Investment vehicle: what is it and how do you choose it?

Find out what an investment vehicle is, its legal forms, its objectives and how to structure it effectively. Overlord is with you.

Gaspard de Monclin

June 16, 2025

Choosing the right one investment vehicle is an essential step in effectively structuring a project, whether it is realty, entrepreneurial or financier. Depending on your situation, your goals and your risk tolerance, you have several options: company, fund, Club Deal or more specialized structure. If you're not sure where to start, our article can already give you a good overview.

In this guide, we help you understand what an investment vehicle is, what forms it can take, and how to make the right choice for secure and optimize your strategy.

What is an investment vehicle?

One investment vehicle is a legal or financial structure that allows you to invest your money in assets such as shares, bonds, real estate or entrepreneurial projects.

It is not an investment in itself, but a strut, a containing organizing the way in which funds are invested and managed, while being part of a wealth or entrepreneurial strategy.

For example, a person wishing to diversify their assets can use an SCPI (Société Civile de Placement Immobilier) to invest in real estate without directly managing assets.

Concretely, an investment vehicle is used to separate risks (by isolating a project or an asset class), to pool capital between several investors, or even to Structuring detention of an asset in a fiscally or legally advantageous manner.

This is particularly the case when an entrepreneur wants to involve partners in the capital of a project without selling his main company. Or when a group of investors chooses to unite around a real estate or technological opportunity.

It can take very varied forms depending on the objectives pursued:

One society (such as a SAS, an SCI, a holding company),
One funds (FCP, SICAV, private equity funds),
One Contract (in particular life insurance or capitalization contracts),
Or again invest in a club deal, which allows a limited circle of investors to co-finance an operation, outside the traditional channels.

But be careful not to confuse vehicle, product and assembly. One vehicular is the overall structure (e.g. an SCPI). One product refers to the specific asset in which one invests, such as a stock or a property. One mounting is the set of legal or financial arrangements around the vehicle, such as a holding company combining several companies to optimize taxation.

The different types of investment vehicles

There are several forms of investment vehicles, adapted to different profiles, objectives and arrangements. The choice will depend on the desired level of governance, the applicable tax regime, the type of assets targeted and the number of investors involved.

The holding company

Often made up of SAS or SARL, it is a classic vehicle for centralizing the holding of participations. It makes it possible to manage several projects, to benefit from the mother-daughter regime and to optimize the taxation of dividends and capital gains. Flexible, it is popular with entrepreneurs to structure their professional assets.

The SPV (Special Purpose Vehicle)

Is a structure dedicated to a single project, often used to isolate risks. It is a vehicle with a limited lifespan, very common in tech fundraising or real estate transactions, especially in private equity.

Regulated funds

Like the FCPR, FPCI, SCPI or OPCI, are supervised by theAMF. They allow access to specific asset classes (real estate, private equity) with a strict level of pooling and governance. They are generally aimed at informed investors, even if some SCPIs are accessible from a few hundred euros.

Club deals/associative structures

They offer a more collaborative approach. Less institutionalized than funds, these vehicles bring together a small group of investors around a common project, with governance rules that are often personalized. They offer more flexibility, but require a good understanding between participants.

To better visualize the differences between these investment vehicles, here is a comparative table of the main characteristics.

Vehicle Type	Taxation	Governance	Minimum Capital	Liquidity
Holding (SAS/SARL)	Corporate / Parent-subsidiary regime	Flexible, customizable	Low	Low to moderate
SPV	Corporate regime	Limited to one project	Variable	Low (fixed duration)
FCPR / FPCI	Light (under conditions)	Regulated by the AMF	High	Very low
SCPI / OPCI	Real estate taxation	Managed by a company	Accessible	Medium to low
Club deal	Depends on structure	Contractual	Adaptable	Very low

What is the purpose of an investment vehicle?

One investment vehicle can perform several functions, depending on the profile of the investor and the nature of the project:

Welcoming associates around a common project, by setting rules of governance, distribution of shares and exit.
Investing collectively in a specific target (real estate, startup, unlisted securities), by pooling funds and risks.
Optimizing taxation, protect capital, or structure a Transfer of assets, within a controlled legal framework.
Facilitate a fundraiser or an operation of private equity, creating a single entry point for investors.

Practical cases: how to choose the right investment vehicle?

The choice of investment vehicle depends closely on the nature of your project, your wealth objectives and your appetite for risk. Here are a few examples to help you better locate yourself.

You want to invest in a real estate project, alone or with others? Depending on your involvement and your strategy, a SCI, a SCPI can meet your needs.

Discover which investment vehicle to choose for a real estate project

You are preparing a private equity transaction, whether to raise funds or structure a round of funding? One SPV Or a FPCI may prove relevant to provide a legal and financial framework for this operation.

Learn more about private equity investment vehicles

You have a project in international dimension, or search for a fiscal optimization in a European framework? The use of a vehicle based in luxemburg is an option that is often preferred for its flexibility and attractive legal framework.

Consult our guide on investment vehicles in Luxembourg

What Overlord does to help you structure the right vehicle

At Overlord, we support you in all the key steps to choose and implement the investment vehicle the most suitable for your situation.

The objective: to structure your project in a clear, secure and sustainable way.

It all starts with a detailed analysis of your needs, your profile and the challenges of your project. From there, we identify the most relevant vehicle: company, fund, SPV or alternative structure, taking into account the objectives, fiscal constraints and the desired mode of governance.

We then assist you in the structuring: choice of legal form, drafting of statutes, coordination with lawyers, notaries or partners concerned.

Once the vehicle is in place, we remain present for the post-creation follow-up: support on governance, networking with other actors, adjustments throughout the life of the project.

FAQ — Frequently asked questions

What are the investment vehicles?

Investment vehicles can take several forms: companies (holding, SAS, SARL), SPV dedicated to a project, regulated funds (FCPR, FPCI, SCPI, SCPI, OPCI), or even club deals. Each meets a specific use according to the profile of the investor and the objectives of the project.

What is a real estate investment vehicle?

A real estate investment vehicle is a structure designed to hold or finance a real estate asset.

What are the advantages of an investment vehicle?

The vehicle makes it possible to structure a project, to separate risks, to pool capital, to optimize taxation and to prepare for a transfer. It is a tool that is both strategic and protective.

Do you need approval to create an investment vehicle?

It all depends on the shape chosen. Most companies (SAS, SARL, SCI) do not require authorization, but some regulated funds (such as FPCI or SCPI) must be approved by the AMF or managed by an authorized company.

How much does it cost to create an investment vehicle?

The costs vary according to the complexity: a few hundred euros for a simple SCI, several thousand for an SPV or a structured fund. You must include legal fees, administrative costs and possibly the fees of the professionals involved.

Conclusion

Choose a investment vehicle, it is much more than creating a structure: it is a way of intelligently structure your project, of secure relationships between partners And ofoptimize your taxation. This choice is no accident, as it involves your long-term wealth or entrepreneurial strategy.

Chez Overlord, we support you every step of the way: analysis, selection, structuring and follow-up. Our aim is to help you create a solid framework adapted to your ambitions.

Do you have a project? Let's talk about it. Contact our teams to identify the investment vehicle that fits your vision.