Tunisia experiments with guaranteed funds

Tunisia has seen its first guaranteed fund (FCP) launched to institutional investors. With a capacity of 40m dinars ($30.6m) FCP Capitalisation et Garantie is also four times the size of any previous issue, taking advantage of a regulatory increase in the cap on fund size. The ten-year fund will invest up to 35% in the local stock exchange where previous funds have had to make do with between 5% and 10%. As well as protecting capital via a zero-coupon bond and offering potential growth via equit