The recently adopted regime (the “New Regime”), applies to carried interest acquired under a contract (“Contractual Carry”) or to carried interest strictly linked to, or represented by,  a direct or indirect investment in the underlying fund, which is held for more than six months (“Participation Carry”).

In both cases, carried interest compensates the fund manager with a share of the fund’s overperformance. This aligns the manager’s interests with those of the investors. In other words, the manager cannot receive ordinary bonuses through this method.

If you want to understand how Accelex began, forget the usual founder–VC mythology of pitch decks and boardrooms. Our story starts with a pizza. More precisely, a pizza at Ambiente in Strassen, just across from the CSSF, where Franck spent most of the meal asking questions… and Jérôme spent most of it not eating. Not because the pizza wasn’t good, but because Franck’s curiosity left no room for chewing. It was the first sign of a habit that would define the next five years: relentless inquiry on one side, quiet observation on the other, and a shared sense that something important was forming — even if none of us yet knew the full shape of it.