Univers Invest Sicar

A SICAR, or Société d'Investissement à Capital Risque, is a specific Tunisian regulatory structure designed for venture capital and private equity vehicles. It provides a framework governed by the Conseil du Marché Financier (CMF) that allows the firm to pool third-party capital for direct investments. Operating as a SICAR unlocks specific fiscal advantages for Tunisian institutional investors and caps certain administrative requirements, while also limiting the types of assets the firm can hold—effectively mandating a dedicated venture/private equity mandate.

Tunisian SICARs commonly raise capital from a mix of local banking institutions, state-affiliated investment funds (such as those managed by the Caisse des Dépôts et Consignations), insurance companies, and private family groups. The SICAR tax incentive structure makes these allocations attractive for domestic institutions meeting their regulatory or impact mandates. International development finance institutions also occasionally partner with or fund local SICARs to stimulate private sector growth.