Legal form

The legal form of the investment fund must be stated here. This can be classified as either:

• investment fund with variable capital: a company limited by shares whose main feature is the ease with which the fund can repurchase or redeem its shares. The subscribed share capital must at all times be equal to the net asset value of the underlying assets. Shareholders of an investment fund with variable capital have limited liability;
• investment fund without legal personality;
• limited partnership: this is a structure in which participation involves limited liability, but transparency for tax purposes. Each investment partner is subject to tax according to their share in the fund's underlying investments. In addition, once gains have been realised on an individual investment, capital raised can easily be returned to investors;
• other: none of the above legal forms applies.