Management companies are legal persons whose purpose is the management of Collective Investment Organizations.

Management companies include Undertakings for Collective Investment in Transferable Securities (UCITS) Management companies, Venture Capital Investment Vehicles (OPCC) management companies, Securitization Vehicles (FPCT) Management companies and Real Estate Investment Schemes (OPCI) management companies.


UCITS management companies

UCITS are financial organizations that collects savings from economic agents by issuing stocks or shares. The savings thus collected are used to constitute a portfolio of financial instruments, which will be channeled, if necessary, towards the financing of companies, thereby participating in the development of the national economy.

OPCC management companies

For an undertaking for collective investment in capital, the private equity business consists in financing unlisted companies meeting certain conditions in accordance with the provisions of law No. 41-05 on Undertakings for Collective Investment in Capital.  The investment in the target companies takes the form of equity or quasi-equity, for a predetermined investment period, with the purpose of generating a capital gain in the long term.

OPCCs, which must be managed by a management company authorized by the administration, are investment vehicles which may take the form of Funds for collective investment in capital referred to as FPCCs or of Companies for collective investment in capital referred to as SPCCs.

SPCCs are limited companies managed by the management company under a management agreement. FPCCs, on the other hand, are a co-ownership of assets created at the initiative of its management company. FPCCs do not have any legal personality. Their management procedures are set out in the management agreement.

At the end of the investment period, FPCCs have different options for exiting from the capital of the companies in which they have acquired stakes, i.e. listing on the stock exchange, sale to a third party, or a strategic sale (takeover of the shares by the management of the invested company).

FPCT management companies

FPCTs’ exclusive purpose is to acquire eligible assets held by one or more originator institutions, using the proceeds from the issue of securities representing these assets.

In addition to units, FPCTs may issue debt securities and shares, which are treated as financial instruments.

Any legal entity or organization may invest in or acquire securities issued by an FPCT.

FPCTs can have either of two legal forms: a Securitization Fund (Fonds de titrisation - FT) (with or without legal personality) or a Securitization Company (Société de titrisation - ST). It is established at the joint initiative of the management company and the custodian.

FPCT management companies essentially contribute to the structuring, management and control of the FPCT.

The management company is any licensed commercial company, which:

Acquires the eligible assets on behalf of the FPCT or manages the related investments;

Issues securities on behalf of the FPCT, which may be either units, shares, debt securities or sukuk certificates;

Manages the FPCT's receipts and payments as well as its liquidity;

Is responsible for informing investors and the public.

The custodian is responsible for the custody of the FPCT's assets. It ensures the safekeeping of these assets, the transfer note and any other document ensuring the validity of the said assets. It keeps the payment accounts opened in the name of the FPCT and certifies the inventory of the fund's assets prepared by the management company.

OPCI management companies

The OPCI management business consists of investing mainly in eligible real estate assets for rental purposes and to a lesser extent in cash and financial instruments.

The main purpose of OPCIs is the construction or acquisition of buildings exclusively for rental purposes. Buildings may be held directly or indirectly, and may also be pending completion. OPCIs' activities also include all the transactions required for the use of the buildings or their sale. OPCIs may thus carry out all types of renovation work on the buildings they hold, in particular any work relating to their construction, renovation and rehabilitation with a view to leasing them and, on an ancillary basis, OPCIs may manage financial instruments. Under no circumstances may real estate assets be acquired by OPCIs exclusively with the aim of reselling them.

OPCIs are managed by an OPCI management company. They can be either a Real Estate Investment Fund (Fonds de Placement Immobilier -FPI), which is a co-ownership with no legal personality, or a Real Estate Investment Company (Société de Placement Immobilier - SPI), which is established as an open-ended public limited company.