2003 marked the start of activities in the PIPE market with the creation of the NEM Actions Capital Structurant (NACS) mutual fund, managed by nempartners.

NACS is a "OPCVM à règles d’investissement allégées sans effet de levier", i.e. a mutual fund subject to simplified investment rules and not using leverage. It is not subject to the same rules as "all subscriber" OPCVM mutual funds and can therefore present a higher risk.

NACS no longer makes any new investments. Asset sales are carried out in order to return cash to investors.

Full prospectus	Valuation and performance	Interim report
> Summary prospectus (*)	February 2007 > Downloadable document (*)	29 June 2007 > Downloadable document (*)
> Detailed report (*)
> Regulations (*)
(*) available in French

List of active investments in NACS

List of divestments by NACS