FIP (Local Investment Fund)

A FIP (Local Investment Fund) is a fund that has the characteristics of FCPRs and is intended to collect regional public savings and invest it in the form of minority equity stakes in SMEs belonging to the same regional area (4 defined regions).

As with all FCPRs, the composition of a FIP's assets is regulated.

A FIP must invest at least 60% (at least 70% for FIPs created from 2014 onwards) of its assets in companies meeting certain conditions. FIP shares cannot be held by more than:

• 20% by the same legal entity,
• 10% by the same public law legal entity,
• 30% by public law legal entities taken together.