Like the FPCI, the FCPR allows you to invest in unlisted companies, in France and abroad, with at least 50% of its assets consisting of securities that are not admitted to trading on a market. But while the legislation limits access to FPCIs to professional or sophisticated investors, i.e. able to invest at least €100,000 in the fund, subscription to the units of an FCPR is open to all investors.
Another distinction lies in the fact that the creation of an FPCI only requires a declaration to the AMF: the FCPR can only be set up provided that the fund is approved by the AMF and that The asset management company itself has also been authorized. This authorisation implies compliance with certain management rules, in particular with regard to the level of commitment of the fund to a single company and the liquidity of the equity investments.