Arendt & Medernach has 'an outstanding grip on the market and deep knowledge of investment funds and cross-border structures'. With 15 partners active in the space, as well as a raft of associates and counsel, the team has the economies of scale and expertise to provide a 'responsive and capable service' to clients establishing Luxembourg domiciled UCITS, as well as other Luxembourg-based fund structures. Benefiting from 'broad and deep technical expertise and amazing contacts in the Luxembourg funds industry', team head Gilles Dusemon stands out for his regulatory expertise within the alternative space and is able to provide very pertinent and commercial advice, not only by dint of his practical fee-earning experience but also his work with leading trade associations, including the Association of the Luxembourg Fund Industry (ALFI). Isabelle Lebbe provides 'thorough and strong analysis' on the structuring of regulated funds, and also handles disputes with or between investors, funds and their service providers. Other key contacts include senior statesman Claude Kremer; Michèle Eisenhuth, who is an 'invaluable advisor, given her industry experience and appreciation of Luxembourg's intricate regulatory framework'; Adrian Aldinger, who is 'very involved and hands-on', particularly with regard to alternative investment funds; and Florence Stainier, who excels at advising on retail funds, including UCITS and ETFs.

Working on its own, as well as being able to leverage complementary expertise from across the firm's M&A, finance and tax practices, should the need arise, Clifford Chance's three-partner team provides a balanced offering for fund sponsors/general partners, as well as institutional investors/limited partners, across a wide range of private funds and UCITS-type retail funds. Emmanuel-Frédéric Henrion  has significant expertise advising on private equity, real estate and alternative UCITS funds structuring, and also has a growing reputation in relation to pan-European pension funds. Kristof Meynaerts 'is very competent and experienced within the fund market', particularly relating to real estate, private equity and debt funds. Paul Van den Abeele has expertise on the buy and sell-side within the alternative funds space, including on the provision of advice to institutional investors and supranational institutions performing fund reviews and negotiating fund terms with the sponsors.

Benefiting from an 'excellent relationship with the domestic financial regulator', Elvinger Hoss Prussen provides trustworthy advice to fund promoters and asset managers that is 'in line with best practices and regulator guidelines'. Led by the 'vastly experienced' Jacques Elvinger, the 14-partner  investment fund team is perhaps best-known for its UCITS fund-related work and, along with Arendt & Medernach, dominates this part of the market by dint of its "first-mover advantage", an 'excellent skill-set and expertise' in the space, and the ability to resource a huge volume of mandates by virtue of the size of its partner and associate-level offering. Gast Juncker and Jérôme Wigny are also very experienced in the retail funds space, with Juncker also pivotal to the firm's heightened visibility among Asian clients. On the alternative investment front, Sophie Laguesse is 'very competent and efficient' on the structuring of private equity, credit and real estate funds, in particular.

Loyens & Loeff has 'a deep knowledge of applicable law, a commercial focus and a wide view of the market', ensuring that it picks up a tremendous flow of work directly from clients, as well as from leading international law firms, across a range of primarily alternative investment funds and related capital raising, structuring and regulatory issues. The 'commercial and outcome-focused' Marc Meyers heads a six-partner team that includes 'knowledgeable and responsive' senior associate Veronica Aroutiunian, who provides 'top-notch legal advice' to asset managers on the structuring of private equity and hedge funds.

Benefiting from 'good knowledge and experience in the Luxembourg fund industry' and also able to tap into the know-how and resources of practitioners based in other key fund jurisdictions, including London, Dublin and Frankfurt, Dechert Luxembourg's 'small but very client-oriented and highly competent' four-partner team provides a value-add service to many global asset managers on the structuring, regulatory and operational issues associated with their retail and private funds. The 'exceptional' Patrick Goebel has 'a fantastic overview of industry practices', particularly as it relates to real estate and private equity-related funds. Managing partner Marc Seimetz is the other main contact.

Wildgen's three-partner team provides 'client-oriented and highly professional' advice to fund managers and promoters, throughout the lifecycle of alternative investment funds and UCITS. Samia Rabia combines pure fund structuring expertise alongside her broader corporate offering, enabling her to provide an integrated service to alternative asset management clients, including private equity sponsors, on the fund structuring front, as well as on any subsequent downstream investment work. Banking partner Mevlüde-Aysun Tokbag co-heads the team along with Rabia and Mark Shaw, and is noted, in particular, for her ability to provide an 'insider knowledge of processes with institutional investors in the German-speaking region'.

Bonn & Schmitt provides 'very precise and scrupulous' advice to funds and management companies across the spectrum of their domestic needs associated with alternative and retail funds. The firm is, however, best-known for its UCITS expertise, often in relation to fund structuring and ongoing operational matters, as well as sub-fund mergers and restructurings. Senior partner Alex Schmitt and Amélie Thevenart are the main contacts.

Now headed by Evelyn Maher, following Luc Courtois' departure to NautaDutilh at the beginning of 2020, Bonn Steichen & Partners' seven-strong team advises fund promoters and asset managers on the structuring and establishment of a wide range of funds, including UCITS and AIFs. As well as her expertise on the structuring front, Maher is also well-equipped to handle ongoing operational and regulatory matters throughout the fund's lifecycle.

The two-partner team at CMS provides a 'very entrepreneurial mindset and commercial outlook' for clients looking to establish a wide range of investment vehicles (including UCITS, SIF, SICAR and RAIF) across the gamut of asset classes. The 'very proactive and hands-on' Aurélien Hollard has a 'wealth of knowledge across investment funds', particularly as it relates to alternative investment strategies – including a growing number of ESG mandates. Benjamin Bada co-heads the team alongside Hollard and has a 'good overview of complex structures and relationships, and also quickly grasps supervisory law issues in the cross-border area'.

Able to leverage the resources available to it as a large international firm, while also remaining nimble and responsive, Hogan Lovells (Luxembourg) LLP's three-strong team provides 'solution-oriented' advice to boutique asset managers, fund promoters and the investment arms of banks/insurance companies across the full range of regulated and unregulated funds. The team is best-known for its work in the alternative investment space, with 'very astute' team head Pierre Reuter particularly accomplished at advising on real estate-related fund matters.

Benefiting from an 'excellent knowledge of the Luxembourg investment funds market' and displaying strong connectivity between key offices in private funds jurisdictions, including Dublin, Maples and Calder (Luxembourg) SARL provides 'pragmatic and commercial advice' to alternative investment managers across all aspects of a fund's lifecycle. 'Exceptional' team head Johan Terblanche has an 'extraordinary knowledge of market practice and latest technologies', particularly as it relates to alternative funds and their  management entities.

Now headed by the 'responsive and pragmatic' Luc Courtois, following his arrival from Bonn Steichen & Partners in February 2020, NautaDutilh's two-partner team provides 'practical and to-the-point advice' for US, UK and EU-based fund managers structuring Luxembourg funds and/or expanding their activities in Europe. As well as pure structuring advice, retail and alternative fund clients also benefit from access to finance, tax and litigation experts within the practice, as well as lawyers spread across the firm's Benelux network of offices.

With 12 Luxembourg-based practitioners focused on work in the sector and also able to leverage resources in key offshore strongholds, including the Cayman Islands and BVI, Ogier has the critical mass and strategic geographical footprint to effectively resource mandates on behalf of limited partners, fund sponsors and institutional investors. Benoît Rose has broad knowledge of alternatives and traditional regulated funds across the fund lifecycle, and adds particular value to clients by virtue not only of his private practice pedigree, but also his in-house experience at UBS, where he was head of legal EMEA funds. Anne-Gaëlle Delabye co-heads the team with Rose and is noted, in particular, for her private equity, real estate and debt fund structuring expertise.

Independent business law boutique Chevalier & Sciales provides 'solution-oriented' advice to managers, promoters and investors across a range of UCITs and alternative investment funds-related matters. Founding partner Olivier Sciales excels in the structuring and implementation of UCITS and SIF funds and is appreciated for his ability 'to anticipate clients' needs and to easily drive the client to the safest solution, even in the most complex and stressed situations'.

Eduard Koster heads a small two-strong team at Dentons that provides integrated legal, regulatory and taxation services to alternative funds clients; in particular, on the structuring of regulated and unregulated investment vehicles, and their ongoing operational concerns. The team also regularly advises investors on due diligence issues and has a growing reputation in the funds finance sector.

Led by the 'experienced and responsive' Dr Marcus Peter, GSK Stockmann SA's two-partner team is 'very competent in all Luxembourg investment funds matters', including alternative investment fund structuring and pursuant investment strategies. The team has high visibility among German-speaking fund managers and also continues to target Asian clients, which remain active in Luxembourg. Marcel Bartnik's arrival from DLA Piper in January 2020 enhances the firm's investment fund credentials, particularly given his broad coverage across retail and alternative funds.  

The 'experienced yet approachable' multi-disciplinary team at KLEYR GRASSO leverages the expertise of lawyers from within the firm's corporate, finance and regulatory departments to provide 'service-oriented advice' to alternative fund clients. 'Competent and professional' counsel Jeannette Vaude-Perrin is the main contact on the structuring front, and is well-versed at assisting clients on the establishment of the most appropriate regulated or unregulated investment vehicle to facilitate real estate, private equity, debt and infrastructure investment strategies.

The October 2019 arrival of Max von Frantzius  from PwC Legal Luxembourg has substantially enhanced CM Law's practice, in light of his 'detailed knowledge of the Luxembourg fund industry', particularly as it relates to alternative investment strategies.

Benefiting from a 'sound understanding of the funds industry in Luxembourg and Europe', boutique independent law firm Deynecourt 'combines onshore and offshore know-how' on behalf of insititutional and private clients. The 'very knowledgeable' Pierre De Backer co-heads the team alongside Emmanuelle Bauer, and has significant experience advising clients that manage or offer alternative or novel investment products.

With two partners focused on funds work from Luxembourg and also benefiting from 'seamless integration across offices', DLA Piper is well-equipped to advise fund initiators, managers and banks on international fund structuring. 'Client- and business-oriented' team head Catherine Pogorzelski excels at the structuring and formation of alternative investment funds, including private equity, real estate and debt funds.

Benefiting from an 'in-depth knowledge of all structures', and praised for its 'can-do attitude', Linari Law Firm is effectively able to ensure that clients are choosing the optimal investment vehicle relevant to its individual investment strategy. The 'excellent' Vincent Linari-Pierron takes the lead on most of the work and has also gained a strong reputation for ESG-related matters. 

Luther S.A. provides 'highly practical and efficient' advice to mid-market clients, many of which are structuring Luxembourg-domiciled funds for the first time. Team head Hervé Leclercq is a 'very practical advisor' and has experience advising on alternative investment structures investing across a range of sectors, including private equity, ESG and real estate.

Following a brief period without any tangible investment fund offering, in the immediate aftermath of its former co-heads' departures at the beginning of 2019, Stibbe has reasserted itself within the market following the strategic hires of a team of experienced fund practitioners from AKD in January 2020, including Edouard d’Anterroches and Victorien Hémery. Hémery and d’Anterroches co-head the six-strong team and provide a 'very client-focused' service to fund managers, custodians and investors, primarily within the alternative investment space.