Definition and operation

The Specialized Investment Fund (FIS) is intended for qualified international investors.
A FIS is considered any collective investment vehicle located in Luxembourg:

• Whose exclusive purpose is the placement and active management of assets to diversify risk (maximum 30% in a single asset)
• Whose shares are reserved for informed investors (private placements)
• Whose governing documents specify that they are subject to the FIS Law

The FIS can be organized as:

• A Fonds Commun de Placement (FCP), i.e., an undivided pool managed by a Luxembourg-based management company according to rules specified in a management regulation, or
• A Société d’Investissement à Capital Variable (SICAV), i.e., a corporate entity (SARL, SA, limited partnership, etc.) with a minimum capital of €1,250,000, and whose value equals the net asset value, or
• Any other legal form (e.g., SICAF) meeting minimum rules such as minimum capital, capital release, and capital loss

• The FIS can be structured into multiple compartments (Umbrella Fund). Each compartment is treated as a separate entity, can be financed by individualized methods and tools, fully or partially released, and can be liquidated separately
• Subject to certain restrictions (suspension of voting rights, prohibition of reciprocal cross-investments, and elimination of double-counting in NAV calculations), a compartment is allowed to invest in one or more other compartments of the same fund