7,75( /¶,16(57,21 (7 / (03/2,
&+$3,75( 'LVSRVLWLRQV JpQpUDOHV
),&+( /H FDGUH UpJOHPHQWDLUH GHV LQWHUYHQWLRQV GX &RQVHLO
GpSDUWHPHQWDO HQ PDWLqUH G¶LQVHUWLRQ HW G¶HPSORL
3URJUDPPH GpSDUWHPHQWDO G¶LQVHUWLRQ 3',
3DFWH WHUULWRULDO G¶LQVHUWLRQ 37,
)RQG VRFLDO HXURSpHQ )6(
$57,&/(
2EMHFWLIV GX 3URJUDPPH GpSDUWHPHQWDO G¶LQVHUWLRQ 3',
/RL Q
JpQpUDOLVDQW OH UHYHQX GH VROLGDULWp DFWLYH HW UpIRUPDQW OHV SROLWLTXHV
G¶LQVHUWLRQ
$UWLFOH /
GX &$6)
'pOLEpUDWLRQ GX MXLQ
(Q WDQW TXH FKHI GH ILOH GH O¶LQVHUWLRQ HW ILQDQFHXU GX 5HYHQX GH VROLGDULWp DFWLYH 56$ OH
&RQVHLO GpSDUWHPHQWDO GpILQLW VD SROLWLTXH G¶LQVHUWLRQ j WUDYHUV XQ GRFXPHQW FDGUH OH
SURJUDPPH GpSDUWHPHQWDO G¶LQVHUWLRQ
/H 3', GpFOLQH O HQVHPEOH GHV PHVXUHV G¶DFFRPSDJQHPHQW VRFLDO HW SURIHVVLRQQHO j
HQJDJHU UHFHQVH OHV EHVRLQV HW O¶RIIUH ORFDOH G¶LQVHUWLRQ HW SODQLILH OHV DFWLRQV DVVRFLpHV
$GRSWp OH MXLQ
OH 3', FRXYUH OD SpULRGH
LO SULRULVH OHV GpPDUFKHV
SHUPHWWDQW OH UHWRXU j O¶DFWLYLWp SURIHVVLRQQHOOH GHV SHUVRQQHV HQ GLIILFXOWp VRFLDOH HW
SURIHVVLRQQHOOH
,O V¶DUWLFXOH DXWRXU GH WURLV YROHWV
OH UHQIRUFHPHQW GHV RXWLOV G¶DFFqV j O¶HPSORL
OD PRELOLVDWLRQ GHV DFWLRQV GH G\QDPLVDWLRQ SUpDODEOHV j OD UHFKHUFKH G¶XQ HPSORL
O¶RSWLPLVDWLRQ GHV SDUFRXUV G¶DFFRPSDJQHPHQW
$57,&/(
2EMHFWLIV GX 3DFWH WHUULWRULDO G¶LQVHUWLRQ 37,
/RL Q
JpQpUDOLVDQW OH 5HYHQX GH VROLGDULWp DFWLYH 56$ HW UpIRUPDQW OHV SROLWLTXHV
G¶LQVHUWLRQ
$UWLFOH /
GX &$6)
'pOLEpUDWLRQ GX MXLQ
/H 3DFWH WHUULWRULDO G¶LQVHUWLRQ DVVRFLH O¶HQVHPEOH GHV DFWHXUV GRQW OD FRRSpUDWLRQ HVW
LQGLVSHQVDEOH j OD PLVH HQ °XYUH GX SURJUDPPH GpSDUWHPHQWDO G LQVHUWLRQ /HV
SDUWHQDLUHV VRQW PRELOLVpV DILQ G¶DVVXUHU OD FRQWLQXLWp GHV SDUFRXUV GHV SHUVRQQHV HW OHXU
SHUPHWWUH G¶DFFpGHU j O¶HPSORL GXUDEOH HQ GpFORLVRQQDQW OHV GLVSRVLWLIV G¶LQVHUWLRQ
VRFLRSURIHVVLRQQHOOH H[LVWDQWV
/H 37, FRQVWLWXH XQ RXWLO SUDWLTXH UHFHQVDQW OHV DFWLRQV HW OHV GLVSRVLWLIV PRELOLVDEOHV HQ
IRQFWLRQ GH OD SUREOpPDWLTXH GH OD SHUVRQQH HW GH VRQ QLYHDX G¶HPSOR\DELOLWp
$GRSWp OH MXLQ
SDU O $VVHPEOpH GpSDUWHPHQWDOH OH 37, IL[H OHV D[HV GX 3', VHORQ
OHV GLVSRVLWLRQV VXLYDQWHV
$[H IDYRULVHU O¶DFFqV j O¶HPSORL
UHQIRUFHU O¶LQWHUYHQWLRQ HQ GLUHFWLRQ GH O¶LQVHUWLRQ SDU O DFWLYLWp pFRQRPLTXH
GpYHORSSHU OHV DFWLRQV G LQVHUWLRQ HQ SDUWHQDULDW DYHF OHV HPSOR\HXUV
DPpOLRUHU O¶DFFqV j OD IRUPDWLRQ
SURPRXYRLU OHV FODXVHV G¶LQVHUWLRQ VRFLDOH GDQV OD FRPPDQGH SXEOLTXH