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Financial Services

Structuring the Right Fund From the Start

We help fund promoters choose the right vehicle and manage the full FSC application process, from initial strategy through to a licensed, operating fund.

Overview

From Concept to a Licensed, Operating Fund

Fund Set-Up & Structuring covers the work involved in bringing a new fund to market in Mauritius, choosing the right vehicle, preparing the regulatory application, and taking the fund from concept to a licensed, operating structure.

We start by understanding the strategy: the asset class, the investor base, whether the fund needs to be open-ended or closed-ended, and whether it will operate as a standalone vehicle or as part of a larger umbrella structure. From there we recommend the structure that fits, prepare the FSC application, and coordinate every party involved, legal counsel, auditors, the fund's directors, and the regulator itself, through to licensing.

Considering a fund set up outside Mauritius? Through our network of trusted partners, Aurevya can support the structuring in whichever jurisdiction best fits your strategy.

Three
Vehicle Options
Closed-End Funds, Collective Investment Schemes, or a Variable Capital Company, chosen to match the fund's strategy.
One Structure
Multiple Sub-Funds
A VCC lets promoters house several funds under a single Mauritius entity, each with its own ring-fenced assets.
Full-Service
Strategy Through to Licence
We manage the FSC application process end-to-end, coordinating legal, audit, and directorship requirements.

What We Provide

Key Features of Our Fund Structuring Service

Vehicle Selection
Advising on a Closed-End Fund, a CIS, or a VCC, based on the fund's strategy, asset class, and investor base.
FSC Licence Application
Preparing and submitting the application and managing regulator queries through to approval.
Constitutional Documentation
Drafting and coordinating the fund's constitutive documents, offering memorandum, and governance framework.
Umbrella & Sub-Fund Structuring
For VCCs, structuring multiple sub-funds or SPVs under one entity with appropriate asset segregation.
Service Provider Coordination
Appointing and coordinating the administrator, auditor, custodian, and directors required for licensing.
Ongoing Structural Support
Advising on restructuring, additional sub-funds, or conversion between vehicle types as the fund evolves.

Vehicle Options

Structures We Establish

Closed-End Funds
Fixed-term, fixed-capital vehicles typically used for private equity, real estate, and other illiquid strategies.
Learn More about Closed-End Funds →
Collective Investment Scheme (CIS)
An open-ended fund structure that can issue and redeem shares on an ongoing basis, managed by a CIS Manager, a foreign regulated manager, or self-managed.
Learn More about Collective Investment Scheme (CIS) →
CIS Manager
The licensed entity appointed to manage a CIS or Closed-End Fund's day-to-day operation, administration, distribution, and portfolio management.
Learn More about CIS Manager →
Variable Capital Company (VCC)
An umbrella entity housing multiple CEF or CIS sub-funds under one structure, each with ring-fenced assets.
Learn More about Variable Capital Company (VCC) →
Protected Cell Company
A single legal entity divided into legally segregated cells, each ring-fenced from the others' assets and liabilities: well suited to multi-strategy or multi-investor fund arrangements.
Learn More about Protected Cell Company →

Process

How It Works

01
Strategy & Vehicle Assessment
Understanding the fund's strategy, asset class, and investor base to recommend the right structure.
02
Structuring Proposal
Presenting the recommended vehicle, including umbrella or sub-fund design where relevant.
03
Documentation Preparation
Drafting the constitutive documents, offering memorandum, and governance framework required for the application.
04
FSC Application
Submitting the licence application and managing regulator queries through to approval.
05
Service Provider Appointment
Coordinating administrator, auditor, custodian, and director appointments required for launch.
06
Licensing & Launch
Finalising the licence and transitioning the fund into administration and ongoing operation.

Requirements

Requirements & Eligibility

When This Service Applies

  • A promoter or manager is establishing a new fund and needs to choose between a Closed-End Fund, a CIS, or a VCC
  • An existing fund domiciled elsewhere is being restructured or redomiciled into a Mauritius vehicle
  • A promoter wants to launch multiple funds or strategies under a single umbrella structure
  • The fund requires FSC authorisation before it can accept investor capital

Structuring Considerations

  • Vehicle choice should reflect the fund's asset class, liquidity terms, and whether it is open- or closed-ended
  • A VCC's ring-fencing between sub-funds should be confirmed in the constitutive documents before multiple strategies are combined under one entity
  • Self-managed and CIS Manager-operated funds carry different governance and cost profiles, and the right choice depends on the promoter's operational capacity

Common Questions

Frequently Asked Questions

A Closed-End Fund is a fixed-term, fixed-capital structure typically used for private equity or real estate strategies. A Collective Investment Scheme (CIS) is an open-ended fund that can issue and redeem shares, usually operated by a CIS Manager. A Variable Capital Company (VCC) is an umbrella structure that can house multiple CEF or CIS sub-funds under one entity, each with ring-fenced assets. We help determine which fits your strategy.
Not always, a CIS can be self-managed, but appointing a CIS Manager strengthens Mauritius tax residence and is common practice for funds seeking a substantive local presence. We advise on which approach suits the fund's structure and investor expectations.
Timelines depend on the vehicle and the complexity of the structure, and ultimately sit with the FSC's review process. We manage the application to keep it moving and respond promptly to regulator queries.
Yes, a VCC is designed for this, allowing multiple sub-funds or SPVs to operate under one umbrella entity, each legally ring-fenced from the others.
Once licensed, the fund moves into ongoing operation, administration, accounting, NAV calculation, and investor servicing, which we cover under Fund Administration & Accounting and Investor Services & Transfer Agency.
Yes, subject to the requirements of both the originating jurisdiction and the FSC. We advise on redomiciliation and coordinate the structuring and licensing work involved.

Continue Exploring

Related Services

Fund Administration & Accounting
Once a fund is licensed, this is where the ongoing NAV, accounting, and reporting work happens.
Learn More about Fund Administration & Accounting →
Investor Services & Transfer Agency
Managing investor relationships, registers, and capital activity once the fund is operating.
Learn More about Investor Services & Transfer Agency →
Custody & Asset Safekeeping
Safeguarding fund assets through a licensed custodian.
Learn More about Custody & Asset Safekeeping →

Considering a Fund Launch in Mauritius?

Speak with our fund structuring specialists about choosing the right vehicle for your strategy.

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