Fund Structure

Our architecture

V PLUS PLUS manages its strategies through Cyprus-domiciled umbrella fund structures, including authorised alternative investment funds and registered alternative investment funds, operating within the European Union framework for alternative investment funds. At the centre of the structure stands a single licensed manager; around it, each umbrella fund supports different investment strategies through separate sub-funds, each with segregated assets and liabilities and its own investment objective, risk profile and investor base.

The result is a structure that is simple to understand and disciplined to operate: clear governance, independent oversight and defined accountability at every level, from the manager to each individual sub-fund. The firm’s current strategies span real estate, fund of funds and a fund of hedge funds strategy with a macro focus, and are carried out through these structures in accordance with the relevant fund or sub-fund documents, for Professional and Well-Informed Investors.

A licensed AIFM at the centre of the structure

At the centre of the structure is V PLUS PLUS, authorised by CySEC as an Alternative Investment Fund Manager under section 8 of the AIFM Law 56(I)/2013. Its authorisation covers the investment management functions referred to in section 6(5) of the AIFM Law, namely portfolio management and risk management, in respect of the funds under management.

Within this regulated perimeter, V PLUS PLUS is responsible for the portfolio management and risk management functions applicable to the funds under management, monitors compliance with each fund’s investment objective, investment policy and risk limits as set out in the relevant fund documentation, and maintains the governance, compliance and reporting framework required of an authorised AIFM.

Our governance considers

CySEC-licensed AIFM
AIFMD framework
Portfolio management
Risk management
Regulatory reporting
AML & compliance programme

Umbrella fund structures with segregated sub-funds

The firm manages two Cyprus-domiciled umbrella funds, each incorporated as a variable capital investment company: Victorix AIF V.C.I.C., an authorised alternative investment fund, and V-MACRO II RAIF V.C.I.C., a Registered Alternative Investment Fund supervised through its licensed manager. Both are structured as umbrella funds with segregated pools of assets, enabling different investment strategies to be pursued through separate sub-funds, each with its own assets, liabilities, investor base and NAV calculation.

Fund structure chart. Two Cyprus-domiciled umbrella funds: V-MACRO II RAIF VCIC, holding the V DISASTER PROTECTION sub-fund, and VICTORIX AIF VCIC, holding four sub-funds: V-EMEA (EMEA property), V-PROPERTY (Eastern EU property) and V-PROPERTY2 (EU and Middle East property), which share a property investment mandate focused on income and capital gain with value-up, and V-MACRO (global equity), under a global equity mandate focused on capital gain. Service providers: V PLUS PLUS Ltd as investment manager, EFG (Cyprus and Luxembourg) as depositary, CPF (Cyprus) as administrator, KPMG (Cyprus) as auditor and TPLAW (Cyprus) as secretary.

VICTORIX AIF VCIC
The Victorix AIF Variable Capital Investment Company Limited has established 4 investment compartments under its structure, addressed to Professional and Well-Informed Investors, which are:

V-EMEA, with registration number AIF29_1, is an investment compartment available only to investors outside the EEA/EU. The Sub-Fund focuses primarily on residential and commercial real estate across Europe, the Middle East and Africa, and may invest in other eligible assets in accordance with its offering documentation.
V-MACRO, with registration number AIF29_2, is an investment compartment investing primarily in liquid exchange-traded instruments across global markets: equities, commodities and property exposure through exchange-traded funds, exchange-traded notes and real estate investment trusts, together with cash, fixed-income securities and currencies. Derivatives may be used for hedging and implementation purposes, and the Manager may take short positions, in accordance with the Sub-Fund's offering documentation.
V-PROPERTY, with registration number AIF29_3, is an investment compartment focusing primarily on residential and commercial real estate in Central and Eastern Europe. Its strategy includes residential property acquired at the late construction stage, completed and subsequently sold, with a typical investment cycle of 6 to 12 months, in accordance with the Sub-Fund's offering documentation.

V-PROPERTY II, with registration number AIF29_4, is an investment compartment investing in a diversified portfolio of property and property-related assets in selected markets of Southern Europe and the Middle East, including Cyprus, Greece, Italy, Spain, Croatia and Portugal. Its strategy may include commercial and residential properties and development, redevelopment, renovation and rehabilitation projects, in accordance with its offering documentation.

V-MACRO II RAIF VCIC
The V-MACRO II RAIF Variable Capital Investment Company Limited has established one investment compartment under its structure, addressed to Professional and Well-Informed Investors:

V-DISASTER PROTECTION, with registration number RAIF197_1, is an investment compartment pursuing a global macro investment strategy through liquid exchange-traded instruments, including equities, commodities, exchange-traded funds, exchange-traded notes and real estate investment trusts, as well as cash, fixed-income securities and currencies. The strategy places particular emphasis on tail-risk and “black swan” market scenarios, primarily across developed and major emerging markets within G20 economies, and may use derivatives in accordance with its offering documentation.

Independent functions, clear accountability

Every vehicle operates within a governance framework defined by applicable regulation and reinforced by the firm’s own standards. EFG (Cyprus and Luxembourg) acts as independent depositary; CPF (Cyprus) as administrator; KPMG (Cyprus) as external auditor; and TPLAW (Cyprus) as secretary and legal adviser on Cyprus regulatory matters. Internally, the risk function monitors portfolios against their limits, and the compliance function oversees AML procedures and regulatory obligations, serving as the point of contact with the regulator. Reporting to investors and to CySEC follows the cycles the framework prescribes.

Our framework considers

Independent depositary
External audit
Dedicated risk function
AML & regulatory compliance
Periodic investor reporting
Supervisory reporting to CySEC

What the framework delivers for investors

The structure is designed to support investor protection and robust delegation through regulated management, segregated assets, independent safekeeping and audit, and transparent reporting.

Regulatory protection

A licensed manager under Cyprus AIFM Law (56 (I)/2013), supervised by CySEC, with defined duties to every investor.

Segregation

Each sub-fund is a separate pool of assets and liabilities: strategies do not share risk.

Independent safekeeping

Assets held with an independent depositary, with external audit of every vehicle.

Flexibility

New sub-funds can be established as strategies require, without changing the structure that protects them.

Further information

Asset Classes

Our capabilities extend across a broad range of investment strategies designed to address different objectives, market environments and risk profiles.

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