A legal structure inspired by US endowment funds, the endowment fund was established by Law no. 2008-776 of 4 August 2008 on the modernization of the economy (Article 140, paragraph I) to develop private financing for missions or organizations of general interest.
“The endowment fund is a private, not-for-profit corporation that receives and manages, capitalizing, and property and rights of any kind that are provided to it free and irrevocably and uses the proceeds of capitalization for the purpose of carrying out a work or mission of general interest or redistributes them to assist a non-profit legal person in the accomplishment of his works and missions of general interest".
“The endowment fund is created by one or more natural or legal persons for a specified or indefinite period.”
Implementing decree : Decree no. 2009-158 of 11 February 2009 on endowment funds