4. Special category: the investment undertaking for qualified investors
(Legal basis: Art. 23 IUA, Art. 28-29 IUO)
A fund for qualified investors is subject to particular restrictions pertaining to the “qualification” of its investors while at the same time offering the greatest degree of freedom with regard to types of investment and the scope of diversification within the fund. When defining the term “qualified investor” there is a presumption of a reduced need for investor protection, with the result that these funds are exempt from certain IUA and IUO provisions. For instance, setting up a fund of this type does not require prior substantive authorisation by the Liechtenstein FMA. A fund for qualified investors is also exempt from the usual obligation to produce a full prospectus and half-yearly reports and from the standard publication rules. Together, these characteristics make it possible to set up a fund of this type very quickly and yet with bespoke features. The minimum fund volume is CHF 2 million or the foreign currency equivalent, which must be achieved within six months of the initial payment date for subscriptions and must be maintained thereafter.
The fund for qualified investors was created as a vehicle that gives institutional investors and experienced private investors the greatest possible freedom to configure an investment fund that is “right” for them. One of the possibilities it offers is the creation of a genuine single investor fund. For this reason it is ideally suited as a master instrument for your own family office.
Further information is available at Funds for qualified investors