In accordance with article 31 of delegated regulation (EU) n° 231/2013 from the Commission of 19th December 2012, Mindston Capital takes all reasonable measures allowing it to detect situations of a conflict of interests arising during the provision of investment services, related services, or in the management of alternative investment funds (AIF).


Mindston Capital has identified a list of situations with the potential to give rise to a conflict of interests, as well as the procedures relating to them.

The concept of a conflict of interest refers to a situation in which one can reasonably think that a person loses the necessary impartiality, potentially or knowingly, when taking a decision which falls upon them, or benefits from this situation at the expense of another person.

The system for the prevention and management of conflicts of interest aims to identify these situations.

The primary methods in the prevention of conflicts of interest implemented by Mindston Capital are as follows:

  • Respecting the codes of conduct (French Association of Real Estate Investment Companies’ code of ethics, Mindston Capital’s Procedural Rules, …)
  • Occupational boundaries and a separation of roles constructed in such a way as to reduce the risks of conflicts of interest
  • A remuneration policy which allows for behaviours to be avoided that are not in accordance with the client’s interests


Mindston Capital holds and regularly updates a risk mapping identifying the risks that have the potential to harm the interests of their clients. Additionally, the Compliance and Internal Audit manager draws up and updates a record of potential or known conflicts of interest.

When the risk of harm to the client’s interests cannot be avoided in spite of the procedures and preventative measures, Mindston Capital will inform the client of this, and decide with them the provisions to be undertaken.


Mindston Capital takes great care to satisfy its clients in all circumstances, particularly when a problem occurs that is likely to harm the quality of the relationship, or even damage the trust between the client and Mindston Capital.

Client complaints are followed up on, and can give rise to a mediation process, a mechanism which Mindston Capital agrees to abide by.


If you have a disagreement, you can send us a complaint at no cost in the following ways:

 By post to the following address: – Mindston Capital – Satisfaction clients – 71 rue de Miromesnil – 75008 Paris

 By email putting ‘Complaint’ in the subject line of your message:

By telephone (cost of a local call) on the following number: 01 80 85 95 15

If you would like to meet us: call the number above. An appointment in our offices will then be offered to you.


 Mindston Capital agrees to:

  • Acknowledge receipt of your complaint within a maximum of ten working days starting from the day of receipt, unless an answer is itself given within this time.
  • Answer your complaint within a maximum of two months following the date the complaint is received, unless special circumstances occur that are duly justified.


If you are dissatisfied with respect to the action taken after your complaint, you can appeal to the Ombudsman with the Financial Markets’ Authority (AMF):

  • By post: AMF – Madame Marielle COHEN-BRANCHE – Médiateur de l’AMF – 17, place de la Bourse – 75082 PARIS CEDEX 02
  • Via an electronic data entry form available on the AMF:

However, before making a complaint with the Ombudsman, you must have made a first step to resolve your complaint with Mindston Capital.


Mindston Capital has put in place a remuneration policy for all of its employees which is based upon principles which promote:

  • Sound and effective management of risks;

Respect for the interests of its clients, the shareholders of managed funds.

Mindston Capital’s remuneration policy was therefore devised on the basis of an evaluation of its internal set-up and through complying with its economic strategy as well as its long-term objectives, for the purposes of soundly managing and controlling its risks, given the nature, scope and complexity of its activities.

It does not encourage an excessive taking of risk which is incompatible with the interests of shareholders.

Mindston Capital controls and revises the implementation of this policy each year.

The details of the remuneration policy are available by request addressed to the Compliance and Internal Audit Manager (RCCI):

Mindston Capital 10, rue La Boetie 75008 Paris.

A paper copy will be sent at no cost to any person who makes such a request. 

ESG policy

Mindston Capital does not manage ESG funds. Our investment policy does not systematically and simultaneously incorporate criteria associated with Environmental, Social and Corporate Governance.

However, the Mindston Capital team, conscious of ESG challenges and their ability to create long-term value for their investors and their partners, is supporting their shareholdings to adopt the best practices on the matter.

Additionally, we are sensitive during our due diligence phase to the fundamental principles that underpin the ESG approach.


Mindston Capital (hereafter referred to as ‘Mindston Capital’ or ‘us’) collects and processes information which can identify you directly or indirectly (Personal Data). This Personal Data protection policy (the ‘Policy’) applies to all of the methods used for collecting data by Mindston Capital, including our website.

This Policy describes the Personal Data that we collect, the purposes for which it is processed, and the legal basis for this handling, as well as all other necessary information in order to ensure the fair and transparent processing of your Personal Data when we are acting in the capacity of an entity responsible for data processing, specifically when we determine why and how your Personal Data is being processed.

This policy is published in accordance with the legal information obligations shown in EU General Regulation (EU) 2016/679 from the European Parliament and the 27th April 2016 Committee on the Protection of Data, in effect since 25th May 2018 (‘GDPR’), and in the French regulations which complement it1.


Mindston Capital agrees to collect and process the information provided in accordance with the principle of minimisation, limiting the collection of Personal Data to information that is strictly necessary for the purposes it is being used for. In this respect, we collect the following Personal Data: 

  • Contact Information: we collect this Personal Data in order to be able to reach you and/or speak with you at your request for communication and marketing purposes, where appropriate. In particular, some of Mindston Capital’s web pages allow you to give your Personal Data to us. We can use these contact details to provide you with the information that you have requested, and answer any of your requests or any queries and take any other measure required in order to inform you about our business. This information may include your name and family name, title (Mr/Mrs), email and postal address, landline or mobile number, and any other information which you provide us with.
  • Preferences: this type of information helps us to understand your interests in our business and our services, and in particular your interests with regard to our investment products described on our website or any other publication from Mindston Capital. This information is particularly essential to us as part of the steps we take in our marketing and sales strategies. That may therefore include information about your preferences regarding investment and your desire to receive marketing information related to a specific area of the property industry.
  • History of transactions and services: this Personal Data is necessary in order to provide you with the services that you have requested, and in order to definitively confirm your instructions. That therefore includes your requests and instructions, transactions carried out and any records related to these, as well as potential claims.
  • Compliance: we process your Personal Data in order to meet legal, regulatory, and fiscal obligations incumbent upon Mindston Capital. In particular, within the scope of our compulsory process of ‘knowing your client’ and the prevention of money laundering (PML), Mindston Capital can carry out audits before putting in place any business relationship, and can then do so throughout this relationship. Mindston Capital can also assist the relevant regulatory authorities as part of the monitoring, screening and checking of transactions. This process may include the recording and storage of correspondence and messages between us (including incoming and outgoing calls, emails, instant messages, exchanges on social media, and any other type of communication).

If you do not wish to provide us with this information, it may be the case that we are unable to honour our contractual engagements towards you. We will specifically inform you when the supply of your Personal Data is necessary and will remind you of the consequences on our business relationship if you do not provide us with it.


When we process your Personal Data, we do it based upon a lawful excuse (or legal basis) for this processing, such as:

  • In the execution of a contract: the processing is necessary in order to take pre-contractual measures at your request, or to give effect to your contract with Mindston Capital (for example, as part of the distribution agreements) ;
  • Respecting a legal obligation: the processing is necessary in order to ensure our compliance with a legal or regulatory obligation (for example, creating your client file, managing computer security, publishing information as required by a regulatory authority, complying with PML requirements, or any other similar regulatory obligations) ;
  • In the protection of our legitimate interests: processing is carried out for the purposes of our legitimate interests as a company when your own interests, freedoms and fundamental rights do not take precedence over our interests (for example, to evaluate new investment opportunities, to manage disputes); or
  • Consent: the processing is based upon your prior consent (for example, in order to send you business and marketing information as set out above).


In the first instance, this Personal Data has been provided by you (for example, through emails that you send to us or over the telephone).

We may from time to time receive Personal Data about you originating from a third party, for example other clients or partners.

In certain circumstances, your Personal Data can be collected indirectly through monitoring equipment, or by other means (for example, email tracking and monitoring systems, the recording of telephone conversations and access logs to the website).


We store your Personal Data for a period of time which does not exceed that which is necessary with respect to the purposes for which it is processed, which generally means the period during which we have a business relationship with you. We can store your Personal Data for longer periods of time equivalent to a prescribed legal duration, or to establish, exercise or defend a legal right.

However, in the event of Personal Data being obtained for purposes of business development, and which has not led to the conclusion of a contract, we will only store your data for a period of three (3) years following our last contact with you.


We can be required to divulge your Personal Data when it is authorised by law, and only when strictly necessary, to the following third parties:

  • Service providers assisting us as part of our marketing operations and for the purpose of customer service ;
  • Consultancies (consultants, auditors, lawyers, and others) and insurers ;
  • Partners, dealers, wealth management advisors ;
  • Technical support service providers, such as those carrying out the hosting and maintenance of our website ;
  • Companies allowing us to maintain, process, or carry out your transactions and accounts, including companies performing administrative, accountancy, and financial services for our account.

Mindston Capital expects that these third parties process all Personal Data which is passed on to them in accordance with the applicable laws, including with respect to the security and confidentiality of data.

When these third parties act in the capacity of a ‘sub-contractor’ in the GDPR sense, they are carrying out their roles for our account and according to our instructions for the purposes mentioned above. When this situation arises, your Personal Data will only be divulged to these third parties to the extent necessary for the provision of the required services.

Furthermore, we can share Personal Data with national authorities (regulatory or governmental, tax authorities and the Bank of France) in order for us to comply with a legal obligation to which we would be forced to comply. The same applies in the event of any pending or imminent legal proceedings or regulatory audit.


Your Personal Data is processed and stored exclusively within the European Economic Area (EEA).


We make use of physical, technical and administrative security standards that have been designed to protect your Personal Data from any loss, leak or improper use, alteration, destruction or damage.

We take measures to limit the access to your Personal Data to persons who strictly need to access it for one of the purposes listed in Article 1.

Nevertheless, no information sent over the Internet can be entirely secure and free from error. In particular, the sending of your Personal Data by email or through our website may in some cases not be secure. We encourage you to check the conditions in which you are sending this data before doing so, making sure you also check the way in which you protect your communications and devices.


You hold the following rights regarding your Personal Data:

– The right to access your Personal Data, as well as the right to have it corrected (in other words that it be rectified) if it becomes clear that it is inadequate, incomplete or inaccurate;
– The right to receive your Personal Data in a structured, commonly used format that is machine-readable, as well as the right to ask us to pass it on to another entity responsible for its processing when that is technically possible, and in certain circumstances;
– The right to request that your Personal Data be deleted in certain circumstances;
– The right to put a limit on how we process your Personal Data (specifically to only permit that it be held), in certain circumstances. When your Personal Data is subject to such a limit, we will only proceed with processing it with your consent, or for the establishment, exercise or defence of legal claims or rights, or for regulatory purposes;
– The right to set general guidelines or special instructions relating to the conservation, removal, and forwarding of your Personal Data after your death.

In the event of your Personal Data being processed on the basis of your consent, you have the right to withdraw your consent at any time, namely by clicking on the unsubscription link shown within each of our business emails without it violating the legality of data processing based on consent given before this withdrawal.

– When data processing is carried out for marketing purposes, you have the right to object to it at any time;

– When processing is based upon Mindston Capital’s legitimate own interests, you also have the right to object to it. When this happens, we must stop processing your data unless we are able to demonstrate that legitimate and pressing reasons exist for processing it which take precedence over your interests, rights and freedoms, or when we need Personal Data for the establishment, exercise and defence of legal rights.

To exercise your rights, you can contact us at the following address: Mindston Capital, 71 rue de Miromesnil, 75008, Paris or by email:

However, regarding PML data processing, you will need to exercise your rights of access with the French National Commission on Informatics and Liberties (CNIL) as part of the indirect right of access procedure.

You also hold the right to lodge a complaint with the CNIL if you feel that the processing of your Personal Data violates the applicable laws.

1 Particularly (i) the 20th June 2018 law n°2018-493 relating to the protection of data, amending the 6th January 1978 law n°78-17 (amended in 2004) known as the ‘Information Technology and Freedoms’ law, as well as (ii) the 1st August 2018 decree n°2018-687 amending decree n°2005-1309 of 20th October 2005 (amended in 2007).

Last updated: May 2023