The 'commercially focused' team at Arendt & Medernach has 'an excellent understanding of market practice as well as local regulation and CSSF expectations', ensuring that it is a very popular choice among fund managers on their structuring and regulatory requirements. Although retail funds (including UCITS) continue to inform a significant proportion of its workflow, the team is also adept at advising across a range of alternative strategies, including as these relate to private debt and private equity. Here, the firm has been at the vanguard of developments in the market, which has seen it very well-placed to generate work from clients on newer structures including "Evergreen Funds", as well as the continued push towards impact investing. 'Exceptional' team head Gilles Dusemon has been pivotal to the firm's success at driving change in the alternative space and has developed an excellent sense of "what is market", not only through his fee-earning work but also as a result of his role as co-chairman of the Association of the Luxembourg Fund Industry's Private Equity and Venture Capital Working Group. The 'dynamic, intelligent and creative' Adrian Aldinger is also very well regarded in the alternative space, particularly for the structuring of private equity and debt funds. Florence Stainier has an 'excellent knowledge of Luxembourg regulation, practice and regulator expectations' and is one of the driving forces behind the firm's market-leading UCITS offering. Other key practitioners include Michèle Eisenhuth, who covers a mix of UCITS and alternatives; Isabelle Lebbe, who is an expert at advising on ESG-related matters and on disputes in the sector; Stefan Staedter, the 'go-to-person for ELTIF matters'; Nicolas Bouveret, who is 'very knowledgeable on all things private debt'; 'seasoned veteran' Francis Kass; and firm co-chair Claude Niedner.

The 'responsive and solutions-oriented' team at Clifford Chance is best known for its sponsor-side work within the alternative investment fund space, where it is particularly well-placed to advise on cross-border structures and raising capital from global investors, by dint of its extensive international network. Paul Van den Abeele is well-versed at structuring real estate, private equity, credit and infrastructure funds; he recently worked alongside the Beijing office to assist SINO-CEEF Capital Management Company in the establishment of a fund in Luxembourg focusing on investments in Central and Eastern Europe. As well as handing retail and private fund structuring, Emmanuel-Frédéric Henrion is noted for his overarching regulatory prowess, which has recently been acknowledged by the Commission for the Supervision of the Financial Sector when it asked him to join its fund advisory committee. Kristof Meynaerts 'stands out for his passion for client service and the drive that he provides to his projects', both on the sponsor and investor side. Maren Stadler-Tjan oversees ESG-related mandates such as carbon credit funds, while Luxembourg and German-qualified counsel Christian Lennig  excels at advising on fund structures launched by clients based in Germany.

The 'very professional, flexible and committed' team at Elvinger Hoss Prussen has 'an outstanding understanding of the market practice and strong relations with the CSSF’, ensuring it is very well-placed to guide fund managers through the intricate regulatory terrain and to structure the optimal fund vehicle relevant to both retail and alternative asset strategies. Gast Juncker has 'perfect knowledge of both the Luxembourg and EU regulatory framework' and has developed a particular niche advising Chinese asset managers on establishing UCITS funds in the country. Jérôme Wigny is 'able to synthesise the nuanced analysis of complex issues, with a user-friendly delivery’, providing a 'practical and commercial' service to managers structuring both UCITS and private equity funds. Joachim Cour has 'great knowledge of regulatory practices and market trends' impacting a wide range of asset classes, including private equity, real estate, debt, infrastructure and hedge, and is also noted for being dedicated in 'finding the best solutions for his clients to efficiently launch new products’. Vastly experienced team head Jacques Elvinger has 'in-depth industry knowledge' gleaned through his many years of fee-earner work in the space, as well as through his strong connections with the regulator and various trade associations/working groups. Other recommended practitioners include Sophie Laguesse, for private equity and real estate fund structuring as well as corporate governance concerns; the 'very business-minded and well-connected' Yves Elvinger; and Jeffrey Kolbet, who combines the 'perfect mix of intelligence and technical excellence' for fund managers and investors in the alternative funds space.

With ‘strong bench strength from the partners down to junior associates’, Linklaters has the the critical mass to handle a tremendous volume and range of work for many of the highest-profile international fund managers, particularly within the alternative asset space. Here the team excels in advising on complex cross-border matters and is noted for its cohesion ‘and excellent ability to work well with other offices in the network’, including London. Team head Silke Bernard is ‘very well plugged in to many of the key industry forums and bodies’, ensuring she is abreast of market trends, including as these relate to the growing importance of ELTIFs. Of counsel Hermann Beythan is ‘very well connected’ and is a ‘reassuring presence’ across a wide range of matters, including the structuring of RAIFs and funds of funds, as well as the creation of AIFMs and other regulatory issues. Other key members of the team include the ‘thoughtful and commercial’ Claire Prospert, as well as the ‘highly technical’ counsel Adrien Timmermans, who along with Martin Mager spearheads the team’s investor-side work.

The 'commercially driven, client focused and responsive' team at Loyens & Loeff provides 'solutions-oriented and pragmatic' advice to fund managers/sponsors across a myriad of structures, including closed-end and hybrid within the alternative funds space. Here, the team is appreciated for its ability to provide a one-stop-shop service across the spectrum of legal needs, from structuring and ongoing compliance, through to financing and the pursuant downstream work. Team head Marc Meyers has 'in-depth knowledge of AIFMD matters and interpretations from the CSSF', and is a popular choice among fund managers for the structuring and regulatory issues associated with infrastructure, real estate and private debt funds. Meyers has also been at the forefront of the increased move towards the democratisation of private funds, as has the 'very efficient' Christophe Boyer, with both regularly working together on structuring mandates in the sector. The 'insightful and creative' Veronica Aroutiunian is a 'powerful advocate for the firm's clients' interests', particularly in the context of private equity and real estate fund structuring. Jérôme Mullmaier provides 'practical business-oriented solutions’ to multinational clients on alternative funds structuring and related regulatory aspects, where he is particularly appreciated for his 'deep ability to think creatively and present innovative solutions'. Vassiliyan Zanev provides finance specialism in the implementation of funds.

The 'pragmatic and knowledgeable' team at CMS provides 'client-oriented and cost-effective' advice to fund managers and institutional investors across a wide range of alternative asset classes, often making very effective use of the firm's wider global network. Team head Aurélien Hollard is key to the firm's success, providing 'very client focused and solutions-oriented' advice, including in the context of ESG/impact investing funds. Drawing upon a 'great knowledge of and experience with the fund industry and its regulation', Benjamin Bada has an excellent perspective on the buy and sell side, and a 'good overview of complex structures', including in the private equity and venture capital sector.

The 'pragmatic and responsive' team at Dechert Luxembourg provides a 'cost-effective service' to a GP-focused client base, that not only benefits from the firm's deep local knowledge but also its ability to leverage its international resources. Private funds remain the firm's sweet-spot, including as these relate to private credit, special situations and venture capital/private equity. The arrival in October 2022 of Matthias Kerbusch from Clifford Chance enhances the team and adds further resources behind the firm's ability to advise alternative fund managers, including those implementing 'Lux fund structures with German-regulated investors/LPs'. Patrick Goebel, who is 'very hardworking and extremely professional', is adept at advising large asset managers across a range of alternative asset classes and is also noted for his 'patience with newcomers on the market who want to set up their first product in Luxembourg'. Goebel co-heads the team alongside Marc Seimetz, with all three named practitioners also demonstrating capability in UCITS structuring, primarily for existing fund clients.

Led by Evelyn Maher, the ‘pragmatic and responsive’ team at BSP handles a wide range of work in the retail and alternative investment space, where it is able to advise clients throughout the deal life cycle, including investment vehicle setup and authorisation, assistance in relation to closings, investment acquisitions, daily management of the fund, and fund termination and liquidation. Isabel Høg-Jensen heads up the Nordic desk and also takes the lead on sustainable finance-related regulatory matters.

With the ability 'to leverage its international network in an integrated fashion', DLA Piper Luxembourg punches above its weight and excels at advising fund managers on complex cross-border mandates across a range of alternative fund strategies, including private equity and debt funds. Under the expert leadership of the 'excellent' Catherine Pogorzelski, the team is at the vanguard of emerging trends in the market and is noted for its 'very good knowledge of the latest developments' in relation to ESG and sustainable investments. The team is also adept at advising institutional investors, including DFIs and sovereign wealth funds, on due diligence matters.

Regularly working alongside its well-established German offices and afforded greater international scope following the opening of its London office in September 2022, GSK Stockmann provides ‘an excellent quality of legal advice’ to fund managers on the structuring and ongoing operation of regulated and non-regulated funds through a myriad of asset classes. Dual German and Luxembourg-qualified team head Marcus Peter is adept at handling retail and private fund structuring, including documentary updates in light of Sustainable Finance Disclosure Regulation (SFDR) amendments. Corinna Schumacher is also dual-qualified, and provides ‘solutions-oriented’ advice on fund formation and administration matters.

The small team at Hogan Lovells (Luxembourg) LLP frequently forms part of a multi-office group with practitioners in key fund centres including London and Frankfurt, as well as acting on its own, to advise managers establishing funds, particularly in the alternatives space. Team head Pierre Reuter is the main contact and is particularly adept at handling work connected with the real estate sector, frequently assisted by senior associate Simon Recher.

Increasingly visible in the market following a series of recent strategic hires, most notably that of Mevlüde-Aysun Tokbag in June 2022 following the dissolution of Wildgen, KLEYR GRASSO provides 'responsive and pragmatic' advice to asset managers structuring Luxembourg fund vehicles which invest across a range of alternative asset classes. In this context Tokbag, who now heads both the funds and German desks, has been particularly successful in gaining market share among German fund managers. The 'exceptional' Luc Courtois, who was a new hire at the beginning of 2023 from NautaDutilh, also strengthens the team as a result of his 'deep knowledge of the intricacies of the industry', both in terms of UCITS and alternative funds.

Offshore law heavyweight Maples Group has a strong reputation in the alternative fund space among fund managers which are appreciative of its 'impressive cross-jurisdictional advice', often working closely with the firm's Dublin and Cayman offices in particular. The arrival of Manfred Dietrich in January 2023 from Norton Rose Fulbright was the latest in a line of several recent hires and enhances the firm's offering within the German-speaking market. 'Very impressive' of counsel Jennifer Burr is also recommended and provides 'clear and considered' advice on the structuring, establishment, operation and liquidation of Luxembourg regulated and unregulated investment fund structures within the alternatives and retail sectors. Team head Johan Terblanche has vast experience in the alternative asset management space, including in credit and private equity funds.

A small team in comparison to some of its higher-ranked peer firms, nevertheless, NautaDutilh is able to leverage broader tax, corporate and financing expertise to good effect on behalf of UK, US and EU-based managers across a range of legal and regulatory matters related to Luxembourg-based funds. Team head Géraldine Léonard advises clients across a fairly balanced mix of UCITS and alternative funds matters.

Drawing upon an 'exceptionally reliable grounding in black letter law and regulation together with practicality and commercial awareness', Ogier is popular among fund managers for the establishment and ongoing compliance matters relating to alternative investment funds. In this context, the team, which is led by the 'results-driven and very proactive’ Anne-Gaëlle Delabye, is particularly appreciated for its ability to advise on Luxembourg/Cayman parallel fund structures which remain a popular investment vehicle for sophisticated fund managers seeking to access European, US and Asian capital. Dual Luxembourg and German qualified managing associate Milan Hauber is praised for his 'responsive and practical advice', regularly working alongside Delabye on matters relating to private equity, venture capital and debt funds. Former co-head Benoît Rose joined Pinsent Masons in July 2023.

With a ‘deep knowledge of AIFMD and of the fund environment’, Stibbe has ‘excellent market insight’ particularly across alternative asset strategies, where its ability to provide a one-stop-shop service across regulation, tax matters, negotiation, and fund structuring is appreciated by fund managers instructing the firm directly, as well as through referral from international law firms. Drawing upon a ‘profound understanding of the business landscape’, as well as the core legal and regulatory issues, Victorien Hémery has ‘an unparalleled ability to quickly get to the root of complex issues’, particularly in the context of private equity matters. The ‘technically excellent and commercial’ Edouard d’Anterroches, who is also adept at handling private equity and private debt structuring matters as well as work for investors, co-heads the team alongside Hémery.

Having enlarged its practice in recent years, both through organic growth and lateral hires, AKD is increasingly well-equipped to handle a growing amount of work from fund managers, as well as through referrals from international law firms. The 'pragmatic and commercial' Jevgeniy Nesch has extensive experience advising on the establishment of regulated and unregulated alternative investment funds, and is 'particularly strong on transactions where German law concepts and intricacies are of importance'. Virginie Leroy co-heads the team alongside Nesch and has a well-rounded perspective on the fund life cycle, including ESG-related matters.

While it is traditionally better-known for its retail funds expertise, Bonn & Schmitt has been increasingly active for AIFMs, particularly since the arrival in August 2022 of the 'commercial, astute and very responsive' Marcel Bartnik from GSK Stockmann. Bartnik now heads the team and provides the full suite of structuring and compliance expertise both in relation to UCITS and in the context of managers establishing funds related to private equity, real estate and venture capital.

With deep knowledge of AIFM and Luxembourg investment funds matters as well as ‘excellent insight of market practices, LPs’ expectations, GP constraints and attention-to-detail’, Eversheds Sutherland (Luxembourg) LLP continues to gain market share among mid and large-size asset managers. Key to the firm’s success since the office was established in 2017 is the leadership and expertise of José Pascual, who is praised for his ‘innovative and practical solutions’ for clients establishing regulated and unregulated fund vehicles which invest in real estate, private equity and more esoteric areas including crypto funds. The team was also strengthened in October 2022 by the arrival of Claudia Hoffmann from Arendt & Medernach, in light of her ‘in-depth knowledge of the investment fund environment’, particularly as it relates to real estate and private debt clients.

The 'approachable and client-oriented' team at Norton Rose Fulbright has developed a strong reputation advising on the structuring of regulated and unregulated investment funds across a balanced mix of alternative strategies, including debt funds and real estate. Claire Guilbert provides 'responsive and very commercial' advice from a structuring and regulatory perspective, including as it relates to SFDR compliance and AML rules. Geoffroy Hermanns co-heads the team alongside Guilbert and advises both GPs and LPs (including DFIs and sovereign wealth funds), with a particular focus on work in the Middle East and emerging markets.

Investment management work is a core area of focus for boutique independent law firm Chevalier & Sciales, with work spanning fund structuring and ongoing regulatory and standalone regulatory compliance, particularly in relation to ESG and AML matters. Founding partner Olivier Sciales, who co-heads the team alongside Cécile Rechstein, has a  primary emphasis on structuring alternative investment funds including SIFs, RAIFs and unregulated special limited partnerships.

At CM Law, team head Max von Frantzius 'combines in-depth knowledge and expertise with a pragmatic approach to solutions' for fund managers on UCITS and AIFMD-related matters. In this context, von Frantzius has significant experience advising on sustainable investments and ESG, including in relation to the Net Zero area.

Since the Luxembourg office was established in June 2020, Debevoise & Plimpton LLP has gained a reputation among fund managers as being 'extremely knowledgeable and easy to work with', adding greater bandwidth with which to service the firm's significant roster of institutional global private equity clients, including Clayton, Dubilier & Rice. Team head Christopher Dortschy is 'able to maintain a great balance between being formal when needed but also relaxed and informal when the situation allows', and has a deep understanding of establishing, administering and winding-up all types of Luxembourg regulated and unregulated investment vehicles.

Combining 'good local knowledge' with an international mindset, Dentons regularly advises international fund managers on cross-border funds established to invest in alternative assets. 'Exceptional' team head Jean-Luc Fisch combines tax and investment fund structuring prowess to good effect, particularly in the context of real estate and private equity platforms.

The team at Deynecourt advise financial institution, real estate and private equity clients on regulated and unregulated funds, covering formation and structuring. Pierre De Backer and Emmanuelle Bauer co-head the practice, which acts for both sponsors and investors.

The 'very small but agile' team at Linari Law Firm combines strong core legal competency with a very effective use of legal technology. It provides 'pragmatic, cost-effective and proactive advice' to fund managers establishing Luxembourg structures to facilitate funds focused across a range of alternative asset classes. Team head Vincent Linari-Pierron is 'very knowledgeable about the market trends and regulatory evolution' and is frequently assisted by senior associate Aleksejs Ketovs.

PwC Legal Luxembourg provides 'very responsive, detail-oriented and timely advice' to alternative investment funds and their service providers, covering a broad range of strategies from private equity and real estate through to more abstruse methods. Drawing from experience in private practice as well as several in-house positions within the fund industry, team head Mathieu Scodellaro has excellent insight and a 'practical understanding of the various issues' impacting stakeholders in the sector, from a structuring as well as an ongoing regulatory perspective.

Since it was established in March 2022, the 'very friendly and client-focused' team at White & Case S.à r.l. has provided a very useful link to the firm's roster of international fund managers on the local law structuring aspects associated with a range of illiquid asset strategies. Arnaud Cagi-Nicolau has 'huge knowledge across all aspects of investment fund structuring', including as it relates to private equity, real estate, debt and infrastructure investments.