Are Hedge-Fund UCITS the Cure-All?

Are Hedge-Fund UCITS the Cure-All? — March 2010

2. Context: A Muddled Regulatory Agenda Encourages Structuring HF Strategies As UCITS

Figure 11: Available non-harmonised legal vehicles Real estate

Private equity / Venture capital

Hedge fund

Other legal structures

Belgium

• Closed-end real estate investment company (SICAFI / Vastgoedbevak)

• Public PRICAF/PRIVAK • Private PRICAF/PRIVAK • PRIFONDS

• None

• Open-ended investment company (SICAV/BEVEK) • Closed-end investment company (SICAF/BEVAK) • Contractual funds (FCP)

• FPC/FBS • VBS/SIC

France

• OPCI (FPI, SPICAV) • SCPI • SIIC • SCI • Spezial- Sondervermögen • Immobilien- Sondervermögen • Geschlossene Immobilienfonds

• FIP • FCPR • FCPI • SCR

• Contractual OPCVM • ARIA / ARIEL • FCIMT • OPCVM de fonds alternatifs • Sondervermögen mit zusätzlichen Risiken- Hedgefonds (incorporated or non-incorporated) • Dach-Sondervermögen mit besonderen Risiken -

• FCP • SICAV • FCC

Germany

• Unternehmensbeteili- gungsgesellschaft (UBG) • GmbH • GmbH & Co. KG

• Sonstige • Sondervermögen

Dachhedgefonds (incorporated or nonincorporated)

Ireland

• Investment limited partnership • Common contractual fund • Unit trust • Fondi immobiliari • SIIQ • SICAV/SICAF (Part II) • SIF • SICAR • SOPARFI • Closed-end funds • Limited liability company

• Investment limited partnership • Common contractual fund • Unit trust • Fondi chiusi (closed end structures) • FCP (Part II) • SICAV/SICAF (Part II) • SIF • SICAR • SOPARFI • Closed-end investment fund for non-public assets (CEIF) • Limited liability company • Venture capital funds • Venture capital companies

• Investment limited partnership • Common contractual fund • Unit trust • Fondi speculativi • Fondi riservati • FCP (Part II) • SICAV/SICAF (Part II) • SIF • Closed-end investment fund • Funds of funds or specialised open-ended investment funds • Instituciones de inversións • Colectiva de inversións libre (IICIL) • Instituciones de inversión colectiva de IIC de inversión libre (IIC de IICIL)

• Unit trust • Investment lLimited partnership

Italy

• Fondi garantiti • Fondi riservati

Luxembourg • FCP (Part II)

• None

Poland

• None

Spain

• Fondos de inversión inmobiliaria • Sociedades de inversión immobiliaria

• Fondos garantizados • Fondos especializados

United Kingdom

• Limited partnership • Limited liability partnership • Unit trust • Open-ended real estate trust • OEIC

• Limited partnership • Venture capital trust • Limited liability partnership • Company PLC

• Limited partnership

• Unit trust • OEIC • Limited liability partnerships • Limited partnerships

Source: PricewaterhouseCoopers

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An EDHEC Risk Institute Publication