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FINANCIAL AND LEGAL INFORMATION
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Risk factors
Nature of the risk
Risk mitigation
An SCR can only borrow up to 10% of its statutory net assets,
which prevents Altamir from having financing in reserve that
it could call upon if necessary. Altamir may therefore not be
in a position to participate in an investment if it does not have
sufficient resources to finance it.
In opting for this tax regime, Altamir vigilantly adheres to the
limits imposed on it. Nevertheless, failure to comply with certain
conditions could lead to the loss of SCR status, and consequently,
the retroactive loss of tax benefits which have been passed
on to shareholders.
Altamir can reduce the maximum level of commitments
in the Apax France VIII-B and Apax France IX-B funds by
€
80m. Maximum commitments are reviewed semi-annually.
This mechanism gives Altamir the flexibility to significantly lower
its commitments to the fund for each six-month period.
Furthermore, in the past, the legal and tax regime of SCRs and
private equity funds has often been changed. Altamir therefore
cannot guarantee that it will not be subject to restrictions in
addition to those currently in place, that the tax regime applicable
to its shareholders will not change, or that it will be able to
continue to enjoy the benefits of the favourable tax regime.
Altamir has a representative on the Tax Committee of the French
Association of Growth Investors (AFIC) and makes every effort
to preserve the benefits of this tax regime.
3) Other legal and tax risks
Legal, tax and regulatory changes may arise and may have
an unfavourable effect on Altamir, the companies in its portfolio
and its shareholders. As an example, the range of transactions
to which private equity firms
have access
has in the past been
affected by a lack of senior and subordinated credit facilities, given
the regulatory pressure on banks to reduce their risk on this type
of transaction.
Furthermore, Altamir may invest in other countries that may
themselves change their tax legislation, potentially with retroactive
application.
Thanks to its diversification via the Apax VIII LP the Apax IX LP
funds, Altamir’s scope is global, which minimises the impact
of a legislative change in any particular region.
D) INDUSTRIAL AND ENVIRONMENTAL RISKS
N/A
E) INSURANCE
The activity of Altamir does not justify industrial-type insurance cover. Altamir has taken out third-party and D&O cover of €3m.
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REGISTRATION DOCUMENT
1
ALTAMIR 2016