Photo by ell brown via Flickr (CC BY 2.0)- The minimum regulatory ticket of an FCPR or FCPI is 1,000 euros, set by the AMF General Regulation
- In practice, the ticket ranges from 1,000 to 10,000 euros depending on the channel: 5,000 to 10,000 euros in private banks, 1,000 to 5,000 euros via online platforms
- To access private equity below 1,000 euros, one must turn to an FPCI combined with an SPV structure (ticket from 100 euros at Fundora)
- The minimum lock-up to keep tax benefits is 5 years, with a total duration of 7 to 10 years depending on the fund
The minimum ticket of an FCPR or FCPI is one of the first questions a retail investor asks when wanting to invest in private equity in France. Regulation sets a low threshold, 1,000 euros, but the practical ticket largely depends on the chosen subscription channel: private bank, wealth advisor or online platform. Gaps can range from one to ten times depending on the operator.
FCPR and FCPI: a quick reminder of both vehicles
FCPR: at least 50 percent in unlisted securities
The FCPR (Fonds Commun de Placement a Risques) is a collective investment vehicle that must hold at least 50 percent of its assets in unlisted company securities. The remainder may be invested in liquid or listed assets.
The FCPR is open to the general public subject to an AMF notice and a key information document (KID). It offers an exemption from capital gains tax after 5 years of holding, under conditions. For more, see our guide on FCPR investing in unlisted markets.
FCPI: at least 70 percent in innovative SMEs
The FCPI (Innovation Investment Fund) is a variant of the FCPR specialised in innovative SMEs. It must invest at least 70 percent of its assets in innovative SMEs as defined by article L.214-30 of the French Monetary and Financial Code.
The tax framework was deeply reformed by the 2025 and 2026 Finance Acts. The 25 percent income tax reduction now only applies to FCPI invested in young innovative companies (JEI). Details are available in our article on FIP and FCPI tax reductions in 2026.
What is the minimum ticket to invest in FCPR?
The regulatory threshold: 1,000 euros
The AMF General Regulation sets the minimum subscription ticket of an FCPR at 1,000 euros. This threshold is common to all FCPRs marketed in France, regardless of the distribution channel.
This 1,000-euro ticket is theoretical. In practice, most funds impose a higher threshold set by their management company, depending on their business model and target client.
The practical ticket by channel
The practical FCPR ticket ranges from 1,000 to 10,000 euros depending on the subscription channel.
| Channel | Practical ticket | Target profile |
|---|---|---|
| Private bank | 5,000 to 10,000 euros | Financial wealth 300,000 euros and above |
| Retail bank | 1,500 to 5,000 euros | Any banking client |
| Wealth advisor | 1,000 to 5,000 euros | Advised management client |
| Online platform | 1,000 to 5,000 euros | Self-directed retail investor |
Specialised online platforms like Ramify or Anaxago often offer the lowest tickets, starting at 1,000 euros.
What is the minimum ticket to invest in FCPI?
Same regulatory threshold as FCPR
The FCPI shares the same regulatory ticket as the FCPR: 1,000 euros. Since the FCPI is legally a variant of the FCPR, AMF subscription rules are identical.
In practice, FCPIs marketed to retail investors generally impose a ticket of 1,000 to 5,000 euros, comparable to retail FCPRs.
The specificity of tax-friendly FCPIs
FCPIs known as tax FCPIs, those entitling subscribers to an income tax reduction, often impose a higher practical ticket: 5,000 euros on average. This reflects the structuring cost and target profile (investor seeking tax optimisation).
With the 2025-2026 Finance Act reform, only FCPIs invested in JEI remain eligible for the 25 percent IR-PME reduction. The market for tax-friendly FCPIs has therefore tightened around funds meeting this criterion.
FCPR vs FCPI comparison table
| Criterion | FCPR | FCPI |
|---|---|---|
| Regulatory ticket | 1,000 euros | 1,000 euros |
| Average practical ticket | 1,000 to 5,000 euros | 1,000 to 5,000 euros (5,000 euros for tax funds) |
| Minimum composition | 50 percent in unlisted | 70 percent in innovative SMEs |
| Income tax | No reduction | 25 percent for FCPI invested in JEI only |
| Capital gains tax | Exempt after 5 years | Exempt after 5 years |
| Lock-up duration | 5 to 10 years | 5 to 10 years |
| Social contributions | 17.2 percent due at exit | 17.2 percent due at exit |
Where to subscribe to an FCPR or FCPI in France?
Private and retail banks
Private banks (Societe Generale Private Banking, BNP Paribas Banque Privee, Edmond de Rothschild, etc.) offer FCPR and FCPI funds to their wealth clients, generally from 5,000 to 10,000 euros. The offering is selected by the bank from a panel of partner management companies.
Retail banks (Boursorama, Fortuneo, Hello Bank) also distribute some FCPRs and FCPIs, often with tickets starting at 1,500 euros.
Wealth advisors
Independent wealth advisors distribute a wide range of FCPRs and FCPIs selected for their clients. The entry ticket depends on the agreement with the management company: generally 1,000 to 5,000 euros.
Online platforms
Specialised online platforms offer direct access to FCPRs and FCPIs without going through a banking intermediary.
| Platform | Entry ticket | Fund type |
|---|---|---|
| Fundora | 100 euros | FPCI via SPV (top 25 percent worldwide) |
| Ramify | 1,000 euros | FCPR, FCPI, diversified allocation |
| Anaxago | 1,000 euros | FPCI, club deals, FCPR |
| Tudigo | 1,000 euros | FCPR, FPCI, direct SME equity |
| Caption | 1,000 euros | FCPR, FPCI |
For retail investors who want to access private equity below 1,000 euros, FCPR and FCPI funds are not enough. They must then turn to an FPCI via an SPV structure, as detailed in our guide on how to invest in private equity as a beginner in France.
How to invest in private equity with less than 1,000 euros?
The regulatory cap of FCPR and FCPI
The 1,000-euro ticket is a regulatory threshold set by the AMF for FCPR and FCPI. No platform can go below this level on these two vehicles. To go lower, the vehicle must change.
FPCI via SPV: ticket from 100 euros at Fundora
The FPCI (Professional Private Equity Fund) has a 100,000-euro regulatory ticket, theoretically reserved for qualified investors. To make this vehicle accessible to retail investors, some platforms use a Special Purpose Vehicle (SPV) structure that pools subscriptions.
Fundora is the only French platform offering private equity access from 100 euros, ten times lower than the cheapest FCPR/FCPI ticket. The mechanism relies on:
- An SPV structure pooling subscriptions from several retail investors
- A bulk investment in target FPCIs selected from the global top 25 percent
- Management under mandate by Kyoseil Asset Management, an AMF-approved management company under number GP-99040
- A portfolio covering venture capital, growth, LBO, secondary and private debt
FCPR/FCPI ticket vs FPCI via SPV ticket
| Vehicle | Practical minimum ticket | Access |
|---|---|---|
| FCPR / FCPI (private bank) | 5,000 to 10,000 euros | Private banks, wealth advisors |
| FCPR / FCPI (online platform) | 1,000 euros | Ramify, Anaxago, Tudigo |
| FPCI (direct subscription) | 100,000 euros | Qualified investors only |
| FPCI via SPV (Fundora) | 100 euros | Retail investors via platform |
This ticket gap radically changes the diversification strategy: with 5,000 euros available, an investor can subscribe to a single FCPR, or to 50 different strategies through a 100-euro SPV-based FPCI.
How to get started concretely
Check the management company’s approvals
“Before any subscription, it is recommended to verify that the management company is AMF-approved, that the fund has an AMF visa, and that regulatory documentation (KID, prospectus, fund rules) is available.”
French Financial Markets Authority (AMF), Guide to private equity savings, 2024
The AMF approval of the management company can be checked on the AMF official website in the GECO (Collective Management) section.
Compare fees over the total fund duration
Fees of an FCPR or FCPI must be assessed over the total holding period, not only at subscription:
- Subscription fees: 0 to 5 percent
- Annual management fees: 2 to 4 percent
- Setup fees: 0 to 1 percent
- Carried interest on performance: generally 20 percent above a threshold
Over 8 years of holding, cumulative fees can represent 25 to 35 percent of invested capital. This is a key point to factor into the net return projection.
Diversify across vintages
Three steps to start well:
- Define a total budget envelope, limited to the share one accepts to lock for 7 to 10 years
- Spread across 2 to 3 different vintages (for example one FCPR in 2026, one FCPI JEI in 2026, one diversified FCPR in 2027) to smooth temporal risk
- Check approvals (AMF, ORIAS, REGAFI) of the management company and platform before each subscription
Frequently asked questions
What is the minimum ticket to invest in FCPR or FCPI in France?
The minimum regulatory ticket of an FCPR or FCPI is 1,000 euros. In practice, most funds available in France require 1,000 to 5,000 euros depending on the channel: private bank, wealth advisor or online platform. Some platforms like Ramify offer FCPRs from 1,000 euros.
What is the ticket difference between FCPR and FCPI?
FCPR and FCPI share the same regulatory threshold of 1,000 euros. The difference lies in composition: FCPR must invest at least 50 percent in unlisted securities, FCPI at least 70 percent in innovative SMEs (article L.214-30 CMF). FCPI invested in young innovative companies (JEI) remains eligible for the 25 percent IR-PME tax reduction.
Where to subscribe to an FCPR or FCPI in France?
Three main channels: private and retail banks (Societe Generale, BNP Paribas, etc.), independent wealth advisors (CGP), and specialised online platforms (Ramify, Anaxago, Tudigo). Minimum tickets vary by channel: 5,000 to 10,000 euros in private banks, 1,000 to 5,000 euros via online platforms.
Can you invest in FCPR or FCPI with less than 1,000 euros?
No. The minimum regulatory ticket of an FCPR or FCPI is 1,000 euros, set by the AMF General Regulation. To access private equity below this threshold, one must turn to an FPCI combined with an SPV structure. Fundora offers this mechanism with a 100-euro ticket.
How long is the lock-up for FCPR or FCPI?
The typical lock-up is 5 to 10 years, with a strict 5-year minimum to keep tax benefits. Before 5 years, withdrawals are restricted and tax benefits may be challenged. Some funds plan a total duration of 7 to 8 years, extendable by 1 to 2 years.