Increase in the maximum number of participants in a non-public investment fund from 49 to 99

According to the Law on Investment Funds, a non-public fund may have no more than 49 participants. If this threshold is exceeded, the non-public fund is required either to re-register as a public fund or to reduce the number of its participants. This requirement creates challenges for funds, as they are forced to attract only investors making large contributions in order not to exceed the maximum number of participants. In practice, there is often greater willingness to make smaller investments, but due to this limitation, raising such amounts is inefficient.

It is proposed to set the maximum number of participants in non-public investment funds at 99 instead of 49.