Legal notice

Legal notice

Legal notice

Legal notice

You have just accessed the website at published by Activa.

Registered name: Activa Capital ("Activa")
Limited Liability Company with share capital of €240 259,65
RCS (Trade and Company Register) No.: PARIS B 428 998 710
Registered Office address: 1 boulevard de la Madeleine – 75001 Paris (France)

Telephone: 01 43 12 50 12

AMF approval number: Approved by the AMF under no. GP01-049

Legal representative: Activa
Publication manager: Alexandre Masson

Hosted by:  Framer 

Activa draws your attention to the following points:

1 - Access to the Website:

By using this Website, you acknowledge that you have the skills and resources required to gain access to and to use the Website.

Activa may not be held liable for events beyond its control or for any damage to your technical environment and in particular to your computers, software, network and other equipment used to gain access to or to use the service and/or the information provided.

You are reminded that unauthorised access or improperly remaining connected to an IT system, hindering or disrupting the operation of an IT system, and fraudulently adding to or changing data in an IT system are criminal offences for which you may be prosecuted.

Access to the Website is free of charge. You shall pay all costs incurred to access and use any telecommunications networks in accordance with the terms and conditions laid down by the relevant access providers and telecommunications operators.

2 - Intellectual property rights:

This Website and the content hereof are protected by copyright and/or by other intellectual property rights owned by Actival, especially data, drawings, graphs, photographs and sound recordings. Any other reproduction and/or use, circulation or redistribution of this Website by any means whatsoever, in whole or in part, without the prior express authorisation of Activa is prohibited and constitutes copyright infringement punishable under Sections L 335 - 2 et seq. of the French Intellectual Property Code.

The trademarks used by the publisher of the and its partners, as well as the logos shown on the Website, are registered trademarks. Any use of items on the Website to reproduce these trademarks or logos, in whole or in part, without the express authorisation of Activa or its assigns is therefore prohibited within the meaning of Article L 713 - 2 of the French Intellectual Property Code.

3 - Content of Website:

Activa reserves the right to change the content of this Website at any time without notice. In addition, Activa may not be held liable in the event of any delay in the provision of, any mistake in or omission from the content of these pages or in the event of any suspension or unavailability of the service.

Activa may not be held liable for any decision taken on the basis of information displayed on the Website, or for any use thereof by a third party.

This site is not directed to the persons coming under jurisdictions in which (due to the persons’ nationality, their residence or any other reason) the publishing of this site or the access to it is forbidden. The persons subject to such restrictions must not access the site.

4 - Hypertext links:

Activa disclaims all liability for the content of websites accessed via links included on the pages of its own website. Links directing users to our website require the prior written permission of Activa.

5 - Cookies:

You are informed that, when you visit the Website, a cookie may be automatically installed and kept temporarily in your computer memory or on your hard disk. A cookie does not allow a user to be identified but is used to record information about your use of the Website. You acknowledge that you have been informed of this practice and authorise Activa to activate said cookie. You may deactivate the cookie by using parameters within your browser software.

6 - Personal data:

All information that you may enter will be recorded by Activa According to the law about personal data*, you have a right to access, correct, oppose and reduce data processing, erase and portable your data. These rights can be exercised by sending an email to, providing your name, address and a copy of your identity document.

              *By the law 78-17 related to information technology, files and freedoms of 6th January 1978 amended and by the General Data Protection Regulation (GDPR) n° (EU) 2016/679 of 27th April 2019.

7 - Complaints policy:

Activa has set up a procedure for the reasonable and prompt handling of complaints from its clients. A complaint is a statement by the client officially recording its dissatisfaction with the management company. A request for information, for an opinion, or for a product or service clarification is not considered as a complaint.

Any complaint can be sent to Activa by post: 1 boulevard de la Madeleine - 75001 Paris, or by email on

Upon receipt of the complaint, an acknowledgement of receipt will be sent within a maximum of 10 business days, unless a response has been given before this period. A response will be given to the client within a maximum of 2 months from the date of receipt of the complaint, unless duly justified special circumstances arise. The complaint will be handled by the finance department and the Head of compliance and internal control who may participate in the process of validating the response in order to ensure that it complies with the regulations in force. The complaints processing procedure is free of charge, no fee will be charged by Activa for processing the complaint. If the response given is unsatisfactory, the AMF’s mediator may be contacted at the following address: Autorité des Marchés Financiers, Mediation Service, 17 place de la Bourse - 75082 PARIS-CEDEX 02 - FRANCE

8 - Conflicts of interest policy:

Activa has established and keeps operational a conflict of interest management policy which consists of defining procedures to detect and manage situations that give rise or are likely to give rise to a potential conflict of interest when executing its management activities.

The Head of compliance and internal control and the Risk Manager are empowered to manage any arising conflicts of interest situations. They analyse, in collaboration with the Management, the nature, causes and consequences of the identified conflict of interest situation. Once approved by the Management, they take the appropriate measures to limit the consequences and promote the best interests of the unitholders.

They shall also define possible corrective measures to limit the occurrence of a new conflict of interest of a similar kind by amending or introducing the necessary procedures and/or controls.

The management company maintains a register that records conflict of interest situations encountered.

The policy for dealing with conflicts of interest is available upon request.

9 - Voting policy:

Activa has a voting policy that sets out the conditions under which the management company exercises the voting rights attached to the securities held by the funds it manages.

The exercise of voting rights is an essential element of Activa's behaviour, which is close to its portfolio companies and acts like a partner with the entrepreneurs it supports.

It is Activa's policy to participate physically in general meetings. As an exception, in the event of impediment, Activa votes by mail or by proxy.

The principles of the management company are as follows: (i) To act in the best interest of the LPs, in compliance with the funds’ by-laws and the applicable conflict of interest management procedures, and (ii) To ensure that there is transparency regarding the information given to unitholders and that this information is communicated within a reasonable timeframe in application of the unitholders’ right of communication.

The voting policy is available upon request.

10 - Best Selection policy:

The policy adopted by Activa is based on procedures for the "Best Selection" of intermediaries in charge of executing orders and on control procedures designed to ensure that these intermediaries comply with the principle of "Best Execution".

The selection of intermediaries is made independently in the LPs interest. Intermediaries are selected by the Managing Partners who takes into account qualitative criteria (reputation, level of expertise, efficiency, or any similar relevant criteria that ensure that the service provider corresponds to the needs and expectations of the management company) and quantitative criteria (price, human resources, technical and other resources on which the service provider can rely to carry out its missions).

A formal evaluation of the services is carried out annually, the results of which may lead to a change of service provider.

The Best Selection policy is available upon request.

11 - Reminder of main risks:

Activa invests exclusively in unlisted or small-cap companies. The main risks faced by the management company are:

  • Risk of capital loss: as the funds are invested in unlisted securities and are not covered by any capital guarantee, it is therefore possible that the capital initially invested may not be repaid in full.

  • Liquidity risk: the funds are mainly invested in unlisted securities that are not immediately liquid. Such investments are likely to remain locked up for several years or even be sold at a value lower than their market value, which will result in a decrease in the net asset value of the fund.

  • Credit risk: risk of loss of a receivable by the fund due to default of the debtor on the due date. In the event of a deterioration in the quality of issuers, the value of such assets may lead to a decrease in the net asset value of the fund.

For more information, please contact the management company.

12 - Remuneration policy:

Activa has a remuneration policy for managers and employees that complies with the requirements of Directive 2011/61/EU of 8 June 2011 (the "AIFM" Directive) and the guidelines of the European Securities and Markets Authority (ESMA), and in application of the principle of proportionality.

The remuneration policy is built around two key principles:

  • Ensuring the alignment of the interests of the management company, its staff and the unitholders of the funds under management;

  • Not to encourage excessive risk-taking.

The remuneration policy shall promote sound and effective risk management and shall not encourage risk-taking that would be incompatible with the investment policies of the funds managed by the Management Company. These investment policies include ESG aspects as defined in Activa's ESG Charter available on its website.

The remuneration policy is consistent with the economic strategy, objectives, values and interests of the management company and the funds it manages and those of the investors, and includes measures to avoid conflicts of interest.

For more information, please contact the management company.

13 - Governing law:

This Website is governed by French law. Any use hereof must take place in compliance with French law and shall be deemed to have taken place on French territory.

We are accountable for delivering sustainable growth

We are accountable for delivering sustainable growth

We are accountable for delivering sustainable growth