The Investment Company in Risk Capital (SICAR) is a Luxembourg company dedicated to invest in private equity and venture capital investments.  This legal regime was introduced in Luxembourg by law of 15 June 2004 and updated by law of 24 October 2008 (“the SICAR Law”). The SICAR Law is based on the existing regulated investment fund legislation, but is subject to more flexible regulatory and corporate rules as well as beneficial tax provisions inspired by the unregulated Luxembourg holding company (the Soparfi). As such, it meets the demands from the private equity and venture capital industry for a lightly regulated, flexible and tax efficient regime for structuring investments. SICARs are subject to the CSSF supervision and may create different sub-funds which all benefit from protective ring-fencing provisions.

The SICAR regime does not impose any risk diversification requirements nor are there any lending or leverage restrictions. There are also no restrictions by jurisdiction, industry, maturity or currency on the investments of a SICAR.

For more information on the SICARs, please download our information memorandum on SICAR in the Resources section.