Structures / VCC
Variable Capital Company
An umbrella with ring-fenced sub-funds.
Modern fund umbrella under the Variable Capital Companies Act 2022. Sub-funds and SPVs ring-fenced; each can elect for separate legal personality. One Global Business Licence covers the umbrella regardless of how many sub-funds.
At a glance
- Statute
- VCC Act 2022 (Act 3)
- Effective
- 15 May 2022
- Legal personality
- VCC and (optionally) each sub-fund
- GBL
- One licence covers the umbrella
- Sub-fund cap
- None
- Cross-investment
- Permitted (anti-circular rules)
Structure overview
Sub-Fund A
e.g. Africa equities
Sub-Fund B
e.g. Fixed income
Sub-Fund C
e.g. Real estate
A VCC operates under a single Global Business Licence at umbrella level. Each sub-fund is separately authorised by the FSC according to its intended activity and fund classification, without requiring a separate GBL for each sub-fund.
Used for
- 01
Multi-strategy fund platforms
- 02
Africa-focused asset managers
- 03
Master / feeder structures
- 04
Family-office multi-portfolio platforms
- 05
Consolidating previously separate fund / SPV stacks
- 06
Closed-end fund structures
Ongoing obligations
- 01
Each sub-fund individually licensed
- 02
Audited financial statements per sub-fund
- 03
Ring-fencing observed in practice
- 04
FSC reporting at umbrella and sub-fund level
- 05
FATCA / CRS at investor level per sub-fund
- 06
Sub-fund prospectus filed with FSC
Designed For
Multi-strategy managers
Running several strategies under one GBL with ring-fenced sub-funds.
Africa-focused managers
Domicile with on-the-ground substance and treaty access.
Master / feeder structures
Efficient consolidation of investor flows into one umbrella.
Family-office platforms
Multi-portfolio management under a single regulated entity.
VCC vs CIS at a glance
Structure type
VCC
Umbrella company
CIS/CEF
Standalone fund
Sub-funds
VCC
Multiple ring-fenced sub-funds
CIS/CEF
Single fund vehicle
Licensing
VCC
One GBL covers umbrella
CIS/CEF
Individual CIS licence
Setup time
VCC
2-3 months. Indicative timeline only. Actual processing time depends on completeness of documentation, complexity of the application, regulatory queries and approval by the FSC or other competent authority.
CIS/CEF
4-8 weeks. Indicative timeline only. Actual processing time depends on completeness of documentation, complexity of the application, regulatory queries and approval by the FSC or other competent authority.
Need help deciding? Speak with an AcuFin specialist
How AcuFin supports it
Common questions
Get started
Speak with our Fund Structuring Team
From VCC umbrellas to CIS licensing, we'll design the fund structure that fits your strategy, investors and operational footprint.