Members of the South African Chamber of Commerce in Mauritius gathered at Le Suffren Hotel for an engaging breakfast session in collaboration with our strategic partner, ENSafrica. The event, titled “Structuring Africa-Focused Funds,” offered attendees valuable insights into fund structuring, regulatory developments, and evolving investment trends across Africa.
The discussion was moderated by ENSafrica’s Nashenta Vuddamalay Zindel, Head of the Transactional Department, who guided a panel featuring Alyssa De Luca Lahmidi (Executive, Investment Funds & Investment Management), Davina Boodnah (Executive, Tax), and Sandya Booluck (Executive, Competition). Together, they shared their expertise on practical structuring strategies, compliance considerations, and cross-border opportunities for investors and fund managers operating in and through Mauritius.
Key Takeaways
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VCC momentum: Since its launch in 2022, the Variable Capital Companies (VCC) framework has seen strong adoption, with 20 licences now housing 15 sub-funds and 50 collective investment schemes (CIS) under one flexible structure.
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Gateway advantage: Mauritius continues to strengthen its position as an international financial hub, combining a broad treaty network with clear substance requirements—offering transparency and certainty for cross-border capital flows.
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Hybrid structuring: A Mauritius VCC master fund combined with a Luxembourg feeder remains an efficient model to attract larger EU investors while avoiding additional administrative complexity.
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Competition-law guardrails: The definition of “control” extends beyond equity to influence, and investors were cautioned that “gun-jumping” fines across Kenya, COMESA, and ECOWAS can reach up to 10% of group turnover.
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ESG countdown: Fund managers are reminded of the upcoming deadline—1 August 2025—to register under the Financial Services Commission’s new ESG Disclosure & Reporting Guidelines.
Acknowledgements
We extend our sincere thanks to ENSafrica for leading this insightful session and to all attendees for contributing to an engaging discussion. Events like these reinforce Mauritius’s position as a premier hub for Africa-focused investment funds, fostering collaboration between legal, financial, and corporate stakeholders committed to advancing sustainable growth on the continent.
