For a multi-family office (MFO), the Variable Capital Company (VCC) is an ideal platform: an umbrella entity holding a ring-fenced sub-fund for each family or mandate, with shared governance and a single regulated fund manager. It delivers segregation where families need it and economies of scale where they don’t.
Why MFOs use the VCC
- One sub-fund per family — legally segregated assets and liabilities.
- Tailored terms — distinct strategies, share classes, fees, and reporting per family.
- Shared infrastructure — one board, secretary, administrator, and auditor across the platform.
- Tax incentives — position for Section 13O or 13U where eligible.
The platform model
| Layer | Role |
|---|---|
| Umbrella VCC | The regulated legal entity and shared infrastructure |
| Sub-fund per family | Ring-fenced assets, bespoke mandate and economics |
| Licensed fund manager | Manages the VCC under a MAS CMS licence |
Run the platform under an existing licensed manager — we partner with MAS-licensed CMS fund managers for qualified clients. See also our single-family office page and global partnership platform.
Tax incentives
Qualifying income may be exempt under Section 13O or 13U with economic substance in Singapore; confirm with MAS and IRAS.
Get started
Read the VCC structure guide, then tell us about the families and mandates you serve.
Frequently asked questions
How does a multi-family office use a VCC?
A multi-family office can run an umbrella VCC with a ring-fenced sub-fund for each family or mandate. Assets and liabilities are legally segregated per sub-fund, while governance, administration, and audit are shared at the umbrella level.
Can each family have different terms and strategies?
Yes. Each sub-fund can have its own investment mandate, share classes, fees, and reporting, while benefiting from the shared regulated infrastructure of the umbrella VCC.