France’s FCPI fund model is undergoing a needed evolution, with the market consolidating and regulation becoming more favourable – and these changes could be opening up a new avenue for direct secondaries. Ellie Pullen reports.

France’s FCPI and FIP* retail vehicles routinely face criticism surrounding fees and performance, and managers have also had to face declining collectes (yearly fundraises) in recent years as the pool of investors shrinks.

 

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