Warehouse Vehicles in France
A warehouse vehicle holds an investment before the fund that will ultimately own it has closed. The sponsor secures the opportunity first, then transfers it into the fund once capital is in place, on terms agreed in advance.
Pre-fund warehousing structures that hold assets ahead of a first close, with clean transfer mechanics and full audit trail into the mainline vehicle.
French private funds commonly take the form of FPCI, SLP or FCPR vehicles, managed by a société de gestion authorised or registered with the AMF.
How warehouse vehicles are actually run
First-time managers use warehousing because good deals do not wait for a first close. The vehicle lets the sponsor act at the speed the opportunity requires and demonstrate a live portfolio to prospective investors, rather than asking them to fund a blind pool from a standing start.
The scrutiny falls on the transfer. Incoming investors will want to know the price the asset moves at, who funded the interim hold, what that funder receives, and whether the asset's condition changed while it sat outside the fund. Reuben AI records the warehouse period as part of the asset's permanent history, so the transfer is documented rather than described.
Regulatory framework
Local structuring, tax and regulatory advice is the responsibility of the fund's counsel and administrator. Reuben AI does not provide legal or tax advice.
How Reuben AI supports Warehouse Vehicles in France
What the manager has to keep straight
Interim funding record
Who provided the bridge capital, on what terms, and what they are owed at transfer.
Transfer basis
The price and the method used to set it, recorded with its inputs at the time.
Holding period events
Everything that happened to the asset while warehoused, attached to the same record the fund inherits.
Investor disclosure
A clear, evidenced account of the warehouse arrangement available to incoming investors during diligence.
Lifecycle of a warehouse in France
| Stage | Work | Record produced |
|---|---|---|
| Opportunity secured | Asset acquired ahead of the fund close. | Acquisition record |
| Interim hold | Position monitored and events recorded against the permanent asset record. | Holding period log |
| Fund close | Capital in place and transfer terms confirmed. | Transfer agreement data |
| Transfer | Asset and full history move into the fund. | Continuous position record |
| Ongoing | Asset reported as a normal fund position from transfer onward. | Fund reporting |
| Governance and audit | Approvals, conflicts, valuation policy and investor consents recorded as they happen rather than reconstructed at audit. | Immutable decision log and evidence pack |
Stages describe the operating workflow. Statutory filings and local registration requirements are set by AMF (Autorité des marchés financiers) and the fund's counsel.
Often confused with
An SPV usually holds an asset permanently. A warehouse exists specifically to hand the asset on.
Warehousing happens at the start of a fund's life. A continuation transaction happens at the end of one.
Common questions
What do LPs check on a warehoused asset?
The transfer price and how it was set, who carried the interim risk and what they receive for it, and whether anything material changed during the holding period.
Does the fund inherit the warehouse period record?
Yes, when the asset record is continuous. Valuations, events and documents from the warehouse period stay attached to the position the fund receives.
Is warehousing only for first-time funds?
No. Established managers warehouse between vintages, though the disclosure expectation is the same in both cases.