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Financial Services

One Structure, Multiple Ring-Fenced Funds

The Variable Capital Company is Mauritius's umbrella fund vehicle, housing multiple sub-funds under a single corporate entity, each with its own investment strategy and legally segregated assets.

Overview

An Umbrella Built for Multi-Strategy Managers

The Variable Capital Company (VCC) is an innovative Mauritius structure, an umbrella fund vehicle that allows multiple sub-funds to operate under a single corporate entity with segregated assets and liabilities. This significantly reduces administration cost for managers running multiple strategies, eliminating the need to establish a separate legal entity for each sub-fund while maintaining complete asset and liability segregation between them.

Each sub-fund of a VCC may pursue an entirely independent investment strategy, investor base, fee structure, and currency of denomination, while sharing the umbrella's corporate governance, registered office, and regulatory filing obligations. The defining legal protection is asset segregation: the assets of each sub-fund are ring-fenced from the liabilities of other sub-funds and from the umbrella itself.

Aurevya structures VCCs from initial vehicle design through FSC authorisation of the umbrella and each sub-fund, and coordinates the service provider network that keeps a multi-strategy VCC running smoothly.

One Entity
Multiple Sub-Funds
A single corporate umbrella housing an unlimited number of sub-funds, each independently authorised.
Ring-Fenced
Asset Segregation
Assets and liabilities of each sub-fund are legally segregated from those of every other sub-fund and the umbrella itself.
FSC
Regulated
The umbrella and each sub-fund are authorised and supervised by the Financial Services Commission of Mauritius.

What We Provide

Key Features of the VCC Structure

Umbrella Structuring
Design of the VCC umbrella entity, constitutional documents, and governance framework, built to accommodate the manager's current and anticipated future sub-fund programme.
Sub-Fund Authorisation
Each sub-fund is separately authorised by the FSC, with its own offering document disclosing its strategy, risks, and terms, we manage this process for every sub-fund added to the umbrella.
Asset Segregation Documentation
Constitutive documents that clearly establish the ring-fencing between sub-funds, ensuring the legal segregation investors and creditors rely on is properly documented from the outset.
Multi-Strategy Accommodation
Support for sub-funds pursuing entirely independent strategies, private equity, fixed income, digital assets, or any combination, each with its own investor base and fee structure.
Service Provider Coordination
Coordination of the administrator, custodian, auditor, and directors across the umbrella and its sub-funds, keeping the service provider network coherent as the programme grows.
Ongoing Umbrella Management
Support for adding new sub-funds, winding down existing ones, and maintaining the umbrella's governance and regulatory standing over time.

Process

How It Works

01
Umbrella Design
We design the VCC umbrella structure around the manager's anticipated sub-fund programme and governance requirements.
02
Umbrella Incorporation
The VCC entity is incorporated and its constitutional documents finalised, establishing the framework each sub-fund will operate within.
03
First Sub-Fund Authorisation
The initial sub-fund's offering document is prepared and submitted to the FSC for authorisation alongside the umbrella.
04
Service Provider Appointment
Administrator, custodian, auditor, and directors are appointed for the umbrella and its sub-funds.
05
Launch
The umbrella and its first sub-fund launch, with the structure ready to accommodate additional sub-funds as the manager's programme grows.

Common Questions

Frequently Asked Questions

A Variable Capital Company (VCC) is an umbrella corporate vehicle under which multiple sub-funds can be operated, each with legally segregated assets and liabilities. The VCC is incorporated as a single company with variable capital, the share capital can vary as investors subscribe and redeem at the sub-fund level. Each sub-fund may have its own investment strategy, investor base, fee structure, and currency of denomination, but shares the umbrella's corporate governance, registered office, and regulatory filing obligations.
Yes. One of the primary attractions of the VCC structure is that each sub-fund can pursue a completely independent investment strategy, the umbrella imposes no requirement for strategic coherence between sub-funds. Each sub-fund must be separately authorised by the FSC, and its offering document must fully disclose its strategy, risks, and terms to investors.
The assets of each sub-fund are legally ring-fenced from the liabilities of every other sub-fund and from the umbrella itself. This means creditors of one sub-fund cannot reach the assets of another, so a loss or liability in one strategy does not put investors in a different sub-fund at risk. This protection must be clearly established in the VCC's constitutive documents.
Yes, this is one of the structure's core advantages. New sub-funds can be added to an existing VCC as the manager's strategy programme grows, each requiring its own FSC authorisation and offering document, without needing to establish a new corporate entity or duplicate the umbrella's governance infrastructure.

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Related Services

Closed-End Funds
Fixed-term, fixed-capital vehicles, often established as VCC sub-funds for private equity and other illiquid strategies.
Learn More about Closed-End Funds →
Collective Investment Scheme (CIS)
The open-ended CIS structure that can also be operated as a VCC sub-fund, together with the CIS Manager licence that manages it.
Learn More about Collective Investment Scheme (CIS) →
Fund Set-Up & Structuring
The broader structuring service that assesses whether a VCC, CIS, or Closed-End Fund fits your strategy.
Learn More about Fund Set-Up & Structuring →

Consolidate Your Fund Programme

Speak with our fund specialists about structuring a VCC for your multi-strategy programme.

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