FPCI NextStage Capital Entrepreneur

Performance

FPCI NextStage Capital Entrepreneur 

Explanations with Jean-David Haas from NextStage AM (12/03/2020)

Disclaimer

Investing in the NextStage Capital Entrepreneur FPCI presents a risk of capital loss and a blocking period of the units of 7 years from its date of constitution, extendable 3 times a maximum of one year by decision of the management company.

The Fund is a professional private equity fund (FPCI) with a very high risk of capital loss. The synthetic risk indicator appearing above takes into account the sole risk of loss of capital and given the nature of the investments made by the Fund, box 7 appears to be the most relevant to materialize the degree of this risk (in particular linked to unlisted investments).

Significant risks for the Fund not taken into account in this indicator:

- Liquidity risk: It is recalled that the market for unlisted companies is most often an over-the-counter market which does not allow immediate liquidity or which does not allow the sale to be carried out at the price expected by the Fund, which may have a negative impact on the overall performance of the Fund. The Management Company may therefore experience difficulties in selling the securities of the Portfolio Company (ies) within the time limits and at the desired price levels, if none of the shareholders or associates of this or these Portfolio Company (ies) wishes to buy back the securities or if no third party wishes to acquire these securities.
- Risk linked to the lack of sufficient diversification: The objective of the Fund is to hold during the life of the Fund, around ten holdings in Portfolio Companies whose object is the acquisition, renovation, operation and resale of hotel businesses with or without premises. in France. This data is indicative and depends in particular on the amount of the Fund's assets. Consequently, the Fund will not constitute a diversified portfolio of holdings either by sector or by geography, and therefore there is a risk that the poor performance of the Portfolio Companies could have a material impact on the performance of the Fund.
- Tax risk: The Management Company will make its best efforts to ensure that the Fund complies with the so-called Contribution-Disposal system and the attention of Unitholders is drawn to the fact that the tax advantages that it could provide have not been acquired until that the tax system is definitively adopted and commented on by the tax administration. The Management Company will make its best efforts to select Companies Eligible for the Contribution-Transfer Quota, but it cannot guarantee that compliance with the eligibility criteria provided for by the Contribution-Transfer Quota is not called into question by the tax authorities. due to (i) an interpretation of the texts different from that of the Management Company, (ii) erroneous or misleading data provided by the companies concerned, or (iii) commitments not kept by the latter. The Management Company may modify the Regulations without the agreement of the Unitholders in order to take into account the final tax regime after publication of the comments of the tax administration.

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