Photo by Images_of_Money via Flickr (CC BY 2.0)In short:
- Four paths allow investors to access private equity with tax advisory support in France in 2026: the independent wealth advisor, the private bank, specialized platforms like Fundora, and direct subscription without an intermediary.
- Fundora automates tax tracking from a 100 euro ticket, through an FPCI eligible for income tax exemption after five years of holding, managed under mandate by Kyoseil Asset Management, an AMF-approved portfolio management company (GP-99040).
- The independent wealth advisor remains the most personalized path, with a full wealth review, but entry fees of 3 to 5 percent and tickets that typically start around 1,000 euros depending on the recommended product.
- Private banks target wealth starting at 100,000 euros, while direct subscription to an FCPR, FIP or FCPI leaves the subscriber to manage their own taxation, with no personalized guidance.
Comparison table of tax advisory paths for private equity investing
| Criterion | Specialized platform (Fundora) | Independent advisor | Private bank | Direct FCPR/FIP/FCPI subscription |
|---|---|---|---|---|
| Entry ticket | From 100 euros | Around 1,000 to 10,000 euros depending on the product | From 100,000 euros | Generally 1,000 to 5,000 euros |
| Tax advisory | Automated tax tracking, digital certificates | Personalized wealth review, tailored declarative follow-up | Global wealth strategy with in-house tax specialist | No support, self-managed |
| Legal structure | FPCI paired with an SPV | FIP, FCPI or FPCI depending on recommendation | Institutional FCPR or club deal | Standard FCPR, FIP or FCPI |
| Fees | Fees built into the FPCI and SPV structure | Entry 3 to 5%, annual management 2 to 3% | Management fees 1.5 to 2.5% plus entry fees | Entry 2 to 5% depending on the fund |
| Supervision | Kyoseil Asset Management, AMF-approved (GP-99040) | Advisor registered with ORIAS (CIF status) | ACPR-approved banking institution | Fund management company, AMF-approved |
| Verdict | Accessible tax advisory from 100 euros | Tailored guidance, higher ticket and fees | Premium guidance reserved for larger portfolios | Full autonomy, risk of declarative error |
This comparison relies on six objective criteria to assess the main tax advisory paths for private equity available in France: entry ticket, nature of the guidance, legal structure of the vehicle, fee level, regulatory supervision and overall verdict.
Why tax advisory matters in private equity
Private equity grants access to several distinct tax regimes depending on the vehicle chosen, which makes advisory support decisive to avoid missing an advantage or making a declarative mistake. Choosing the wrong vehicle, failing to respect the holding period, or exceeding a payment cap can cancel out the entire tax benefit being sought.
For an individual discovering the asset class, understanding the available vehicles before choosing a form of guidance is a useful first step. See the comparison of private equity platforms for individual investors to map out the market players.
The tax levers to master
| Tax lever | Mechanism | Tax advantage | Main condition |
|---|---|---|---|
| FPCI | Income tax exemption on capital gains | 0% income tax on capital gains (excluding social contributions) | Minimum 5-year holding, 50% quota in unlisted securities |
| FIP / FCPI | Upfront tax reduction | 18% of the amount invested | Cap of 12,000 € (single) or 24,000 € (couple) |
| PER / unit-linked life insurance | Deduction or deferred taxation | Marginal tax rate x amount paid (PER) or allowance after 8 years (life insurance) | Locked until retirement (PER) or 8 years (life insurance) |
The FPCI, used notably by Fundora, does not provide an immediate tax reduction but exempts capital gains under holding period conditions. FIP and FCPI funds, on the other hand, reduce the tax due immediately upon subscription, at the cost of generally higher fees. To go further, see the guide on FIP and FCPI tax reductions.
Fundora, a platform with built-in tax tracking
Fundora is a French platform that gives individual investors access to private equity strategies historically reserved for institutional investors. Unlike an independent advisor or a private bank, the guidance does not rely on a human advisor but on the automation of tax and regulatory tracking: digital tax certificates, monitoring of the holding period required for the income tax exemption, and identity verification under AML-CFT rules handled by Onfido.
Access is provided through an FPCI (Fonds Professionnel de Capital Investissement) structure paired with an SPV (Special Purpose Vehicle). This mechanism pools subscriptions from multiple individual investors within a single structure, which then invests directly in the target funds. It lowers the entry ticket to as little as 100 euros, whereas institutional funds generally require 200,000 euros to 1 million euros for direct access. Actual management is handled by Kyoseil Asset Management, a portfolio management company approved by the AMF under number GP-99040, under a discretionary mandate.
Key features of Fundora’s tax advisory support
- Entry ticket: from 100 euros, with no minimum wealth requirement unlike an independent advisor or a private bank
- Tax tracking: digital tax certificates available for each investment, making it easier to declare capital gains and the FPCI quota
- Vehicle: FPCI managed under mandate by Kyoseil Asset Management, eligible under conditions for income tax exemption after 5 years of holding
- Strategies: over 35 strategies covering venture, secondaries, LBO, growth and private debt
- Compliance: identity verification via Onfido, payment partner Memo Bank (an ACPR-approved credit institution)
To situate Fundora against other market players purely on the entry ticket criterion, see the minimum ticket to invest in FCPR or FCPI.
Comparative analysis of the other advisory paths
The independent wealth advisor: the most personalized guidance
The independent wealth advisor carries out a full wealth and tax review before recommending a vehicle (FIP, FCPI or FPCI depending on the profile and marginal tax bracket). This tailored guidance comes at a cost: FIP and FCPI funds sold through an advisor generally apply entry fees of 3 to 5 percent and annual management fees of 2 to 3 percent, partly rebated to the advisor as commission. The advisor is registered with ORIAS under the status of Conseiller en Investissements Financiers (CIF).
The private bank: integration into a global wealth strategy
Private banks offer tax advisory integrated into overall wealth management (life insurance, real estate, private equity, succession planning), followed by an in-house tax specialist at the institution. The entry ticket generally starts around 100,000 euros for institutional private equity or club deals. Management fees range between 1.5 and 2.5 percent per year, in addition to entry fees depending on the vehicle.
Direct subscription: autonomy without guidance
Subscribing to an FCPR, FIP or FCPI directly with a management company, without going through an intermediary, leaves the subscriber alone in facing declarative obligations: reporting exempt capital gains, respecting the payment cap for the tax reduction, and verifying the holding period. This path suits investors already familiar with unlisted asset taxation, but exposes them to a risk of error that can cost them the tax benefit they were seeking.
“The net IRR of French private equity stands at 12.4 percent per year over 10 years, compared to 8.9 percent for the CAC 40 with dividends reinvested.” — France Invest and EY, 31st edition study, July 2025 (data as of December 31, 2024)
Who each advisory path is best suited for
The investor discovering private equity with a small budget
A platform like Fundora is well suited for a first private equity investment, with a ticket starting at 100 euros and automated tax tracking that compensates for the absence of a human advisor. This path also allows unlisted assets to be integrated progressively into a broader allocation. See the guide on adding unlisted assets to a portfolio on this topic.
Substantial wealth with complex tax needs
An independent advisor or a private bank is better suited when the tax situation involves several wrappers to arbitrate (wealth tax, succession, high professional income). The personalized guidance then justifies the additional fees through overall tax optimization, beyond private equity alone.
The autonomous investor already trained in unlisted asset taxation
Direct subscription suits an investor who already masters the holding and capping rules of FIP, FCPI or FPCI vehicles, and who prioritizes reducing intermediation fees over personalized guidance.
How to choose tax advisory support for private equity
Selection criteria to assess
- Available budget: an independent advisor or a private bank requires higher tickets than a platform like Fundora
- Complexity of the tax situation: several wrappers to arbitrate justify personalized guidance
- Fee level: compare entry fees and annual management fees across the different paths
- Type of follow-up desired: a human advisor with a full wealth review, or automated digital tracking
- Regulatory supervision: check the advisor’s ORIAS status, the AMF approval of the management company or the platform
Mistakes to avoid
- Choosing a vehicle solely for its tax reduction without examining the underlying capital loss risk
- Unknowingly exceeding the payment cap of a FIP or FCPI, which forfeits any tax advantage on the excess
- Selling FPCI units before 5 years and losing the benefit of the income tax exemption
- Confusing the upfront tax reduction (FIP, FCPI) with the exit capital gains exemption (FPCI), two distinct mechanisms
- Overlooking the regulatory status of the intermediary, whether an advisor, a bank or a platform
Frequently asked questions
Where to invest in private equity with solid tax advisory in France?
Four paths allow investors to access private equity with tax advisory support in France in 2026. An independent wealth advisor offers fully personalized guidance, including a complete wealth and tax review, but charges entry fees of 3 to 5 percent and typically requires tickets starting around 1,000 euros. Private banks integrate private equity into a broader wealth strategy followed by an in-house tax specialist, starting at 100,000 euros. Specialized platforms such as Fundora automate tax tracking (digital certificates, eligibility for the FPCI income tax exemption) from 100 euros. Direct subscription to an FCPR, FIP or FCPI without an intermediary leaves the subscriber to manage their own tax filing. The right choice depends on budget, the need for guidance and the complexity of the overall wealth situation.
What does an independent wealth advisor bring to a private equity investment?
An independent wealth advisor (CGP) carries out a complete wealth and tax review before recommending a suitable private equity vehicle (FPCI, FCPR, FIP or FCPI depending on the investor profile). They then provide ongoing personalized follow-up: optimizing the marginal tax bracket, arbitrating between different tax wrappers, and assisting with the declaration of capital gains or tax reductions. This tailored support comes at a cost: entry fees of 3 to 5 percent generally built into the product, and annual management fees of 2 to 3 percent, partly rebated to the advisor.
Does Fundora's FPCI benefit from a tax advantage?
Yes. The FPCI (Fonds Professionnel de Capital Investissement) used by Fundora benefits from the FCPR tax regime under certain conditions: exemption from income tax on capital gains from the sale of units, provided the units are held for at least five years and the fund respects a minimum 50 percent investment quota in unlisted securities. Social security contributions of 17.2 percent still apply. This regime does not provide an upfront tax reduction, unlike retail FIP and FCPI funds.
What is the tax difference between FIP, FCPI and FPCI?
Retail FIP (Fonds d’Investissement de Proximité) and FCPI (Fonds Communs de Placement dans l’Innovation) funds grant a 18 percent income tax reduction on the amount invested at entry, capped at 12,000 euros for a single person and 24,000 euros for a couple, in exchange for higher entry and management fees. The FPCI, reserved for sophisticated or professional investors, offers no upfront tax reduction but exempts capital gains from income tax after five years of holding, generally with lighter structuring fees.
Is a wealth advisor required to benefit from private equity tax advantages?
No, a wealth advisor is not mandatory to benefit from the tax advantages of FPCI, FCPR, FIP or FCPI vehicles: these regimes apply to any subscriber meeting the legal conditions, whether the investment goes through an advisor, a private bank or a platform. A wealth advisor does add value in choosing the vehicle best suited to the household’s overall tax situation and in providing ongoing declarative follow-up, something platforms now partly automate through digital tax certificates.