Structures / CIS
CIS / Closed-End Funds
Open-ended and closed-ended fund regimes under the Securities Act.
Five sub-types under the Securities (CIS and CEF) Regulations 2008, Retail, Professional, Specialised, Expert, and Special Purpose Funds. Choose by investor profile and operational footprint.
At a glance
- Statute
- Securities Act 2005 + CIS Regulations 2008
- Open-ended (CIS)
- Yes
- Closed-end (CEF)
- Yes
- Retail
- Public, fully regulated
- Expert
- Expert Investor generally invests at least USD 100,000, but sophisticated investors also qualify
- Special Purpose
- Private-placement regime subject to the FSC Special Purpose Fund Rules, including a maximum of 50 investors and minimum subscription of USD 100,000 per investor. Specific tax exemptions/treatment apply subject to the Income Tax Act and applicable conditions.
Fund type comparison
Retail CIS
Target Investors
General public
Typical Strategy
Diversified portfolios, mutual funds
Regulatory Intensity
High — full disclosure, prospectus, ongoing reporting
Expert Fund
Target Investors
Sophisticated/institutional investors
Typical Strategy
Hedge funds, alternative strategies
Regulatory Intensity
Moderate — lighter prospectus, limited disclosure
Professional CIS
Target Investors
Professional investors
Typical Strategy
Specialised strategies, private placements
Regulatory Intensity
Moderate — tailored disclosure
Closed-End Fund
Target Investors
Institutional and sophisticated investors
Typical Strategy
Infrastructure, private equity, real estate
Regulatory Intensity
Moderate — fixed capital, listed or unlisted
Special Purpose Fund
Target Investors
Private placement — max 50 investors, min USD 100,000 subscription
Typical Strategy
Narrow-purpose pooled vehicles, family holdings
Regulatory Intensity
Light — private placement under the SPF Rules; CIS manager and administrator required
Thresholds and requirements may change. Contact us for current regulatory details.
Used for
- 01
Hedge fund strategies (Expert / Professional)
- 02
Retail mutual funds
- 03
Real estate and infrastructure (Specialised)
- 04
Family pooled vehicles (SPF)
- 05
Private placement to professionals
- 06
Sub-funds within a VCC umbrella
Ongoing obligations
- 01
CIS Manager appointed/ Self-Managed
- 02
CIS Administrator appointed
- 03
Audited financial statements to be filed in Mauritius
- 04
Annual FSC reporting and ongoing disclosures
- 05
Investor disclosure and reporting
Designed For
Hedge fund managers
Lighter-touch Expert or Professional CIS for sophisticated investors.
Retail fund providers
Fully regulated public CIS with full investor protections.
Infrastructure investors
Specialised CIS for long-dated, illiquid assets.
Pooled family vehicles
Private-placement Special Purpose Funds under the FSC SPF Rules (max 50 investors, USD 100,000 minimum subscription).
How AcuFin supports it
Common questions
Get started
Speak with our Fund Structuring Team
Whether you're structuring a CIS or exploring fund domiciliation, we'll guide you through the regulatory framework and operational setup.