Monegasque investment funds (“fonds d’investissement”) are governed by Act No. 1,339 of 7 September 2007 and its implementing regulations, which can be found on this website.
Investment funds are governed by different rules, which allow for sophisticated management strategies or specific funds, under a special regulatory framework. This allows hedge funds, real estate funds, venture capital funds or nonfinancial asset funds to be created in the Principality.
The creation of an investment fund is subject to CCAF authorisation, with the exception of venture capital funds which need only to be declared to the CCAF (as provided by Sovereign Ordinance No. 1,285 of 10 September 2007).
If warranted by its level of risk or sophistication and/or its low liquidity, an investment fund may be restricted to sophisticated or professional investors.
A bespoke investment fund may be created for certain specific categories of investors (natural or legal persons), and will be reserved exclusively for them.