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Mauritius

Professional CIS (PCIS)

Is an investment fund incorporated as a body corporate and authorised as a PCIS to offer its shares to Sophisticated investor or through private placements at a subscription or purchase representing at least USD200,000 per investor and where there is no publicity is made during the offering.

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What is a Sophisticated investor?

A Sophisticated investor means:

  • the Government of Mauritius;
  • a statutory authority or agency established by an enactment for public purpose;
  • a company, all the shares of which are owned by the Government of Mauritius or a Government agency;
  • the Government of a foreign country, or an agency of such Governement;
  • a bank;
  • a CIS manager
  • an insurer
  • an investment adviser; or
  • a person declared by the FSC to be a sophisticated investor.

A PCIS can be established as an open-ended or a closed-end fund and is exempted from certain stringent provisions if it is not listed fro trading on a securities exchange and subject to the shares acquired by the participants cannot be resold to the public.

The PCIS being exempted from provisions of Parts II to X of the Regulations means that it will NOT be subject to certain conditions such as:

  • the minimum funding representing 5% of total amount raised from investors to start operating the scheme,
  • time limitation to onboard investors,
  • obligation to appoint a custodian (depending on underlying investments),
  • obligation to appoint a CIS manager (PCIS can be self-managed),
  • restriction to acquire real estate,
  • restriction to purchase a mortgage,
  • restriction to hold more than 10% illiquid asset, and
  • other restrictions.

Where a PCIS is self-managed, it is deemed to be managed by its board of directors and will be subject to the same conditions prevailing to a CIS manager. The board will then be allowed to:

  1. conduct all administrative services required by the PCIS;
  2. provide registrar and transfer facilities;
  3. distribute the securities of the PCIS;
  4. maintain accounting records;
  5. give investment advice in relation to the PCIS; and
  6. manage the portfolio.

The board may appoint a fund administrator, investment advisors, independent financial advisors and other advisors to assist in its fund management duties.

A PCIS is commonly used as private equity funds.