Cyril Fiat focuses his practice on the structuring of and fundraising for private investment funds. He also advises on regulatory issues, and guides investors through their investments in alternative assets.
Mr. Fiat's work has a strong international focus and he regularly acts for alternative investment fund managers on the creation of and fundraising for French, international and Pan-European investment vehicles (including buyout, venture, infrastructure, mezzanine, real estate, funds of funds and debt). He also advises institutional or private investors regarding their investments in private funds and bespoke investment structures.
In addition, he advises his clients on the setting up of regulated portfolio management companies and carried-interest schemes for management teams.
His experience also includes regulatory matters related to asset management and financial services, advising French and international fund managers, investment firms, credit institutions, and other entities in France and Europe.
He is a member of Dechert LLP’s EU Regulatory and Global sustainability working groups and advises asset managers on compliance with the EU Regulations, as well as Sustainable Finance Disclosure Regulation (SFDR) and the EU Taxonomy Regulation and other European ESG-related regulatory matters.
Mr. Fiat is ranked by The Legal 500 EMEA 2024 and Décideurs Leaders League 2024 for his fund formation expertise. In The Legal 500 EMEA 2024 a client praised his “responsiveness, very good knowledge of the files, excellent knowledge of the market and negotiation points in the sector” while another client highlighted his “broad knowledge and international capacity”.
Prior to joining Dechert, Mr. Fiat worked as in-house counsel for the World Bank in Washington, D.C., where he provided legal advice in relation to the investments of the World Bank Pension Fund in private investment funds and the negotiation of separately managed accounts. His previous experience also includes working for over nine years in the financial services and investment management departments of prominent international law firms.
- Capital Croissance in the creation of and fundraising for the third generation of CAIRN Capital funds.
- Sofinnova Partners, a leading European life sciences venture capital firm based in Paris, London, and Milan, in connection with a long-term strategic and financial partnership in life sciences with Apollo, a global, high-growth alternative asset manager.
- Five T Hydrogen, a clean hydrogen enabling investment platform, on the structuration of the Hy24 project, a joint venture between Five T Hydrogen and Ardian, a world-leading private investment house.
- Blisce, a transatlantic management company founded by Alexandre Mars, on the structuring of its second fund, Blisce Fund II., which has obtained Growth Tech label Tibi as part of a government initiative in the technology space, and aims to raise €300 million.
- Domnin de KERDANIEL and Filippo MONTELEONE in connection with the acquisition of Essling Capital, an independent alternative investment firm.
- A French family office in connection with the creation of a French management company and the structuring of a new venture capital fund set-up as a société de libre partenariat investing in EU fast growing companies (mainly French targets) which operate in the technology sector and have a strong potential for U.S. expansion.
- A French growth stage venture investment firm in connection with the creation of a French management company under the AIFM Directive and the structuring of a new venture capital fund set-up as a société de libre partenariat to invest in fast growing companies which operate in the technology sector and located in the EU and in the U.S.
- A subsidiary of a global private investment firm in connection with the extension of its AMF approval.
- A London-based alternative asset manager, for the creation and structuring of a French debt fund dedicated to loan origination in France, managed by an Irish AIFM of the same group.
- A French multinational family-owned group and one of the leaders of the food industry in connection with its investment in a French fund set-up as a société de libre partenariat and managed by Bpifrance Investissement, investing mainly in French listed companies.
- The venture capital investment arm of a French multinational aerospace and defence company in connection with its investment in a French société de libre partenariat investing to support SMEs and mid-caps in the civil aviation industry.
- A French portfolio management company that invests in buyout and growth capital in French companies in connection with the creation of a French private equity impact fund set up as a fonds professionnel de capital investissement.
- A French portfolio management company in connection with the creation of a French private equity fund set-up as a fonds professionnel de capital investissement investing in biotech and medtech companies, aiming to transform them into world leaders.
- The pension fund of a global development bank in connection with an investment management agreement in the form of a separately managed account.
- The private equity division of a private bank group in connection with the co-investment of two funds it manages, alongside third-party funds; in a U.S. company operating in the payment services.
- AXA Investment Managers in relation to the formation of and fundraising for Pan-European Value-Added Venture (PEVAV), a real-estate fund focused on underperforming assets, which raised €445 million.
- AXA Investment Managers in relation to the formation of and fundraising for Development Venture IV, a real estate fund focused on properties across all stages of the development cycle, which raised more than €600 million.
- Idinvest Partners in relation to the formation of and fundraising for a debt fund, a secondary fund, several dedicated funds and a sector fund dedicated to the digital industry, as well as several FCPIs for the IR and ISF campaigns (French tax optimization vehicles).
- Committed Advisors in relation to the formation of and fundraising for Committed Advisors Secondary Fund II, a secondary fund, which raised €504 million.
- Alven Capital in relation to the formation of and fundraising for Alven Capital V, a venture capital fund focusing on early stage investments in tech companies, which raised €250 million.
Includes matters handled at Dechert or prior to joining the firm.
- AIFMD 2.0 – Where we stand, and where we’re going; SFDR – The regulatory supervision has just started! - Luxembourg Annual Funds Conference (September 26, 2023)
- Initiatives to regulate the digital asset class in the EU and the US - Luxembourg Annual Funds Conference (October 20, 2022)
- Luxembourg Investment Funds Webinar Series - Part One: Regulatory Initiatives 2022 - (December 06, 2021)
- US and European Compliance with ESG Mandates — European Workshop for the Institutional Investor Legal Forum, Paris (November 2021)
- AIMA Deep Dive Regulatory Programme – EU – Webinar – (May 12, 2021)
- Luxembourg Investment Funds Webinar Series - Part One: Regulatory Spotlight - The Future of AIFMD – (November 24, 2020)
- France: Investment Funds 2024 – Chambers Global Practice Guides (February 8, 2024)
- Réforme ELTIF 2.0 : favoriser le financement de l’économie réelle par les investisseurs de détail - Revue Droit & Affaires and LexisNexis (January 29, 2024)
- The Retailisation of Private Equity – ICLG (August 3, 2023)
- Typologie des fonds et règlementation – LexisNexis (June 30, 2021)
- Structuration des deals de Private Equity et des fonds : une approche unique en son genre ! – Interview Le Figaro – (April 7, 2021)
- SFDR in France, Germany and Luxembourg: a comparison – Thomson Reuters Practical Law Global – (March 3, 2021)
- A Guide to Private Equity in the United Kingdom and France (2020) - (December 14, 2020)
- Overview of the EU Shareholder Rights Directive II - (November 16, 2020)
- ESG Snapshot: Overview of the EU Directive on the activities and supervision of IORP - (October 19, 2020)
- AMF Doctrine Alert: Changes to the doctrine - (August 6, 2020)
- New requirements for marketing UCITS and retail-AIFs in France - (July 24 and May 20, 2020)
- Finance durable : l'AMF s'arme face au "greenwashing" – Capital Finance (18 mai 2020)
- L’impact du COVID-19 sur la continuité des services et l’activité des sociétés de gestion – (June 8 and April 6, 2020)
- Overview of the EU Benchmark Regulation and the Low Carbon Benchmark Regulation - (April 28, 2020)
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- Université Grenoble Alpes, Bachelor in Law, 2002
- Université Grenoble Alpes, Master 1, Business Law, 2004, with Honors
- Grenoble Ecole de Management, Master’s Degree, Management, 2004
- Université Paris-Dauphine, Master 2, Business Law, 2005
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- Paris
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- English
- French