Allen & Overy Luxembourg's thriving funds practice covers the waterfront of structuring, regulatory and compliance matters associated with both retail and alternative products. Although it does handle some UCITs work, the firm adds most value to clients engaged in complex work across alternative asset classes, including real estate, private equity, infrastructure and private debt, often involving significant cross-border issues. The team also generates a significant amount of work thanks to its close relationship with Luxembourg's most prominent development finance institutions, European Investment Bank and European Investment Fund, and advises these both in the context of establishing their own Luxembourg funds, as well as in their role as investors in alternative asset classes. Jean-Christian Six has in-depth regulatory knowledge and provides 'very solutions-oriented' advice on the establishment of various regulated and unregulated funds in the alternative space. As part of his wide-ranging practice, the 'knowledgeable and pragmatic’ Yannick Arbaut spearheads the firm's work on social impact investment fund-related projects.
Investment funds in Luxembourg
Allen & Overy Luxembourg
‘The firm has very good knowledge of the funds industry in Luxembourg post- Brexit.’
‘The partners we work with are knowledgeable, honest and thoughtful. The experience they bring to the table, including their capacity to join the dots, is amazing. They are simply excellent!!!’
‘There is consistency across team members, who display a solid knowledge of private equity fund functioning.’
‘Jean-Christian Six provides very solutions-oriented advice.’
‘Yannick Arbaut is very accessible and knowledgeable, with a pragmatic approach.’
European Investment Bank
European Investment Fund
UBS Asset Management
Edmond de Rothschild Asset Management
THEAM (BNPP Asset Management)
- Advised Ares Management on the structuring and launch of its latest pan-European Luxembourg-based debt fund platform, ACE V (considered to be the largest of its kind globally), investing in senior corporate debt.
- Advised ETORE Advisory (a specialist asset manager focusing on infrastructure investments) and an investors consortium including AP4 (the Fourth Swedish National Pension Fund), IMAS (an IKEA financial company) Industriens (a Danish pension scheme) and KLP (a Norwegian pension company) on the structuring and launch of a Luxembourg-based infrastructure fund in the form of a pledge fund.
- Advised BNP Paribas Asset Management on the structuring and launch of its BNP Paribas European Infrastructure Debt Fund II, investing in senior debt across Europe with a focus on various underlying infrastructure assets, including digital infrastructure and renewable energy.
Benefitting from a 'profound knowledge in the investment fund area', Arendt & Medernach is 'very much on top of all market and regulatory developments' and able to provide an 'exceptionally high level of advice' for clients establishing Luxembourg-domiciled UCITS, as well as other Luxembourg-based fund structures. Led by Gilles Dusemon and with 15 other partners active in the area (many of whom are involved in industry associations and committees), the sheer size of the team enables it to handle a tremendous range and volume of mandates, and to be fully abreast of all regulatory issues affecting the sector. As well as handling fund-related disputes, Isabelle Lebbe is also well-versed on the establishment of regulated funds and 'has an ability to translate exceptional legal knowledge and outstanding business acumen into the most compelling solutions', including as it relates to ESG matters. Other recommended practitioners include the 'very client-focused' Michèle Eisenhuth; the 'intelligent and super responsive' Adrian Aldinger; Florence Stainier; and the 'vastly experienced' Claude Kremer.
Other key lawyers:
Claude Niedner; Claude Kremer; Michèle Eisenhuth; Isabelle Lebbe; Pierre Beissel; Florence Stainier; Adrian Aldinger; Francis Kass; Nicolas Bouveret; Yves Lacroix; Henning Schwabe; Camille Bourke; Rodrigo Delcourt; Stéphane Karolczuk
‘Arendt & Medernach has a long-established track record of being the leading firm in fund registration in Luxembourg. The firm is very much on top of all market and regulatory developments in many jurisdictions.’
‘The department exhibits profound knowledge in the investment fund area. This combination (of knowledge and experience) allows the department to render advice on an exceptionally high level.’
‘The team at Arendt is very client-friendly, responsive and has a great insight into the regulator’s views and the best way to proceed.’
‘Depth of knowledge of Luxembourg funds and willingness to explore novel solutions to issues.’
‘Claude Kremer is vastly experienced.’
‘Michèle Einsehut is very client focused.’
‘Michèle Eisenhuth and Nicolas Bouveret are at the top of their game. Trusted legal advisors with solid in-depth experience and knowledge in the investment funds practice. Client-focused and able to deal with issues with practical solutions.’
‘Francis Kass is thoughtful, effective and willing to think through novel solutions to clients’ issues. He delivers advice in a clear manner and is more responsive than many of his peers in Luxembourg funds practices.’
‘Adrian Aldinger is very intelligent and super responsive, and makes navigating Luxembourg legal issues a much more user-friendly experience.’
‘Isabelle Lebbe has an ability to translate exceptional legal knowledge and outstanding business acumen into most compelling solutions.’
Goldman Sachs International
Partners Group AG
- Advised Schroders, in the context of the establishment of the Schroder GAIA Oaktree Credit sub-fund, on the GAIA multi-managers platform, which has nine strategies and $6.2bn of assets under management.
- Assisted Nordic Capital on the setting up and closing of Nordic Capital Fund X, the largest fund that Nordic Capital has raised since its inception.
- Provided fund, regulatory, transactional, employment, finance, capital markets and tax advice to EQT in the context of the sale of their Credit business segment to Bridgepoint and was especially involved in the transfer of the underlying funds managed by Credit, including regulated funds and related entities, obtaining investor and regulatory consents, and reorganising the management structure of the funds.
Praised for its ability to ‘get things done and to provide excellent guidance to clients in a fast-changing regulatory environment’, Clifford Chance‘s four-partner team has a strong pedigree advising on the formation, marketing, management and ongoing operation of alternative investment funds. The ‘outstanding‘ Paul Van Den Abeele‘s deep knowledge of the alternative asset space (including across private equity, credit, infrastructure and real estate) extends not only to GP mandates but also to institutional investors on the buy-side, as well as in the context of fund financing. As well as being adept at advising on private equity and real estate fund structuring, Emmanuel-Frédéric Henrion also advises clients on alternative UCITS funds structuring, and has a niche focus in relation to pan-European pension funds. Kristof Meynaerts is also recommended in the context of establishing regulated or unregulated structures relating to private equity, real estate and debt funds.
‘It is a great team with a good culture and client focus. They get things done and guide clients very well in a fast-changing regulatory environment.’
‘The responsive Paul Van Den Abeele is outstanding and provides high-quality advice.’
Avega Capital Management S.A.
Copenhagen Infrastructure Partners(CIP)
Dii Deutsche Invest Immobilien
TVM Capital Life Science
- Advised Credit Suisse and Energy Infrastructure Partners AG in relation to (i) the sale of the Credit Suisse majority stake in Credit Suisse Energy Infrastructure Partners AG, (ii) the restructuring of the EIP Lux fund platform (comprising one Lux regulated fund and five Lux unregulated parallel funds), (iii) the set-up of an investment structure and closing of subscriptions by new investors.
- Advised Copenhagen Infrastructure Partners on the establishment of Luxembourg parallel and feeder fund, negotiating side letters and fund terms with investors.
- Advised MARK, a €7bn real estate investment manager focused on opportunities presented by urbanisation and technological changes, on the set-up of several alternative investment funds within the Crossbay structure.
With an ‘in-depth knowledge’ of the market and ‘an excellent relationship with the regulator’, Elvinger Hoss Prussen‘s 14-partner team which is led by Jacques Elvinger is well-placed to provide ‘very professional and responsive‘ advice to fund managers across the full spectrum of retail and alternative funds. UCITs-related work still accounts for a significant proportion of the workload handled by the team, however, this should not detract from the team’s strength in the alternative space, an area in which the ‘knowledgeable, commercial and pragmatic’ Joachim Cour particularly excels. The ‘very well-connected‘ Jérôme Wigny is ‘a superb all-round investment funds’ partner and regularly advises international asset managers on the establishment of Luxembourg-based AIFMs. Sophie Laguesse is particularly well-versed in structuring private equity and real estate funds (as well as advising them on JV projects and corporate governance matters) and is recognised for her aptitude at handling ‘complex projects with time constraints’. Gast Juncker has longstanding expertise in the retail space, including work for Asian clients, which is also enhanced by the firm’s Hong Kong-based office, headed by the ‘bright and technically competent’ Xavier Le Sourne.
Other key lawyers:
‘They have in-depth knowledge and experience and an excellent relationship with the regulator, which can help enormously in preventing any undue delay in getting funds set up, or amendments needed etc.’
‘It is a highly respected practice with a very strong pedigree and long client list, which means they can give a view on what clients’ peer firms are doing.’
‘Joachim Cour – knowledgeable, commercial and pragmatic trusted advisor – really excellent.’
‘Jerome Wigny is a superb all-round investment funds partner – his reputation speaks volumes.’
‘Jerome Wigny stands out on the strategic side, and is very well connected.’
‘Sophie Dupin is a great technical practitioner.’
‘The responsive Sophie Laguesse has great expertise especially for complex projects with time constraints.’
‘Xavier Le Sourne is bright, technically competent, quick on his feet and responsive.’
Cube Infrastructure Managers
Intermediate Capital Group (ICG)
NN Investment Partners B.V.
Nordic Real Estate Partners (NREP)
Oaktree Capital Management
Technology Crossover Ventures (TCV)
Aberdeen Standard Investments
AZIMUT Investments S.A.
Elavon Financial Services S.A.
Lyrical Value Funds
Saudi Economic & Development Co. Ltd(SEDCO)
- Represented Blackstone as to matters of Luxembourg law in the establishment of its most recent real estate debt fund, Blackstone Real Estate Debt Strategies IV (Lux) SCSp, the Luxembourg parallel fund of Blackstone Real Estate Debt Strategies IV L.P. (“BREDS IV”).
- Advised Azimut Investments S.A. in connection with the extension of its alternative investment fund manager (AIFM) licence to manage alternative investment funds (AIFs) which indirectly invest in virtual assets.
- Assisted Franklin Templeton Group on its recent acquisition of Legg Mason by merging the Legg Mason Irish Management Company in the Franklin Templeton Luxembourg Management Company, including the amalgamation of the various Legg Mason EU branches.
Benefitting from the ‘right blend between junior and senior members of the team’ and also very well integrated into the wider global network of offices, Linklaters provides ‘solutions-oriented and pragmatic‘ advice to asset managers, investment banks and global custodians on many highly complex fund structuring and servicing mandates. As well as fee-earning work, the team is also abreast of all major developments in the industry and is praised for its ‘readiness to educate in-house on topics of interest’. Silke Bernard ‘is truly exceptional in the funds space’, both in relation to regulated and unregulated alternative fund structures. In addition, on the retail side, her ‘knowledge in the ELTIF space is market leading’. Hermann Beythan co-heads the team with Bernard and is noted, in particular, for his debt and real estate fund expertise, as well as his Brexit-related regulatory advice.
Other key lawyers:
‘Very knowledgeable about Luxembourg law and European law and able to act swiftly and efficiently.’
‘Very helpful and available team, with good levels of expertise not just at partner level. Readiness to educate in-house on topics of interest is much appreciated. Also, flexibility on billing and charging structures/arrangements has been gratefully received. Swift and commercial responses given to queries, always seeking the practical solution.’
‘Commercial and responsive. Right blend between junior and senior members of the team and like that the team seems stable and co-operative.’
‘They are able to support with technical solutions on the legal side when it comes to drafting of standard agreements.’
‘The individuals I worked with at Linklaters stand out in terms of their willingness to support and their availability in critical situations. Also industry knowledge is a big plus when working with Linklaters.’
‘The team is solutions-oriented and pragmatic.’
‘Hermann Beythan, regardless of his seniority as partner, always finds the time to be available to offer tailor-made legal advice.’
‘Silke Bernard is truly exceptional in the funds space in Luxembourg, she has direct contact with case workers in the CSSF and knows the regulatory pulse at all times. Her knowledge in the ELTIF space is market leading.’
‘I much value Silke’s availability and ability to distil legal concepts/issues into their practical and commercial components. I am grateful for the time and trouble Silke takes to get to know her client’s business and her willingness to get involved at every level.’
‘I really enjoy working with Adrien Timmermans and Claire Prospert, who are both very knowledgeable.’
Commerz Real Kapitalverwaltungsgesellschaft mbH
Partners Group AG
KGAL GmbH & Co. KG
Threadneedle Investment Services Limited
Combining fund, finance and tax capabilities, Loyens & Loeff‘s five-partner multi-disciplinary investment management team has developed a strong and loyal following directly from large alternative investment fund managers (as well as from many large US referring law firms) which entrust the team to establish many large and prestigious fundraisings. Team head Marc Meyers provides ‘top-notch advice’ on fund formation and related regulatory matters, with a particular focus on infrastructure, property, as well as private debt funds. Promoted to partner in January 2022, Veronica Aroutiunian is a ‘very strong lawyer’, particularly in relation to private equity and hedge fund mandates, where she is praised for her ability to combine ‘technical knowledge with commercial awareness’. Senior associate Davide Giacomoni recently joined.
Other key lawyers:
‘The highly skilled team has a good knowledge of the market and strong commercial understanding.’
‘Loyens & Loeff has a great knowledge of regulatory, commercial and tax issues relevant to setting up investment funds and are pragmatic and responsive. They show great commercial awareness when providing their advice and focus on practical outcomes, rather than just technical detail.’
‘The team is thoughtful and engaged. Their availability is excellent – they are a busy team and manage to get though a lot and are responsive. They are generally commercially minded. I would say a key goal to ensure consistency across the team in this regard.’
‘The Loyens team have gained good experience in dealing with large and prestigious fund-raisings for the likes of EQT and have a good expertise across the various practice areas that feed into the fundraising process and the wider structuring considerations under Luxembourg law (e.g. their finance team; deal structuring team; tax and regulatory etc). This enables them to advise well on various Luxembourg aspects of fundraisings and complexities with the various types of vehicles used (Sarls, SCAs, SCSPs, RAIFs etc).’
‘Marc Meyers provides top-notch advice.’
‘Veronica Aroutiunian has taken the lead on many of our matters and is very strong lawyer, combining technical knowledge with commercial awareness.’
AMP Capital Investors (UK) Limited
Arcmont Asset Management Limited
BlueBay Asset Management
Brookfield Asset Management
CBRE Global Investors, LLC
Franklin Templeton Institutional LLC
Global Infrastructure Partners
IK Investment Partners
International Federation of Pharmaceutical Manufacturers & Associations
Muzinich & Co
Novalpina Capital LLP
- Advised longstanding client EQT Fund Management S.à r.l., affiliated with EQT Partners, on Luxembourg legal aspects of the structuring of the €15bn EQT IX Fund.
- Advised AlpInvest Partners B.V., a core division of The Carlyle Group and one of the largest private equity investors in the world, on Luxembourg legal and regulatory aspects of the implementation and structuring AlpInvest Secondaries Fund VII (ASF VII).
- Assisting the International Federation of Pharmaceutical Manufacturers & Associations, on the Luxembourg legal and tax aspects of the Luxembourg sleeve to the newly established Global AMR Action Fund, an initiative from over 20 leading biopharmaceutical companies that have pledged to invest up to $1.25bn, with the aim to bring 2-4 new antibiotics to market by 2030.
Benefitting from ‘deep knowledge of the local regulations’ and also able to leverage the expertise of its global brand, the ‘very professional and sophisticated’ two-partner team at Baker McKenzie has a strong reputation for asset managers and institutional investors across the full suite of work associated with alternative investment funds. Although the firm is adept at advising on all major asset classes in the alternative space, it has perhaps gained most acclaim for its structuring and regulatory expertise pursuant to real estate. Laurent Fessmann has ‘excellent access to the regulator’ which he leverages to good effect for clients in relation to discrete regulatory advice, as well as to smoothly facilitate the structuring of real estate, hedge and private equity funds. Catherine Martougin co-heads the team alongside Fessmann and is appreciated for her ability to provide ‘practical solutions’ and for her ‘outstanding knowledge of the market’.
‘It is a very professional and sophisticated team. Their reviews and reports on the terms of the investment funds which we are performing due diligence on is exceptional.’
‘The team has demonstrated strong skills with respect to the funds area and in particular external financing and AIFM technical matters. They also provide clients with a dedicated team enabling the follow up on commercial aspects.’
‘They have deep knowledge of the local regulations, with the availability of a global brand.’
‘The practice is composed of several very experienced and knowledgeable experts, who regularly provide us with legal expertise, as well as market and regulator insight about new regulations.’
‘Laurent Fessmann is very client-oriented and performs detailed and outstanding work.’
‘Laurent Fessmann has deep and profound knowledge and excellent access to the regulator.’
‘Laurent Fessmann has a deep and very good knowledge of financing matters. He can remain pragmatic and achieve a balance between legal/regulatory requirements and operational banking constraints.’
‘Catherine Martougin has an outstanding knowledge of the market and always provides practical solutions to the problems raised.’
BNP Paribas Real Estate – EIPF
Invesco Real Estate – European Fund (IREEF)
Catella Residential Investment Management GmbH
SEB Investment Management AB
Apax France SAS / APAX FUND X
Diligent Capital Partners
Redstone Digital GmbH
- Assisted BNP Paribas Real Estate Investment Management with the establishment of a regulated, open-ended pan-European real estate investment fund under the form of a SIF and targeting European professional investors.
- Advised Berlin-based Catella Residential Investment Management GmbH (CRIM) on the set-up and launch of its third European Residential Fund for international clients.
- Providing Reino Partners Sp. z.o.o., an investment and property group listed on the Warsaw Stock Exchange, with regulatory, corporate law and tax advice on a real estate investment fund structure.
Now with more than 20 lawyers focused on funds-related work, CMS has the critical mass to handle a tremendous range and volume of work and is one of the fastest growing teams in the country. Focused across the panoply of alternative asset classes – including novel ones such as digital assets – the team excels at advising international clients seeking to establish an investment fund presence in Luxembourg and leveraging its vast international network is able to effectively advise on cross-border fund structuring, as well as regulatory and tax issues. ‘One of the rare lawyers who combines an ability to legally innovate and implement the innovation’, team head Aurélien Hollard has been pivotal to the firm’s success and is chiefly responsible for the firm’s prowess at advising on fund tokenisation and is recognised as ‘a visionary in the emerging fields of blockchain-based instruments’. The ‘approachable and responsive’ Benjamin Bada has a ‘good overview of complex structures’, including as it relates to social impact funds.
‘The team has a good knowledge of the funds market practice and regulations. It is responsive and provides excellent, succinct and practical advice.’
‘Part of a multi-jurisdiction practice with the ability to advise on cross-border fund structuring and regulatory and tax issues. Serves well international clients seeking to establish investment fund presence in Luxembourg.’
‘As an authorised AIFM, we value the service and expertise of CMS Luxembourg, especially when it comes to advising on the creation of investment funds, with a focus on alternative investments. We have received consistently positive feedback from our customers.’
‘Innovative and open-minded approach to fund structuring.’
‘Quick and knowledgeable response. Very informed on cutting-edge developments in the industry and well connected to the industry and the CSSF.’
‘The team has an in-depth knowledge of the legal and regulatory environment and a very good understanding of the clients’ needs and constraints. They are well informed of the industry trends and have a commercial and pragmatic approach.’
‘CMS was able to mobilise partners from other countries to support an investment due diligence process that required legal and tax expertise from multiple European domiciles.’
‘CMS Luxembourg is our go-to legal partner. As a firm we particularly appreciate their responsiveness and their client-oriented approach. They can cover all legal aspects of our projects and have excellent knowledge of the legal and regulatory framework as well as market practices.’
‘What makes this practice unique is its efficiency and client-focused approach. They always provide different alternatives to the problems/issues the client has.’
‘They are exceptionally knowledgeable and very capable in navigating the uncertainties presented by innovative projects and technologies that need positioning within the legal framework.’
‘The team at CMS offers client-centric, pragmatic advice that is at the forefront of the legal profession on the leading edge, especially of technology/STOs/utility token offerings. Given their deep knowledge in the realm of investment funds and securitisation vehicles, they are also able to help steer projects in directions that are aligned with the spirit of their long term missions, while staying proportionate to the life cycle of their development.’
‘As a fintech startup, the team at CMS has been exceptional in assisting us on the traditional structuring side as well as ready to assist in finding the most appropriate legal routes/structures with new technological developments.’
‘Aurélien Hollard is a visionary in the emerging fields of blockchain-based instruments, and combines deep expertise in funds/securitisation with a pragmatic knowledge of the emerging technologies in blockchain/decentralised finance.’
‘Aurélien Hollard is the undisputed star. He combines a sharp legal mind with extensive hands-on experience in cutting-edge topics. He is one of the rare lawyers who combines an ability to legally innovate and implement the innovation.’
‘Aurélien Hollard is a responsive and thoughtful leader of an experienced team. Brilliant lawyer with pragmatic views. Knows what our needs are and very approachable.’
‘Benjamin Bada is approachable, responsive and reliable.’
‘We have been working with Benjamin Bada since 2019 and have got to know him as a competent, experienced and very committed partner. He has a good overview of complex structures and relationships and also quickly grasps supervisory law issues in the cross-border area.’
‘Benjamin Bada has a good overview of market trends and structures and investor requirements, excellent ability to explain and compare solutions to clients and facilitate implementation.’
Three Seas Initiative Investment Fund
Tristan Capital Partners
Principal Global Investors
Arcano Capital Partners
Fuchs Asset Management
Dechert Luxembourg‘s four-partner team has ‘leading sector expertise in alternative investment fund structuring‘, enabling it to provide commercially sound advice to both institutional firmwide clients, as well as standalone fund clients. The team operates a one-stop-shop approach across regulatory, operational, commercial and downstream investment activity and consequently is able to provide clients with a strong level of interconnectedness, not only throughout the life cycle of a fund but also in terms of geographies, by dint of the firm’s presence in all of the major international fund centres. As well as advising on more established alternative asset classes, including private equity and hedge funds, the team has been at the forefront of the development of new asset classes, including as it relates to cryptocurrencies. While it is less visible on the retail funds side, it does handle some UCITs work, particularly in the context of alterations of existing structures. Patrick Goebel excels in advising on the formation and restructuring of regulated and non-regulated AIFs, while his CFA qualification ensures that he ‘has a very good understanding of valuation and accounting’. Marc Seimetz co-heads the team with Goebel.
‘They have leading sector expertise in alternative investment fund structuring.’
‘Both soft and hard skills expectations are met’.
‘Apart from his legal expertise, Patrick Goebel as a CFA has a very good understanding of valuation and accounting, which is extremely helpful. ’
China Ping An Insurance Overseas (Holdings) Limited
New Capital Fund Lux
Stepstone Group LLP and Swiss Capital (subsidiary of StepStone Group)
Zadig Asset Management SA (formerly Zadig Gestion SA)
European Capital Partners (Luxembourg) SA
- Advised Ping An on its first UCITS Umbrella Fund Launch.
- Advising on the merger of several sub-funds of New Capital Fund Lux as well as the launch of new sub-funds set for a limited period of time within a Luxembourg UCITS platform promoted by the New Capital/EFG Group.
- Advised StepStone Group on the closings of several funds including of StepStone Secondary Opportunities Fund IV (SSOF IV), the Luxembourg master/feeder fund acting as the parallel fund of a Cayman fund investing directly and indirectly in private equity and StepStone Real Estate Partners IV, SCSp (SREP IV), the Luxembourg parallel fund of a Cayman fund investing in real estate.
Drawing upon ‘a high degree of specialisation in the fund management sector‘, Ashurst‘s seven-strong team acts on its own as well as regularly alongside colleagues in Europe and Asia, primarily assisting fund managers on the establishment and subsequent operation of alternative funds. ‘Knowledgeable‘ team head Antonios Nezeritis has been pivotal to its success since his arrival at the beginning of 2019 and is highly regarded for his ‘very pragmatic‘ approach and knowledge across all key regulatory developments impacting the industry.
‘They have a high degree of specialisation in the fund management sector.’
‘The investment funds team is sufficiently staffed and experienced, and also pro-active in their work towards clients. I hear only positive things with regard to this team in the market.’
‘Antonios Nezeritis is knowledgeable, flexible and efficient.’
‘Antonios Nezeritis is easy to work with, very pragmatic and patient, flexible with our requests and always proposes different approaches to facilitate the cooperation and finalisation of our project.’
‘I know the partner of the investment funds practice, Antonios Nezeritis, and we also work together in working groups with the Luxembourg fund association (ALFI). Mr Nezeritis regularly contributes to these and stands out as a competent and experienced lawyer in the field of investment funds. In case my own firm is conflicted with regard to certain clients, I would not hesitate to recommend Mr Nezeritis to them.’
Agilitas Private Equity
DLE Deutsche Landentwicklung
Edmond de Rothschild
Intermediate Capital Group
Negentropy Capital Partners
Vector Innovation Fund
- Advised Equitix in separate roles in relation to KKR’s proposed £2bn takeover of John Laing Group Plc.
- Advised Edmond de Rothschild on the establishment of their €300m pan-European real estate debt fund.
- Advised on the establishment of Savills IM Asia Pacific Income and Growth Fund III.
Although it does handle some alternative fund work, Bonn & Schmitt is best-known for its work in the retail space and it regularly advises worldwide clients, including Italian institutions, on the establishment and ongoing operational concerns of UCITs. Alex Schmitt has vast experience in the fund industry and is the main contact alongside Chantal Keereman.
BANCA DI SAN MARINO
EuroAmerica Administradora General de Fondos S.A. / ZCH AM SICAV
Led by Evelyn Maher, Bonn Steichen & Partners‘ ‘highly professional team is able to guide clients through the entire process of Luxembourg fund establishment’. The firm has a fairly balanced offering across retail funds (UCITs) as well as alternative asset classes and also frequently leverages complementary practices at the firm, including tax, banking and dispute resolution.
‘The highly professional team is able to guide clients through the entire process of Luxembourg fund establishment.’
‘Evelyn Maher is great to work with.’
Ver Capital SGR
- Advised Ver Capital SGR on the establishment of a specialised investment fund (SIF) for investment in senior loans/bonds issued by SMEs and small mid-cap enterprises established or mainly operating in Italy and, on a residual basis, in France and Germany.
- Assisted Cromwell Luxembourg regarding the establishment of a fund, managed by Cromwell’s Luxembourg Alternative Investment Fund Manager (AIFM), for investment in real estate in Italy.
GSK Stockmann has ‘deep legal knowledge of Luxembourg corporate and funds law’ which it harnesses to good effect on behalf of many international fund managers, including German-speaking clients. Marcus Peter heads the team.
‘The team is very professional and has a deep legal knowledge of Luxembourg corporate and funds law.’
Ethenea / Main First
Infrared Capital Partners Limited
EQT Management SARL
MK LuxInvest SA
Brunswick Capital (Leimdörfer)
LRI Invest SA
- Advised Fosun Capital on the set-up of a Luxembourg RAIF for Chinese and European Investors.
- Advising MK LUXINVEST SA on the €200m transfer of an existing Luxembourg AIF (part II fund) to MK LUXINVEST SA new ManCo.
- Advising Universal and BWVA (a German pension scheme) on setting up a new €200m Luxembourg RAIF for real estate investments.
Hogan Lovells (Luxembourg) LLP
Led from Luxembourg by Pierre Reuter and also able to draw upon the resources of its international network, Hogan Lovells (Luxembourg) LLP‘s three-strong team excels in advising international clients on the structuring, establishment, marketing and operation of regulated and unregulated funds. Although it does handle some retail funds work, the team’s core strength lies in the alternative asset sector with a strong focus on real estate and hedge funds.
Other key lawyers:
Timberland Investment Resources Europe
ACE & Company
- Assisted ACE & Company on the full set up of a new Luxembourg investment vehicle, under the form of a Reserved Alternative Investment Fund (RAIF), sponsored by the client.
- Advised Versicherungskammer Group on its first direct infrastructure investment, from a European infrastructure fund managed by First Sentier Investors.
- Assisted numerous UK AIFM on several closings and Brexit consequences, in relation to the Luxembourg Regulation Authority directives.
Led by the ‘pragmatic‘ Johan Terblanche, Maples and Calder (Luxembourg) SARL provides a ‘proactive‘ service to many high-profile international investment managers, particularly within the alternative investment space, throughout the fund’s life cycle. Much of the work is cross-border and clients benefit from the team’s ability to leverage its considerable strength in major offshore jurisdictions, including Cayman Islands and BVI. The ‘responsive‘ Michelle Barry has ‘broad regulatory knowledge‘.
Other key lawyers:
‘The team is very capable and pro-active in dealing with a complex merger project. It was pleasant to deal with all team members. The team is well set up and responsive. All team members take full ownership to make a project a success.’
‘Johan Terblanche and Michelle Barry are pragmatic but at the same time they are diligent in their work.’
‘Michelle Barry is responsive and has a broad regulatory knowledge.’
Zetland Capital Partners
Onex Credit Management LLC
Blackstone Alternative Asset Management L.P.
Arrow Global Limited
Cardinal Capital Group
Crescendo Capital SA
The Rohatyn Group
Stoneshield Capital (spin-out from Lone Star)
River and Mercantile
New Rhein Healthcare
Woodman Asset Management
OpenGate Capital Management LLC
HPS Investment Partners LLC
Pollen Street Capital
- Advised Insight Partners on their 12th flagship fund, which comes less than a year after its Fund XI raised $9.5bn, which the firm also advised on.
- Advising Bain on its latest European special situations fund.
- Advised Zetland in relation to the structuring, establishment and launch of Zetland Special Situations Fund II SCSp SICAV-RAIF, Zetland Special Situations Feeder Fund II SCSp and ZSSF II Carry, SCSp.
The ‘responsive’ team at NautaDutilh provides ‘timely and high-quality advice‘ to US, UK and EU-based fund managers structuring their Luxembourg funds and/or expanding their activities in Europe. Team head Luc Courtois ‘knows the investment services industry in Luxembourg well‘ and provides ‘business friendly’ advice, particularly in the context of UCITS.
Other key lawyers:
‘Their strengths and capabilities include: knowledge of the subject, keeping to timelines and availability when needed.’
‘The investment management team is responsive and provides timely and high-quality advice.’
‘Professional; technical knowledge; excellent contacts with regulatory authorities, reactivity and business oriented.’
‘Luc Courtios is very professional in his approach, knows the investment services industry in Luxembourg well, is willing to work and most of all, he is available when needed.’
‘Luc Courtois always provides business friendly legal advice that is practical and reflects market practice.’
Danske Invest Management
Ersel Gestion Internationale
Farringdon Capital Management
- Assisted Danske Invest Management with their two UCITS platforms.
- Assisted Ersel Gestion Internationale with the creation and merger of sub-funds.
- Assisted Farringdon Capital Management with the launch of a new hedge fund to be marketed to retail investors in the Netherlands.
Exhibiting ‘very broad and deep experience in Luxembourg funds regulation‘, Ogier handles work on its own, as well as frequently in collaboration with colleagues across its offshore network of offices and specialises in setting up Luxembourg-Cayman parallel fund structures. The team is particularly well-versed across private funds, including hedge, private equity and real estate, where it exhibits expertise throughout the fund life cycle. Benoît Rose is praised for his ‘pragmatic‘ advice gleaned through his many years in private practice and through his previous role in-house at UBS, where he was head of legal EMEA funds. Anne-Gaëlle Delabye co-heads the team alongside Rose.
Other key lawyers:
‘The partners and assistants are responsive and effective for the Luxembourg legal advice we require. They work well with our internal team advising on structural, financial and company law.’
‘Ogier has a competent and diverse investment funds team, they are always available to discuss and propose alternatives to the project, notwithstanding the difficulties.’
‘They have a number of experienced partners who are all well versed in private funds and know the market well.’
‘The team is a pleasure to deal with and they are always responsive, approachable and helpful.’
‘The team displays very broad and deep experience in Luxembourg funds regulation and finance regulation in general. They have a very good understanding of our business and a good knowledge of business aspects of our real estate investment fund.’
‘It is a very reactive and professional team.’
‘Benoit Rose is always here to find a good and pragmatic decision for the client.’
‘Rebecca Mace-Balebs and Benoit Rose, seem to be available 24 hours a day! They provide very swift and professional responses.’
‘Anne-Gaelle Delaby and Milan Hauber are great to work with – they have taken the time to get to know our business and are always responsive and helpful.’
- The firm advised a leading Swiss bank on the launch of a new $5bn UCITS umbrella SICAV fund with 21 sub-funds at launch.
- Following a number of previous set-up of client’s funds, Ogier has been re-instructed to assist a leading global alternative asset manager with the establishment of two Luxembourg funds (main and parallel funds), both making investments across the healthcare sector in a diversified portfolio of primarily senior secured corporate credit and debt instruments.
- Advising a leading bank in Luxembourg in connection with the launch of a low carbon fund.
Simmons & Simmons in Luxembourg
Strengthened by the arrival in July 2021 from Loyens & Loeff of the ‘practical and helpful‘ Pieter Leguit, Simmons & Simmons in Luxembourg‘s two-partner team is increasingly well-positioned to assist network fund clients, as well as a growing number of self-generated clients. Leguit’s focus on the alternative space mirrors the firm’s private funds focus, which includes structuring, regulatory and operational work for private equity sponsors, as well as hedge funds. Augustin de Longeaux heads the team.
‘Pieter Lieguit is practical and helpful. He actually tries to analyse the issues and then provides appropriate commercial guidance.’
- Advising a significant number of investment firms on the deployment of their local and cross-border ESG strategies in Luxembourg and across Europe.
The ‘responsive and pragmatic’ team at Wildgen provides ‘a high-quality service in a cost-effective manner’ for fund managers and promoters, throughout the life cycle of alternative investment funds and UCITS. The ‘very responsive and knowledgeable’ Mevlüde-Aysun Tokbag has ‘broad market expertise’, including on behalf of German fund managers and institutional investors.
Other key lawyers:
‘The team supported my firm through a new product launch in 2020. They went above and beyond to support and guide us through both commercial and legal decisions.’
‘They are responsive and pragmatic.’
‘The practice is well organised and professional. From replying to queries to follow-up to billing, their processes are very efficient.’
‘We value the stability and seniority of the teams! It is great to benefit from such a commitment. It really improves the overall relationship but of course also the services we are providing together to our common clients.’
‘The responsive and proactive team provides a high-quality service in cost-effective manner.’
‘The staff have been trained and are knowledgeable in many fields. When further expertise is perhaps required, the team will work together in a collaborative manner to ensure expertise is guaranteed at all times.’
‘Wildgen’s German Desk is exceptional. Great hands-on advice’
‘Mevlüde-Aysun Tokbag is very responsive and knowledgeable and has broad market expertise.’
Chenavari Investment Managers
Christofferson Robb & Company
DJE Investment S.A.
General Capital Group Beteiligungsberatung GmbH
Gremi International SARL
International Housing Solutions
Kara Investment Fund +
Macquarie Investment Management Europe S.A
Melior Equity Partners
Picard Angst AG
Platinum Equity LLC
R+V Versicherung AG
Rothschild & Co. Bank AG
Swiss-Asia Holding Pte. Ltd.
- Assisted Gremi International on the setting up of a Luxembourg reserved alternative investment fund (RAIF) to raise capital from a number of professional investors (EU, Brazil, US) in order to finance the “Eco Estrela” project that encompasses several hotels in joint venture with a luxury hotel group in Brazil.
- Assisted the German R+V insurance group, one of the major insurance groups in Germany, to structure and set-up a complex AIF vehicle.
- Assisted Melior Equity Partners with their first own fund project, a new mid-market private equity fund with a target of around €200m in commitments.
The investment management sector is the principal driver of boutique business law firm Chevalier & Sciales and accounts for the majority of work it handles in an advisory, transaction and litigation setting. As well as helping establish and operate funds administering traditional asset classes, the team has also successfully developed a strong offering in emerging classes, including as it relates to digital assets. Founding partner Olivier Sciales has ‘the ability to translate “law-speak” into clear common language’ and regularly advises Luxembourg and foreign sponsors on the structuring of alternative investment funds. Cécile Rechstein co-heads the team alongside Sciales.
‘Direct engagement with the partners. Specialised in setting up investment funds in Luxembourg.’
‘The team provides impressive responsiveness and an outstanding expertise in relation to investment fund matters.’
‘The team is friendly, (not arrogant at all) and very open to work for new business opportunity, especially in the world of crypto/blockchain.’
‘It is a human scale firm where you are not considered as a small client.’
‘Olivier Sciales has the ability to translate “law-speak” into clear common language.’
Strengthened by the arrival of Jean-Luc Fisch from Elvinger Hoss Prussen, particularly in light of his tax-related structuring expertise pursuant to pan-European investment platforms, Dentons‘ small team remains focused on advising fund managers in the alternative space, including in relation to real estate and distressed assets. The practice has also recently seen an uptick in due diligence work for pension funds and insurance companies as institutional investors.
Other key lawyers:
‘It is an ambitious, young yet experienced and flexible team, and is pro-active in coming up with good ideas and initiatives.’
Covalis Capital Luxembourg II GP
Quadriga Asset Management
Cogito Capital Partners
Calvert Impact Capital
- Assisted Palladium Group on the establishment of its first real estate fund Palladium Fund 1870 Management S.C.A. SICAV SIF, including active interaction with the CSSF during the authorisation procedure, as well as ongoing legal, regulatory, and tax advice.
- Advised Covalis on having Covalis Capital Luxembourg II GP registered as an alternative investment fund manager with the Luxembourg CSSF.
- Advised CIBC on its initial capital infusion of CAD 550m to its Luxembourg bank subsidiary CIBC Capital Markets (Europe) S.A.
Increasingly generating its own work flow, as well as able to draw upon strong firmwide client relationships, DLA Piper continues to gain traction in the market, particularly in relation to complex cross-border mandates, where it can leverage the firm’s vast international resources. ‘Very tactical and hands-on’ team head Catherine Pogorzelski has been pivotal to the firm’s success and is particularly adept at advising on private equity, real estate and debt fund structures.
‘Catherine Pogorzelski is very tactical, totally involved and hands on. She brings a lot of value in bringing tactical angles in decision making process.’
Generali Investments Luxembourg
Generali Investments Partners
Adams Street Partners
Tioga Capital Partners
Generali Real Estate
Premico Carbon Neutral Residential Fund I
Claret Capital Partners
Middleland FA Capital LLC
- Advised Generali Investments Partners on the structuring, establishment and launching of a multi-compartment platform.
- Advising Claret Capital Partners, a spin-off of Harbert management Corporation, on the structuring, launch and investors’ negotiations of a Luxembourg investment fund investing by way of debt investments in growth companies located throughout Europe.
- Advising on the structuring and launch of a complex multi-compartment Luxembourg investment fund covering a wide range of debt strategies.
KLEYR GRASSO is ‘exceptionally strong in being able to interpret, deliver and make comprehensible suggestions across investment fund requirements‘, particularly in the context of private equity and real estate-related strategies. Counsel Jeannette Vaude-Perrin exhibits ‘incisive knowledge and a solutions-based approach’ to clients across an array of regulated and unregulated structures and is a key member of the two-partner team that is headed by Jean-Paul Spang.
‘They are exceptionally strong in being able to interpret, deliver and make comprehensible suggestions across investment fund requirements, insights into the CSSF approach and AML.’
‘The team displays a high level of knowledge and a professional approach.’
‘Jeannette Vaude-Perrin has been exceptional. She has the strong combination of incisive knowledge and a solutions-based approach.’
Working on its own as well as often in collaboration with complementary practice areas, including corporate, banking and real estate, Luther S.A.‘s four-strong team provides a ‘solutions-oriented‘ approach for alternative funds, which traverses all aspects of regulatory, compliance and transactional work. The team’s ‘cost efficiency’ and its ‘amicable and collegiate tone’ are attractive traits, as well as its ‘excellent coverage‘ of the sector on behalf of mid-market asset managers and first-time entrants, which remain the staple constituents of the firm’s client base. The practice also has an ‘excellent cross-border setup’ working alongside its extensive German network. Team head Hervé Leclercq has ‘great skills when it comes to pedagogically explaining the intricacies of different structures to clients who are not knowledgeable of Luxembourg regulations’.
Other key lawyers:
‘They have excellent coverage across relevant aspects within the investment fund practice.’
‘Excellent cross-border setup both within Luther Law firm (Germany and Luxembourg) as well as external partners (partnering with top-tier legal and tax advisers in Germany).’
‘Ability to think outside the box and can lean on excellent industry network.’
‘As an authorised AIFM, we value the service and expertise of Luther Luxembourg, especially when it comes to advising on the creation of investment funds, with a focus on alternative investments.’
‘Their team is absolutely on top of each matter and drives towards a solution.’
‘A strong dedication to finding the best solution for the client, including cost efficiency, is much appreciated by my advisory clients who are often small or new to Luxembourg. Pricing is very competitive too. A hassle-free interaction in combination with amicable and collegiate tone in discussions makes this firm a good match for the Nordic clients I have and for small/start-up organisations.’
‘Hervé Leclercq’s competences, knowledge of the fund industry and devotion to his clients are remarkable.’
‘Hervé Lexlercq stands out because of his long and wide experience. He has great skills when it comes to pedagogically explaining the intricacies of different structures to clients who are not knowledgeable of Luxembourg regulations.’
‘Daniel Krauspenhaar displays a very high degree of dedication to our projects and is very focused on us as a client. He provides excellent co-ordination between teams in Germany and Luxembourg as well as external service providers or clients.’
‘Daniel Krauspenhaar’s personal network and insider knowledge of processes at the EIF and EIB are always very valuable to us and our customers.’
‘Daniel Krauspenhaar has a good overview of complex structures and relationships and also quickly grasps supervisory law issues in the cross-border area.’
Nordic Credit Partners
The ‘technically strong‘ two-partner team at Stibbe ‘is extremely knowledgeable’ within the alternative space in particular, both on behalf of fund managers and on the buy side for institutional investors. ‘Responsive, smart and clear in his advice‘, Victorien Hémery has ‘strong relevant experience in European funds structures’, particularly in relation to private equity and real estate. Edouard d’Anterroches co-heads the team alongside Hémery and has a focus on private debt and sustainable finance.
Other key lawyers:
‘The team is extremely knowledgeable – knowing what is market and what is not, and able to steer their client in the right direction.’
‘Technically very strong, eager to win work and add value to the client. Competitive on pricing and very responsive.’
‘Great hands-on advice; ability to deal with “difficult clients”; great knowledge’
‘Victorien Héméry is an excellent fund-lawyer with strong relevant experience in European funds structures.’
‘Victorien Hémery is very responsive, smart and clear in his advice.’
‘Victorien Hémery is able to advise you on the vehicle/set up for private equity and real estate strategies. He is also capable of helping you in adjusting your investment strategy in line with your target investors.’
‘Edouard d’Anterroches is an industry leader with broad knowledge enabling him to offer tailored, spot-on advice.’
Frontera Capital Group Ltd
Cube Infrastructure Managers
Debtstone Capital AG
DLE Group AG
Edmond de Rothschild Private Equity
- Assisted with the structuring and setup Ginkgo Fund III, an alternative investment fund focusing on brownfield sites remediation.
- Assisted Moorfield Group on all Luxembourg legal, regulatory and tax advice relating to the set-up and launch of Moorfield Residential Income Fund, an open-ended real estate fund.
- Provided legal, regulatory and tax assistance regarding the establishment of a Luxembourg investment fund focusing on real estate (senior living and nursing homes) in the DACH area for a German fund initiator.
Co-headed by Virginie Leroy and Jevgeniy Nesch, the ‘responsive‘ two-partner team at AKD is ‘well-versed in Luxembourg funds matters’, particularly as it pertains to fund structuring and regulatory matters associated with real estate and private equity. As well as advising fund managers, the team also provides due diligence to clients considering investing into the funds.
‘The team is very target-oriented and has shown on many occasions its abilities to quickly adapt to changing circumstances of a work project while still meeting the deadlines and client’s expectations.’
‘It is a responsive team that is well-versed in Luxembourg funds matters.’
‘Jevgeniy Nesch provides quick responses and commercial advice.’
‘Virginie Leroy exhibits great technical expertise.’
Alberta Investment Management Corp.
Nordic ESG Impact
- Advised Alberta Investment Management Corp. on its first investment in a large portfolio of real estate assets based in Germany.
- Provided advice to an investment manager of alternative funds on list registration with the Luxembourg regulator (CSSF) as registered AIFM.
- Advised a new client on the setting up of the holding company for the purpose of implementing ESG project.
The ‘proactive‘ team at independent boutique CM Law provides ‘resourceful and pragmatic‘ advice to managers, promoters and investors across a range of UCITs and alternative investment funds-related matters. Described as a ‘technical ace‘, team head Max von Frantzius ‘provides excellent strategic advice’, particularly in the context of private equity, real estate and venture capital.
‘The proactive team is very focused on client interests.’
‘The team is competent, resourceful, available and pragmatic.’
‘This practice has special international qualities between the German speaking/English speaking/French speaking worlds.’
‘Max von Frantzius is a great expert and a dealmaker. He always remains easily available and is extremely responsive.’
‘Max von Frantzius is a technical ace, provides excellent strategic advice, with a human touch.’
‘Max von Frantzius’ enthusiasm and pragmatism are outstanding and set him apart from many other legal advisers I have worked with. He delivers solutions and not just theoretical legal advice. He is constantly available and utterly reliable.’
SwissLife Asset Managers Luxembourg SA
SwissLife Kapitalverwaltungsgesellschaft mbH
Altus Citadel S.à r.l.
Atdomco S.à r.l.
GDVI Gesellschaft zur Durchsetzung von Verbraucherinteressen GmbH
Vossemeren Development Luxembourg S.à r.l.
Vektor Partners LLP
Aurin Investment Group GmbH
European Depositary Bank SA
IntReal Luxembourg S.A.
Augsburger Aktienbank AG
VP Fund Solutions (Luxembourg) S.A.
LRI Invest S.A.
Platinum Purity Property S.à r.l.
Iberia Industry Capital Group S.A.
Pure Capital S.A.
Luxembourg Management Office S.à r.l.
LCG Energy GmbH
REDS Real Estate Distribution & Services GmbH
DS Kapital-Analysis GmbH
- Structured and successfully established complex master/feeder investment fund for a European family office.
- Advising a European family office on the structuring and establishment of a complex real estate investment fund.
- Successful acquisition by German investment fund of a Danish asset manager via the fund’s Luxembourg based affiliate.
Boutique independent law firm Deynecourt has ‘in-depth knowledge of the market‘ and has experience assisting with investments across a wide-range of strategies, including UCITS, private equity and private debt, real estate, hedge funds and master-feeder structures. Pierre De Backer has expertise on the buy and sell side, and as well as providing advice on structuring Luxembourg and offshore funds, also regularly advises institutional investors in their capacity as LPs. Emmanuelle Bauer co-heads the team alongside De Backer.
‘The very responsive team provides tailor-made advice and has in-depth knowledge.’
Rothschild & Co
Banque Pictet & Cie
Finaccess Advisors LLC
MG Real Estate
Novastone Capital Advisors
Bluefin Capital Management
APIS Asset Management
Dôme Capital Partners
Abalone Asset Management Ltd
Leveraging the firm’s strong institutional ties with many large global asset management firms, and also frequently working alongside the firm’s established London and US offices, Goodwin continues to grow in popularity among clients, particularly in the context of big-ticket cross-border mandates. Team head Alexandrine Armstrong-Cerfontaine has particular expertise in private equity funds, debt funds and carried interest/co-investment arrangements.
Macquarie Green Investment Group
AUM Asset Management
Slate Asset Management
LGT Capital Partners
- Advised Macquarie Green Investment Group on the structuring and fundraising of its latest fund, Macquarie GIG Renewable Energy Fund 2, which raised €1.63bn.
- Advised longstanding client Bregal on the structuring and fundraising of Bregal Unternehmerkapital III, believed to be the largest DACH (i.e. Germany, Austria, Switzerland) focused fund ever raised.
- Advised AUM Asset Management on its Swiss Asia S.C.A SICAV-SIF which targets rare metals, with direct holdings in physical precious metals.
Although it lacks the strength-in-depth to handle the same volume of mandates as some of the high-ranked firms, boutique firm Linari Law Firm has ‘a high capability to resolve complicated matters’. In this context, managing partner Vincent Linari-Pierron, who is appreciated for his ‘sharp mind and deep technical know-how‘, is recommended including as it relates to ESG-related matters.
Other key lawyers:
‘The team is very effective and always works together to provide the client the best results. The internal collaboration is very professional and they maintain a high level of knowledge.’
‘The people I have had the pleasure to work with have been very professional and very high skilled professionals, they have always resolved my requests and have a high capability to resolve complicated matters.’
‘Always provides bespoke services and stands out for giving concrete solutions to complex dilemmas.’
‘Vincent Linari is a stand-out partner, with a sharp mind, deep technical know-how and a great practicality allowing complete client-support.’
‘Vincent Linari is not only an excellent lawyer but is also business savvy, with a pragmatic approach to helping clients choose the best type of structure for them, not only from an investment point of view but also from an economics perspective.’
‘Vincent Linari is an excellent lawyer who is always able to find the right solution for his clients.’
- Assisting on the creation of a Luxembourg special limited partnership and its general partner for carrying out receivables financing transactions and investing in digital unit of exchange for trade facilitation (tokens).
- Assisting with the creation of a Luxembourg special limited partnership and its general partner for a joint investment of a major US private equity asset manager and an Italian investment management firm in an Italian company active in the food and beverages sector as well as a subsequent conversion of the special limited partnership in a reserved alternative investment fund (RAIF).
- Advising a Luxembourg umbrella reserved alternative investment fund (RAIF) in relation to the amendment of the fund’s articles of association and the offering memorandum further to a change in the RAIF’s governance structure.