In Mauritius, funds are typically structured as investment companies, limited partnerships or protected cell companies. Under the Securities Act 2005, funds operate as either open-ended or closed-end funds and are licensed according to their investment objectives and target investor profile.
On 6 March 2021, the Mauritius Financial Services Commission (FSC) released the Financial Services (Special Purpose Fund) Rules 2021. The Financial Services (Special Purpose Fund) Rules 2021 revokes the Financial Services (Special Purpose Fund) Rules 2013 and sets out new criteria for Mauritius’s Special Purpose Fund regime.
A Mauritius fund can be self-managed by its board of directors or can appoint a CIS Manager in Mauritius or in a foreign jurisdiction, subject to the approval of the Financial Services
Both the Manager incorporated in Mauritius or the foreign Investment Manager must demonstrate a proven track record in fund management to be authorised to act in Mauritius.