FCP (Fonds Commun de Placement – a French form of mutual fund without legal personality)

An FCP is a jointly-owned portfolio of investment securities managed by an asset management company on behalf of subscribers who are holders of investment units in the fund.

FCPE (Fonds Commun de Placement d’Entreprise– collective employee shareholding plan)

A type of FCP specific to company savings schemes. They are classified into two sub-categories:

- FCPE shareholding plans governed by article L. 214-40 of the French Monetary and Financial Code; these are reserved funds invested in securities of the company.
- FCPE not invested in securities of the company, governed by article L. 214-39 of the French Monetary and Financial Code. They may be multi-company funds or funds reserved for one company or a group of companies.
The assets of an FCPE are controlled by a supervisory committee made up of representatives of employees who hold units in the fund and, for the most part, are representatives of the company; they must comply with specific investment rules that have two key distinctive features:
- possible 2/3 investment in securities of the company (shareholding funds);
- more flexible regulations for investing in units or shares of other UCITS.

FCPI (Fonds Commun de Placement dans l'Innovation – French venture capital fund specialising in innovative companies) (FMA definition)

The Fonds Commun de Placement dans l'Innovation is a particular category of FCPR. Its aim is to encourage investment in so-called “innovative” French SMEs (criteria determined by acts of law).

FCPR (Fonds Commun de Placement à Risque – French venture capital fund) (FMA definition)

A Fonds Commun de Placement à Risque is a fund of which at least 50% of the assets are composed of securities not listed for trading on a regulated French or foreign market (non-listed companies) or shares in limited liability companies. They may be approved or simplified.