an FCPR/FCPI/FIP

Questions/Answers on the Creation of Contractual FCPRs

Keywords: Collective Investments

Legal Notices:
Publisher: The Director of the Communication Department of the AMF. Contact: Communication Department, Autorité des Marchés Financiers - 17, place de la Bourse - 75082 Paris Cedex 02

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