AMF Withdraws APICAP Portfolio Management Authorisation

AMF France News

Filed January 9th, 2026

Detected March 6th, 2026

Summary

The Autorité des Marchés Financiers (AMF) has announced the effective withdrawal of the authorisation for portfolio management company APICAP. This action follows a decision on July 4, 2025, and is now effective as of January 9, 2026, after APICAP's funds were transferred to other authorised entities.

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What changed

The Autorité des Marchés Financiers (AMF) has confirmed the effective withdrawal of APICAP's authorisation as a portfolio management company. This decision, initially made on July 4, 2025, became effective on January 9, 2026, after all alternative investment funds previously managed by APICAP were successfully transferred to other authorised management companies. The AMF had extended the deadline for this transfer to June 30, 2026, but the conditions for withdrawal were met earlier.

This action signifies a significant regulatory intervention, removing APICAP's ability to operate as a portfolio manager. While the document does not specify penalties, the withdrawal of authorisation implies severe consequences for the company's operations and its stakeholders. Fund managers and related entities should note the AMF's rigorous oversight and the importance of maintaining compliance with authorisation conditions to avoid similar regulatory actions.

What to do next

Review internal authorisation compliance procedures for portfolio management companies.
Monitor AMF announcements for potential impacts on fund transfers or management changes.

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13 February 2026
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The AMF announces that the withdrawal of the authorisation of the portfolio management company APICAP is effective

The withdrawal of the authorisation of the portfolio management company APICAP, decided by the Board of the Autorité des Marchés Financiers (AMF), is now effective, following the transfer of the funds previously managed by APICAP.

On 4 July 2025, the Board of the Autorité des Marchés Financiers (AMF), having noted that APICAP was no longer in compliance with the conditions of its authorisation as a portfolio management company, decided to withdraw its authorisation.

This withdrawal of authorisation was to take effect on the date on which one or more portfolio management companies or managers authorised to manage this type of AIF were appointed as managers of these AIFs or, failing that, on the date on which they were liquidated, and in any event no later than 31 December 2025. On 18 December 2025, the AMF Board extended this deadline to 30 June 2026.

As a reminder, a decision of the Paris commercial court (“ Tribunal des Affaires Economiques”) of 3 June 2025 initiated liquidation proceedings, with no continuation of activity, in relation to APICAP. The AMF has worked with APICAP's court-appointed liquidator to find solutions for the takeover of APICAP's funds.

The conditions for the withdrawal of authorisation to take effect have been met since 9 January 2026. By this date, all the alternative investment funds (AIFs) still managed by APICAP had either been transferred on a voluntary basis to other investment management companies that are duly authorised to manage this type of AIF, or no longer met the conditions to qualify as an AIF.

In particular, following orders handed down on 17 December 2025 by the Paris commercial court (“ Tribunal des Affaires Economiques”), the following portfolio management companies have taken over the role of manager of the AIFs formerly managed by APICAP:

AXIO Capital for the Ardens IV, IV B, IV D, IV E, IV F, IV G, IV H, IV I, IV J, IV K and IV L FPCIs; the APICAP PME Index, APICAP Grand Angle No. 2 and APICAP Distribution et Commerce FIPs; and the Agregator Capital FPCI;
M Capital Partners for the PME 974 No. 4, No. 5 and No. 6 FIPs, as well as for a dedicated fund; and
Elevation Capital Partners for the Entrepreneurs 974 FPCI. As a result, APICAP, which is in liquidation, is no longer acting in the capacity of a portfolio management company and its authorisation has now been withdrawn.