Tax and Private Equity & Venture Capital Newsletter | SIFIDE II and R&D investment funds

SRS Legal’s Tax Department and Private Equity & Venture Capital team have published a newsletter focusing on the main changes to the SIFIDE II scheme and the R&D Investment Funds, which will, as a general rule, come into force on 22 August 2026.

Among the key changes are the end of the so-called ‘indirect SIFIDE’ scheme via funds, the extension of SIFIDE II until 2026, and the creation of a transitional regime allowing part of the contributions made up to 31 December 2025 to be applied to productive innovation expenditure, subject to certain conditions.

The new regime also extends the time limits from three to five years for SIFIDE Funds to invest in portfolio companies and for the implementation and demonstration of the use of these investments in R&D or productive innovation activities. Changes are also introduced regarding the recognition of eligibility, the calculation of the benefit under the RETGS scheme, and the possibility of combining this support with other public aid.

The changes have a significant impact on investors, management companies, portfolio companies and corporate groups, which should, in particular, review their respective investment timetables and the eligibility status of portfolio companies before the end of 2026.