MAURITIUS INVESTMENT FUNDS

As a fund functionary, you need a reliable and trusted partner with adept fund solutions in administering your fund to allow vou focus on your investors and the fund's investments.

Sphere can provide expert advice, end-to-end services on fund entity set up and administration and bespoke solutions based on your requirements.

FUND STRUCTURE

Funds are incorporated under the Companies Act 2001 and are licensed by the Financial Services Commission. The following Licences are delivered to the Fund:

  1. Global Business Licence ('GBL')
  2. Fund licence under the Securities Act 2005 (as amended) ('Securities Act')

The two broad categories Of funds which can be set up under the Securities Act are:

  1. Open-ended fund, commonly referred to as Collective Investment Scheme ("CIS")
  2. Close-ended fund. commonly referred to as the Private Equity Fund ("PEF")
COLLECTIVE INVESTMENT SCHEMES

A Collective Investment Scheme is usually structured as a company or as a limited partnership, or any other type of legal entity approved by the FSC

The sole business purpose is the pooling of funds for investment in a portfolio of securities, or other financial assets, real estate Or non-financial assets as may be approved by the FSC

The operation Of the CIS is based on the principle Of diversification Of risk. The CIS has the obligation, at the request of the holder of the shares, to redeem the holder's shares upon request at their net assets value. less commission or fees

The participants do not have day to day control over the management of the property, whether or not they have the right to be consulted or to give directions in respect Of such management

CATEGORIES OF CIS:

Retail CIS

Professional CIS

Specialised CIS

Expert Fund

CLOSE-ENDED FUNDS

A Close-Ended Fund is defined as an arrangement Or a scheme, other than a collective investment scheme (defined above), whose object is to invest funds, collected from subscribers during an offering made or from sophisticated investors. in a portfolio of securities, or in other financial or non-financial assets, or real property, as may be approved.

The share price for a close-ended fund is fixed. Redemption Of shares by the investors may be allowed.


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