Rising Stars

Firms To Watch: Investment funds

Established in January 2022, Brouxel & Rabia Luxembourg Law Firm has ‘strong depth of expertise across funds matters’. Team head Samia Rabia has experience of a range of fund formation and operational issues, including in the context of Shari’ah-compliant funds.
Malta-headquartered firm Ganado SARL has performed well in the market since it opened its Luxembourg office in 2019. ‘Very personable’ team head Natalia Hernandez advises smaller or first funds setting up in the country and received praise for her ‘technically competent’ skills.
Business law boutique TS&P has a relatively small funds team compared to others but gains plaudits for its ‘personal attention’ and ‘commercial and pragmatic‘ advice, provided to fund managers across a range of regulated and unregulated structures. Team head Nicolas Ronzel covers matters throughout the fund life cycle, including initial structuring and financing as well as financing requirements related to subsequent investment work.

Investment funds in Luxembourg

Allen & Overy Luxembourg

Allen & Overy Luxembourg has a ‘deep understanding of the Luxembourg funds market and regulatory environment’, ensuring it is a popular choice among fund managers for the structuring of alternative investment strategies as well as a growing flow of retail work, in addition to ongoing compliance issues. The firm also has strong ties with a number of development finance institutions (DFIs) which it advises on the establishment of their own funds, as well as in the context as investors in other funds. Yannick Arbaut has an ‘efficient, pragmatic and solutions-oriented approach’, which he deploys to good effect on the establishment of regulated and unregulated funds, as well as advising institutional investors on due diligence associated with becoming limited partners (LPs). In addition, Arbaut is noted for his work in the impact investing space, and is leading the development of the practice’s German and Swiss client base. The ‘brilliant’ Jean-Christian Six has ‘intimate knowledge of alternative investment structures’, particularly as these relate to investments in real estate, private debt, private equity and infrastructure, where he is ‘able to deliver on complex cross-jurisdictional matters’. Miao Wang, who ‘brings an important human element to even the most complex transactions’, co-heads the team alongside Arbaut and Six.

Practice head(s):

Jean-Christian Six; Yannick Arbaut; Miao Wang

Other key lawyers:

Joanna Pecenik; Codrina Constantinescu; Jennifer Rouault; Lisa Klemann; Vittoria Faraone


‘Their deep understanding of the Luxembourg funds market and regulatory environment, combined with their exceptional analytical skills and profound knowledge of commercial structures, enabled my firm to achieve successful fund launches and complex fund structuring solutions, both quickly and efficiently.’

The practice demonstrates a deep bench and equally deep knowledge of all things relevant for Luxembourg investment funds.’

Jean-Christian Six is highly regarded in the field of investment funds. He is a brilliant lawyer and a genius who is very clever and technically outstanding.’

Work highlights

  • Advising a leading European asset manager on the structuring, establishment and approval of an ELTIF fund investing in commercial real estate loans, being the second vintage of a senior mortgage fund.
  • Advised an asset management firm on the establishment of a Luxembourg-domiciled multi-compartment innovative infrastructure debt fund.
  • Advised an asset management firm on the structuring and launch of a real estate fund investing across the EU and its subsequent acquisition of hotels in Munich and Marbella.

Arendt & Medernach

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.

Practice head(s):

Gilles Dusemon

Other key lawyers:

Florence Stainier; Adrian Aldinger; Claude Niedner; Gilles Dusemon; Isabelle Lebbe; Michèle Eisenhuth; Henning Schwab; Pierre Beissel; Yves Lacroix; Francis Kass; Nicolas Bouveret; Corinne Prinz; Gregory Beltrame; Carl de La Chapelle; Piotr Giemza-Popowski; Michael Jonas; Stefan Staedter; Fiona de Watazzi


‘Intimate knowledge of our structures and the Luxembourg landscape across tax, finance and funds.’

‘I work closely with the investment funds practice at Arendt & Medernach and find them very helpful and responsive as well as having a strong relationship with the Luxembourg regulator. The team are commercially focused and have an excellent understanding of market practice as well as local regulation and CSSF expectations.’

‘A very professional and highly skilled way of working combining a very down-to-earth and nice personality of the whole team.’

‘Arendt is excellent in the regulatory field and in their knowledge of both the legal technicalities and market practices in the investment fund arena. With Arendt I know that I am in safe hands in what is a foreign jurisdiction to me, and in what is from a regulatory perspective a potential minefield.’

‘The outstanding Grégory Beltrame is very knowledgeable both about the law and about the fund industry. His advice is highly practical and efficient, and he is fully on the ball when it comes to co-ordinating the required services and his team.’

‘Francis Kass could be the most seasoned veteran on Luxembourg fund-management law out there. Even for the most complex documentation matters, he 1) already has learned (and remembers) all details of the complicated structure of our Master Fund, and 2) can quickly find a method to satisfy our goals (if at all possible) or instantly informs us it’s not possible.

‘Gilles Dusemon is exceptional.’

‘Florence Stainier is a great partner for our business. She has an excellent knowledge of Luxembourg regulation, practice and regulator expectations and of how to apply these in a commercial manner.’

Key clients


Generali Group

Goldman Sachs International

Lumyna Funds

Milestone Capital Partners

Morgan Stanley

Neuberger Berman


Partners Group AG


Work highlights

  • Advised Morgan Stanley Investment Management Ltd on its acquisition of Eaton Vance and its affiliated companies (Calvert and Parametric) and following merger of UCITS platforms.
  • Advised Permira Advisers on the formation of Permira VIII, its latest flagship global buyout fund.
  • Advised Capital Four, a leading credit asset management boutique headquartered in Copenhagen, on the launch of its new investment platform in Luxembourg.

Clifford Chance

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.

Practice head(s):

Paul Van den Abeele; Kristof Meynaerts; Maren Stadler-Tjan; Emmanuel-Frédéric Henrion; Oliver Zwick

Other key lawyers:

Christian Lennig; Bart Denys; Peter Audesirk; Severina Käppeli; Anne-Lise Vandevoir; Robyn Deller; Charlotte Reynders; Zoé Bofferding; Florie-Anne Gonera; Brecht Smeets; Raphael Somé; Céline Vignoble


‘The team is responsive and solutions oriented.’ 

‘From our perspective as investment fund manager dealing frequently with cross-border fund set-ups, the strong collaboration of Clifford Chance Luxembourg’s investment fund practice with their offices in Frankfurt, London and New York is what sets this firm apart and provides us and our clients with first-class legal and structuring services.’

‘Christian Lennig is our go-to-contact with regard to fund structures launched on behalf of Germany-based clients, we value Christian’s reliability and competence on matters of Luxembourg fund regulations.’

‘Kristof Meynaerts stands out for his passion for client service and the drive that he provides to his projects.’

Key clients


Octopus Energy

Avega Fund Services

Three Hills Capital Partners


Copenhagen Infrastructure Partners

Climate Asset Management


Credit Suisse Asset Management

Fidelity Information Systems – FIS





Work highlights

  • Advised SINO-CEEF Capital Management Company on the establishment of SINO-CEE Fund II in Luxembourg.
  • Advised Octopus Energy Group on the establishment of three new unregulated funds, to be open-end or closed-end depending on the investors targeted and the fund’s strategies.
  • Advised CBRE Investment Management on the setup of its €2.7bn European logistics fund, known as Europe Logistics Partners.

Elvinger Hoss Prussen

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.

Practice head(s):

Jacques Elvinger; Jérôme Wigny; Gast Juncker

Other key lawyers:

Sophie Laguesse; Sophie Dupin; Patrick Reuter; Thibaut Partsch; Frédérique Lifrange; Xavier Le Sourne; Olivia Moessner; Joachim Cour; Yves Elvinger; Benjamin Rossignon; Jeffrey Kolbet; Tom Göricke; Michel Marques Pereira; Charlotte Chen


The team is very professional, flexible and committed.’

‘The team is great top to bottom, the correspondences are reviewed and generally of a high quality, the team is responsive and has an outstanding understanding of the market practice and strong relations with the CSSF. ’

‘The extremely high degree of professionalism at all levels of seniority is stunning. Advice on complex topics of regulation is pragmatic and aims at indicating practical solutions with high consideration for the client’s interest.’

Jacques Elvinger has in-depth industry knowledge.’

‘Joachim Cour has great knowledge of regulatory practices and market trends. He is dedicated to finding the best solutions for his clients to efficiently launch new products.’

‘Gast Juncker is the reference on the market, especially for Asian clients. He has a perfect knowledge of both the Luxembourg and EU regulatory framework.’

‘Yves Elvinger is a very business-minded partner, eager to understand what we on the business side want to achieve and tries to resolve the matter. He is well connected in Luxembourg which helps.’

‘Jerome Wigny is able to synthesise the nuanced analysis of complex issues, with a user-friendly delivery.’

Key clients


Advent International Corporation

Allfunds Bank

Alliance Bernstein




Apollo Investment Management Europe (Luxembourg)

Ares Management

AZIMUT Investments S.A.

BC Partners Management Lux

Benson Elliot Real Estate Partners

Blackstone Inc.





DigitalBridge Group, Inc

East Capital

Fideuram Asset Management (Ireland)


Horizon Capital

HSBC Asset Management

I Squared Capital Advisors (US) LLC

ICG Senior Debt Partners Fund

ILIM European Real Estate Fund


Jupiter Asset Management

KKR – Kohlberg Kravis Roberts & Co. Ltd

Lightrock LLP

M&G Investment Limited

Monroe Capital Management Advisors

Natixis Investment Managers International

Nikko Asset Management

Nomura Asset Management

Northern Horizon Capital A/S

NREP Nordic Strategies

Oakley Capital Limited

Oaktree Capital Management



Portfolio Adivsors

PROFounders Capital

Quilvest Capital Partners





Tikehau Capital

Vitruvian Partners

Work highlights

  • Advised Blackstone on matters of Luxembourg law in the establishment of its tenth global opportunistic real estate fund.
  • Assisted Azimut Investments S.A. in setting up a range of ELTIFs with different investment strategies (venture capital, private equity, private debt).
  • Advised Apollo on matters of Luxembourg law in connection with the establishment of Apollo Accord+ Fund, SCSp, the Luxembourg parallel fund of Apollo Accord+ Fund, its commingled multi-asset opportunistic credit fund.


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.

Practice head(s):

Silke Bernard

Other key lawyers:

Hermann Beythan; Martin Mager; Claire Prospert; Raoul Heinen; Adrien Timmermans; Victor Louvet; Conrado Vanden Berghe; Marie-Christine O’Mahony; Laurie Mamane; Cédric Danois


‘The investment funds team is excellent in carrying out funds due diligence on very short notice.’

‘The team is very cohesive and has an excellent ability to work well with other offices in the network.’ 

‘They have strong bench strength from the partners down to junior associates.’

Silke Bernard is a standout partner – she is very well plugged in to many of the key industry forums and bodies and she is great at sharing this information.’

‘Adrien Timmermans is highly technical and my trusted adviser on funds-related products. He has a very good knowledge of the market and can mobilise the right resources and leverage the Linklaters network to deliver top-quality legal advice.’

‘Hermann Beythan continues to be a reassuring presence and very well connected.’

‘Raoul Heinen is on top of the detail of the law but also able to communicate in a concise and easy-to-understand manner. ’

Claire Prospert is thoughtful and commercial. She can get comfortable with commercial nuances and risks and quickly determine the overlying legal issues.’

Key clients


Partners Group







Global Asset Management (GAM)






Blue Orchard




Asset Management One (AMO)



Work highlights

  • Advising Barings on the establishment of Barings Global Private Loan Fund 4 which is Barings’ fourth private credit fund product in relation to its flagship global private loan platform.
  • Advising HSBC Asset Management on the fundraising of its fifth generation of impact fund-of-fund series and the structuring, establishment and fundraising of the sixth generation of HSBC’s infrastructure fund-of-funds series.
  • Advising HgCapital and Montagu Private Equity on the acquisition of controlling stakes in the Waystone Group.

Loyens & Loeff

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.

Practice head(s):

Marc Meyers

Other key lawyers:

Jérôme Mullmaier; Veronica Aroutiunian; Christophe Boyer; Vassiliyan Zanev; Marjorie Andre; Guillaume Benoit; Maïder Ruault; Agata Szymoniak; Mathilde Scheirlinck


‘Commercially driven, client focused and responsive.’

Solutions oriented and pragmatic especially in complicated situations.’

The team is always well prepared and provides tailor-made advice.’

Marc Meyers has in-depth knowledge of AIFMD matters and interpretations from the CSSF.

‘Marc Meyers is always available and is skilled at applying Luxembourg legal concepts to craft creative solutions to client issues.’

‘Jerome Mullmaier is a pleasure to work with. He demonstrates deep expertise of complex legal concepts, and helps provide practical business-oriented solutions.’

‘Jerome Mullmaier has a deep ability to think creatively and present innovative solutions.’

The insightful and creative Veronica Aroutiunian is an articulate and powerful advocate for the firm’s clients’ interests.’

Key clients

AlpInvest Partners

AMP Capital

Arcmont Asset Management

Brookfield Asset Management

Cheyne Capital Management

EQT Partners

Morgan Stanley

Muzinich & Co Limited

Neuberger Berman


Trill Impact

747 Capital LLC

Work highlights

  • Advised EQT on several fund formations and notably on the establishment of Nexus, from the initial discussions about the fund’s structuring, to the preparation of the fund’s legal documentation, regulatory procedures with the CSSF, listing of two share classes, setup of the fund’s related entities and finally, marketing activities.
  • Advised Brookfield Asset Management on the Luxembourg legal aspects of the structuring and closing of Brookfield Strategic Real Estate Partners IV (BSREP IV), its latest flagship global private real estate fund.
  • Advised Cheyne Capital on the legal, regulatory, fund finance and tax aspects of structuring and setting up its Cheyne SVC Hybrid Credit Fund.

Baker McKenzie

With expertise across a wide variety of different regulated and unregulated fund structures and 'deep knowledge of market trends and regulatory insight', Baker McKenzie is a popular choice among global asset managers on the establishment and ongoing compliance issues associated with work in the private fund space. The team, which is also well integrated within the firm's wider global network, is particularly strong within the real estate space, where it picks up a considerable flow of work from fund managers on their pan-European/Asian fund initiatives, as well as from institutional investors on the due diligence associated with investing in the funds. The 'solutions-oriented' Laurent Fessmann provides 'pragmatic and creative' advice for real estate and private equity clients, as well as undertaking some work for family offices. Catherine Martougin co-heads the team alongside Fessmann and is noted for her 'ability to navigate difficult questions without losing sight of commercial objectives'. 

Practice head(s):

Laurent Fessmann; Catherine Martougin

Other key lawyers:

Ali Bouhrara; Amélie Woltrager


‘They offer a friendly and personal approach, able to anticipate requirements, alternatives and solutions in a quick and effective way, always adding value, which represents an indispensable part of our success.’

‘The team has a deep knowledge of market trends and regulatory insight.’

‘The highly capable Catherin Martougin is mindful of commercial considerations and investment objectives, and properly assesses risks. She is particularly adept at spotting issues in advance and taking appropriate steps to ensure that fund operations will go smoothly down the road, and has the ability to navigate difficult questions without losing sight of commercial objectives.’

Key clients

Catella Residential Investment Management GmbH

Invesco Real Estate – European Fund

CapMan Infra Lux Management S.à r.l.

Green Eight Capital AG

Invel capital

Heitman International SARL

Conoco Philipps

AM Alpha

Work highlights

  • Advised Invesco Real Estate Asset Management Sarl on the daily maintenance of the open-ended real estate structure IREEF, and advised on a new pan-European real estate fund structure for its separate account client.
  • Advised Catella Residential Investment Management GmbH (CRIM) on the setup and launch of its third European Residential Fund for international clients under the name Catella European Residential Fund III SCS, SICAV-SIF (CERIII).


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.

Practice head(s):

Aurélien Hollard

Other key lawyers:

Benjamin Bada; Julia Bruzzese


‘The pragmatic and knowledgeable team is pleasant to work with.’

‘They are very thorough, precise in their analysis, client-oriented and cost-effective. I always recommend them to other institutional investors like my company.’

‘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.’

‘Aurelien Hollard is very client focused and solutions oriented.’

Benjamin Bada has a good overview of complex structures and relationships and also quickly grasps supervisory law issues in the cross-border area.

‘Benjamin Bada provides excellent to-the-point advice with the required operational know-how with a client-first approach.’

‘Benjamin Bada not only has great knowledge of and experience with the fund industry and its regulation, but he was also a valued contributor to the more “commercial” aspects of negotiating with various LPs.’

Key clients



Tristan Capital Partners

Savills Investment Management

Aviva Investors



Atlante Gestion



Work highlights

  • Advised Three Seas Initiative Investment Fund (3SIIF) on all aspects of the fund’s structuring and launch.
  • Advised Eurazeo on the structuring of a Luxembourg fund.
  • Acted as lead counsel for Satgana in relation to the establishment of its first Luxembourg fund, Satgana Fund I SCSp.

Dechert Luxembourg

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.

Practice head(s):

Marc Seimetz; Patrick Goebel

Other key lawyers:

Matthias Kerbusch; Laura Rossi; Arne Bolch; Christine Renner


‘The pragmatic and responsive team provides a cost-effective service. They have a great specialisation in Lux fund structures with German-regulated investors/LPs.’

They are very professional and client centric.’

‘Patrick Goebel is very hardworking and extremely professional. We specifically appreciate his wide knowledge combined with pragmatism. He shows a lot of patience with newcomers on the market who want to set up their first product in Luxembourg and require a lot of guidance and hand-holding.’

‘Matthias Kerbusch is one of the most experienced, pragmatic and responsive lawyers in the market. He has a hands-on approach combined with a longstanding knowledge base.’

‘Matthias Kerbusch has a great specialisation in Lux fund structures with German-regulated investors/LPs.’

Key clients

Stepstone Group LLP and Swiss Capital (subsidiary of StepStone Group)

New Capital Fund Lux

Itàu Asset Management

Memnon/Zadig Asset Management SA

BICE Inversiones

William Blair

Fagus Multimanager

Work highlights

  • Advised the StepStone Group on all business lines in Luxembourg including private equity, venture capital, private debt, real estate and infrastructure together with several other offices.
  • Advised Forty51 Advisors AG on the establishment of its first venture capital fund in life sciences under the form of Risk Capital RAIF structured as a special limited partnership.
  • Advised Memnon/Zadig Asset Management SA (formerly Zadig Gestion SA) on the launch of additional compartments in Memnon Fund, the UCITS platform managed and promoted by Zadig Asset Management SA, a Luxembourg UCITS management company, as well as advising on the SFDR.


Appreciated by clients for their 'collaborative and team-oriented approach' which fosters innovation and creativity, the 'incredibly intelligent and hardworking' team at Ashurst excels in advising fund managers on the design, establishment, distribution and operation of a range of liquid and illiquid fund strategies. Antonios Nezeritis 'combines a deep understanding of the law with strategic thinking', and is emblematic of the firm's versatile practice, often acting alongside key international offices including London on complex alternative strategies relating to private equity, real estate and infrastructure, as well as providing advice on UCITS structuring. Arnaud Julien is also a key member of the team who, as well as advising fund managers, also frequently performs due diligence for investors, including on debt funds.

Practice head(s):

Antonios Nezeritis

Other key lawyers:

Arnaud Julien; Marc Hirtz; Fabiola Mondo; Thécla Madonna


‘The team is knowledgeable, client and solutions oriented, flexible and responsive.’

They are incredibly intelligent and hardworking. They have a deep understanding of the law and they are always willing to go the extra mile for their clients.’

They have a collaborative and team-oriented approach.’

Key clients

Agilitas Private Equity

BlueBox Funds

Castlelake L.P.



General Atlantic

Generali Investment Partners

Intermediate Capital Group


Savills Investment Management

Tyrus Capital Investments

Work highlights

  • Advised ESG-AM AG in setting up a Luxembourg UCITS umbrella structure with two sub-funds, ESG-AM High Yield Social Transformation Fund and ESG-AM Multi Credit Fund, which target institutional investors with a strong commitment to financial and sustainable performance.
  • Advised General Atlantic on the establishment of another Luxembourg umbrella structure, General Atlantic Investment Partners SCSp SICAV-RAIF, investing in parallel to General Atlantic’s Delaware structure for investors who prefer a more traditional fund structure to the existing managed account platform offered by General Atlantic.
  • Advised BlueBox Funds on the setting up of its sub-fund BlueBox Precision Medicine Fund which will invest in biotech and life science companies which benefit from developing or enabling precision medicine.


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.

Practice head(s):

Evelyn Maher

Other key lawyers:

Isabel Høg Jensen; Marylou Poncin


‘The team is pragmatic and responsive.’

‘They are well-positioned to serve clients in the Nordics, as one of their partners, Isabel Høg-Jensen, is Danish.’

Key clients

Nordic Investment Opportunities A/S

Work highlights

  • Advised Spire Capital Partners on the setup of a fund for investment in SMEs and mid caps in the CEE with first closing of €57m.
  • Advised two supranational institutions on their investment into a Luxembourg fund which addresses key challenges of the global food system by providing long-term financing to SMEs and companies in Asia, Latin America and Africa.

DLA Piper Luxembourg

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.

Practice head(s):

Catherine Pogorzelski

Other key lawyers:

Caroline Pimpaud; Marceau Visano; Bahya Bouharati


‘They have significant experience in all areas related to structuring and operationalising equity funds. The team in Luxembourg can rely on their network in other countries, which allows them to provide high-quality, comprehensive service to their investment funds clients.’

‘DLA Piper Lux provides strong international/cross-border expertise with the ability to leverage its international network in an integrated fashion.’

‘DLA also helped with the drafting of the ESG-related disclosures for our fund and they demonstrated very good knowledge of the latest developments in this area.’

‘Catherine Pogorzelski has excellent knowledge and understanding not only of the legal system in Luxembourg, but also of the specific features of our organisation.’

‘Catherine Pogorzelski and Marceau Visano form a great duo that delivers high-level services in a very efficient manner.’

‘Bahya Bouharati has been our main contact on all day-to-day matters. She is very diligent and keen to deliver a high-quality output, not to mention that she is also very kind and considerate.

Key clients

Adams Street Partners

Ardian France

Bridge Investment Group

Campbell Global, LLC

EIG Global Energy Partners

Fabric Ventures LLP

Generali Investments Luxembourg S.A.

Harrison Street

Patrizia Global Partners A/S

Pictet Asset Management (Europe) S.A.

Work highlights

  • Advised Campbell Global, a subsidiary of JPMorgan Asset Management Holdings, on the structuring, establishment and launch of a complex parallel fund structure.
  • Advised a Hong Kong alternative investment management company on the structuring, setup and launch of its fund in the form of a SCSp SICAV RAIF.
  • Advised a market leader in critical energy infrastructure on a broad range of funds matters, including on its application with the Luxembourg regulator to be authorised as an AIFM as well as on the structuring, formation and launch of a second-generation flagship fund investing primarily in energy infrastructure assets.

GSK Stockmann

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.

Practice head(s):

Dr Marcus Peter

Other key lawyers:

Corinna Schumacher; Marie-Therese Wich


‘All team members are highly qualified and are always very accessible and reachable, and work pragmatically and purposefully.’

‘Extremely market and client-centric and provides an excellent quality of legal advice, as well as being highly responsive.’

‘Corinna Schumacher has a solutions-oriented approach, is very professional and highly competent.’

‘Corinna Schumacher is a highly skilled, dedicated lawyer who, in spite of her recent promotion to partnership, has longstanding experience in Luxembourg fund law and can draw on expertise gained in many projects and transactions. Corinna always strives to find the best solution for the client and excels in client service.’

Key clients

Princeville Capital Group



Fosun Capital

Universal-Investment-Luxembourg S.A.

VP Fund Solutions (Luxembourg) SA


Daimler AG


EQT Management SARL

UBS Luxembourg

Work highlights

  • Advising The Princeville Capital Group with the setup of a Luxembourg holding platform for coming and future private equity investments.
  • Advised EQT Private Equity on the €1bn+ sale of a majority stake in VFS Global, the leading visa outsourcing services provider, to Blackstone.
  • Advising Universal-Investment-Luxembourg S.A., the largest third-party AIFM and management company within Luxembourg, with the setup of new sub-funds and SFDR amendments.

Hogan Lovells (Luxembourg) LLP

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.

Practice head(s):

Pierre Reuter

Other key lawyers:

Simon Recher

Key clients

Timberland Investment Resources Europe

ACE & Company



Work highlights

  • Advised SC Lowy on the final close of SC Lowy Strategic Investments II, LP (Fund) at $350m, representing an over threefold increase in commitments raised relative to the prior fund.
  • Advised Timberland Investment Resources Europe on the setup of its third Luxembourg fund, an Article 9 fund investing in forestry and timber.
  • Advised long-standing client M&G Real Estate on the launch of its new European Living Fund.


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.

Practice head(s):

Mevlüde-Aysun Tokbag

Other key lawyers:

Luc Courtois; Fabian Frankus; Garry Reuland


‘An exceptional group of professionals specialising in investment funds. Their collective expertise and seamless collaboration are instrumental in achieving our legal objectives.’

‘The team provides responsive and pragmatic legal advice that works.’

‘Very reactive, straight to the point and responsive.’

‘Mevlüde-Aysun Tokbag is responsive, pragmatic and solutions-oriented.’

‘Mevlüde-Aysun Tokbag is a strong female leader through and through.’

‘Luc Courtois is an exceptional lawyer with an unrivalled expertise in investment funds. His unwavering dedication and deep knowledge of the intricacies of the industry prove invaluable.’ 

Key clients

Ersel Gestion Internationale S.A.

Farringdon Capital Management

Prime Properties

Maples Group

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.

Practice head(s):

Johan Terblanche

Other key lawyers:

Manfred Dietrich; Michelle Barry; Jennifer Burr; Donnchadh McCarthy


‘This team is closely connected with its Cayman and Dublin offices and is able to provide us with impressive cross-jurisdictional advice.’

Jennifer Burr in particular is very impressive. She is clear and considered in her advice.’

Key clients

Ares Management

Bain Capital

Blackstone Alternative Asset Management

Cardinal Capital Group

Entrust Global


Insight Investment Management


Marathon Asset Management

Marshall Wace

Neuberger Berman

Olympus Asset Management

Onex Credit Management LLC

OpenGate Capital Management LLC

S64 Capital / Ares

Stepstone Group

Stoneshield Capital

TD Asset Management

The Rohatyn Group

Work highlights

  • Advised Insight on the structuring, establishment and launch of two Luxembourg partnerships, as well as two Luxembourg limited liability companies each acting as general partner to the Luxembourg partnerships.
  • Advised Stoneshield on the structuring, establishment and launch of a Luxembourg corporate partnership limited by shares qualifying as a Luxembourg reserved alternative investment fund (RAIF) as well as a Luxembourg limited liability company acting as general partner to the partnership.


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.

Practice head(s):

Géraldine Léonard


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.

Practice head(s):

Anne-Gaëlle Delabye

Other key lawyers:

Philippe Burgener; Milan Hauber; Anne-Sophie Lliteras


The sense of exceptionally reliable grounding in black letter law and regulation together with practicality and commercial awareness is most reassuring.’

‘Experts in funds and fund structuring including regulatory and tax.’

‘It is a well-organised team that responds well to the needs of a sophisticated fundraise.’

‘The team has an exceptionally strong combination of regulatory expertise, commercial awareness, prompt turnaround of work, sensible fees and clear communication.’

‘Anne-Gaëlle Delabye is an outstanding partner with an excellent knowledge of Luxembourg’s funds practice. She is result driven and very proactive.’

‘Anne-Gaëlle Delabye provides the sort of quality we associate with the best Magic Circle practitioners, at an excellent price point.’

‘Milan Hauber provides well-structured, timely, responsive and practical advice.’

Key clients

Quintet Private Bank

Pictet Alternative Advisers

Julius Baer

Work highlights

  • Assisted Partners Capital, an outsourced investment office that serves endowments, foundations, pensions and investment professionals, on the migration of its $3.2bn Cayman Islands open-ended fund to Luxembourg.
  • Assisted Banco Inversis, S.A. on the acquisition of an indirect stake in Luxembourgish company Adepa Group.
  • Assisted a longstanding client, which is a major international SEC-registered investment adviser and private credit firm, in the setup and launch of three of its impact funds, including on the day-to-day regulatory and corporate matters related to the structures previously put in place by the team on the implementation of Article 8 SFDR.

Simmons & Simmons in Luxembourg

Acting on its own as well as often working alongside firmwide practitioners based in other key global fund centres, Simmons & Simmons in Luxembourg delivers a partner-led service to fund managers on the formation of regulated or unregulated Luxembourg investment funds deploying illiquid investment strategies. In this context, the firm has its 'finger on the regulatory pulse', ensuring that clients are kept abreast of changes in the market that may impact their businesses. The 'solutions-oriented and results-focused' Augustin de Longeaux is noted for his strong fund structuring expertise and overarching regulatory aptitude particularly as these relate to real estate, infrastructure, debt and private equity strategies. Pieter Leguit co-heads the team alongside de Longeaux.

Practice head(s):

Augustin de Longeaux; Pieter Leguit

Other key lawyers:

Céline Reymond; Ugo Gargiulo


‘They have their finger on the regulatory pulse and in many ways act as a news broadcaster alerting their clients and prospective clients to obscure events that may impact their businesses.’

‘Senior and experienced team committed to providing high-quality services/advice. Very good knowledge of the private equity industry/market in Europe as well as in the US.’

‘The team are fairly commercial and attuned to our needs, having developed a close relationship over a number of years. They have been useful on fund formation matters and are well known in the market, such that third-party asset managers have a level of trust in their abilities when acting on our behalf.’


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.

Practice head(s):

Edouard d’Anterroches; Victorien Hémery

Other key lawyers:

Dayana Bert; Jeannette Vaude-Perrin; Théophile Laugier; Yoann Daou


‘Very good team with deep market insight.’

‘The team stands distinctively in the market due to its holistic, client-centric approach. I can testify that they are absolutely phenomenal and it’s a real strong multi-disciplinary team. This means that no matter the issue – whether it’s regulation, tax intricacies, negotiation, or formalities – we have the assurance that there’s an expert to guide us. They don’t just provide a solution; they provide the best solution tailored to our needs.’

‘What makes them different is their deep knowledge of AIFMD and of the fund environment. On top of that, they’re one of the few to be able to think out of the box.’

‘Good strength in depth, responsive and technically excellent. We feel very comfortable presenting with the Stibbe team to clients as a single team.’

‘Victorien Hémery stands out by his command of the legal aspects of the private equity and general knowledge of the industry.’

‘Victorien Hémery has an unparalleled ability to quickly get to the root of complex issues, ensuring that no time is wasted in addressing critical challenges. His vast knowledge and competence never cease to impress.’

‘Victorien Hémery, Edouard d’Anterroches and Theophile Laugier are all very reliable, technically excellent and commercial lawyers – we are very happy to work with them!’

Key clients

DLE Living GmbH (member of DLE AG Group)


LRO Hospitality

Henderson Park

Kennet Partners

Edmond de Rothschild Private Equity Luxembourg S.A.

Roch Ventures


AEW Europe LLP and AEW S.à r.l.

Luxempart Capital Partners

Spex Capital Ltd


Mouro Capital

Cube Infrastructure Managers

Work highlights

  • Advising Spex Capital Ltd on the structuring of an impact private equity investment fund, in the form of a corporate partnership limited by shares qualifying as a reserved alternative investment fund (RAIF) focusing on the Medtech sector, primarily in the UK.
  • Advising Henderson Park on the setup and launch of Henderson Park Real Estate Fund II SCSp as well as on various feeder funds and the organisation of the various closings of the fund.
  • Advising Manhattan Venture Partners on the structuring of a venture capital to late stage co-investment platform in the form of an SCSp-RAIF, with multiple compartments designed to offer selected deal-by-deal co-investment opportunities to European institutional investors.


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.

Practice head(s):

Virginie Leroy; Jevgeniy Nesch

Other key lawyers:

Astrid Vaillant


‘It is a well-resourced team that is diligent and responsive.’

‘Professional hands-on approach with great technical skills – get the things done.’

‘Virginie Leroy is great to work with – she is available and attentive.’

‘Jevgeniy Nesch provides pragmatic and commercial advice. They are the standout partners we go to.’ 

‘Jevgeniy Nesch is particularly strong on transactions where German law concepts and intricacies are of importance.’

‘Jevgeniy Nesch is highly knowledgeable and responsive, well-connected and able to put clients into contact with the right people.’

Key clients

Alberta Investment Management Corp.

AECF (Africa Enterprise Challenge Fund)

Azzurra Capital Management FZE

Azzurra Capital Investments SCSp, SICAV-RAIF

Bluefield Partners LLP / Revive Solar

Green Capital Invest





Jindal Group

Lamar Developments


Peakside Capital Investors

Pictet Alternative Advisors (Europe) S.A.


ARB Investment Partners SCSp

GreyStar Equity Partner Asia Pacific


Work highlights

  • Assisted Azzurra Capital Investments on the structuring of a multi-compartment fund structure investing in high-quality PE.
  • Advising on the establishment of a €150m RAIF fund for Bluefield Partners LLP, dedicated to investing in solar photovoltaic, wind, hydro, and storage technologies across Western Europe and the Nordics.
  • Advised AIMCo, a large North American investment manager, on the establishment of a SIF sub-fund pursuing an opportunistic real estate investment strategy with elements of para-hotel services.

Bonn & Schmitt

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.

Practice head(s):

Marcel Bartnik

Other key lawyers:

Alex Schmitt


‘The firm has excellent experience in the financial sector.’

‘Marcel Bartnik is commercial, astute and very responsive.’

Marcel Bartnik is very knowledgeable and reliable.’

Key clients

BANCA GENERALI Fund Management

NATAM Management Company

Zurich Administradora General de Fondos S.A. / ZCH AM SICAV


Eversheds Sutherland (Luxembourg) LLP

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.

Practice head(s):

José Pascual

Other key lawyers:

Claudia Hoffmann; Bernard Elslander; Clément Petit


‘The experienced, well-staffed and client-focused team has attracted both large and mid-sized asset managers over the past few years. They have demonstrated experience in setting up private debt, real estate or venture capital investment funds and they master all types of alternative investment funds.’

With excellent insight of market practices, LPs’ expectations, GP constraints and attention to detail, they have developed an impressive ability to draft and negotiate partnership agreements, including complex provisions (eg carried interest, employee incentives).’

‘The responsive team is knowledgeable in AIFM and Luxembourg investment funds matters. They can be trusted to provide not only the legal interpretation of the regulation but also advice on a practical and pragmatic implementation adapted to each business.’

‘José Pascual is a great lawyer who is very effective at managing complicated situations.’

‘Claudia Hoffmann has an in-depth knowledge of the investment fund environment. She is a master of chess when it comes to structuring. She has an outstanding ability to anticipate points of attention and can juggle not only with contractual, regulatory, but also financial aspects, tax considerations and practical constraints that may impact the asset manager.’

Key clients

IVAF I Manager (DB Real Estate Iberian Value Added I S.A., SICAR)

MEF I Manager, S.á.r.l. (RREEF Moroccan Explorer I S.A., SICAR)

iAM Invest Ltd (IaM Capital Fund SCA SICAV-RAIF – Psagot Value Properties (Integrated Investments SICAV-SIF)

Ahorro Corporación Financiera, S.A.U. (ACF Atitlan S.C.A. SICAV-RAIF)

Gestfond 2012 SL (OD Residential II, SCA SICAV-RAIF)

CT Europe Residential FCP-RAIF (legal opinion & side letter)

Laurion AM, S.à r.l.

March Asset Management S.G.I.I.C. S.A.U. (March International S.A. SICAV-RAIF)

NextEnergy Capital Limited (NextPower V SCSp)

Quilvest Capital Partners S.A.

OEL Fund Services S.à r.l. (OEL SCA SICAV-RAIF)

Townsend Holdings LLC

Mediterranean Holdings Ltd

Sura Investment Management Mexico S.A DE C.V., S.O.F.I. (AM Sura)

Banque de Patrimoines Privés

London and Oxford Capital Markets Limited (Cyanstone Investment Fund SCA SICAV-RAIF)

Riva Murano General Partner S.à.r.l. (Riva Murano Feeder SCA, SICAV-RAIF)

Beka Finance Sociedad de Valores SA

GAR Investment Managers (Garim S.C.A., SICAV-SIF)

Grupo Inversus ((NAME) SCA SICAV-RAIF)

Blossom Capital Sarl

Primis Investment (Swiss) S.A.

Block Asset Management Sarl

Work highlights

  • Advising Sura Investment Management Mexico S.A DE C.V., S.O.F.I. on the UCITS AM SURA.
  • Advising the Banque de Patrimoines Privés on its regulatory obligations.
  • Advised NextEnergy Capital, a leading global solar specialist in the renewables sector, on the structure, launch and first close of its fifth investment vehicle NextPower V ESG (NPV).

Luther S.A.

Drawing upon a 'good level of knowledge' of the industry, Luther S.A. has gained particular traction among mid-market fund managers and first-time market entrants, which are appreciative of its 'pragmatism, problem-solving skills and cost-effectiveness'. Team head Hervé Leclercq is a 'dynamo of energy', who very effectively marshals the firm's resources to enable the formation of alternative funds, including a considerable amount of reserved alternative investment funds (RAIFs). Counsel Daniel Krauspenhaar is additionally recommended and has 'a good overview of complex structures and relationships and also quickly grasps supervisory law issues in the cross-border area'.

Practice head(s):

Hervé Leclercq

Other key lawyers:

Daniel Krauspenhaar


‘We really appreciated their pragmatism, problem-solving skills and cost-effectiveness.’

‘Good level of knowledge and very solutions oriented.’

‘The team is very friendly, dynamic and flexible. They always put the clients’ needs first to find the best solution.’

Key clients

Adara Venture Partners III

Avellinia Capital

Aztec Financial Services (Luxembourg)

Belasko Group Limited

Chahine Capital

DAA Capital Partners

Endurance Capital Vietnam II SICAV – RAIF

ENERIS (Holding Financière Céleste S.A.)


Innpact Fund Management S.A.

Japan Fund Management (Luxembourg) S.A.

NOAH ReGen S.à r.l.

Nordic Credit Partners

PG Europe S.à r.l.

Proxy P Management

Savills Investment Management (Luxembourg)

Vault (Azur & Partners)

Work highlights

  • Assisting GAWA CAPITAL PARTNERS with the establishment of its second microfinance fund, which was established as a SICAR qualifying as a European Social Entrepreneurship Fund (EuSEF), to take the form of an SCA investing in social investment programmes for the development and growth of social enterprises.
  • Assisting ENERIS with the establishment of a fund taking the form of a SICAR SCA investing in green energy and infrastructure companies in the DAK region, with a focus on Poland.
  • Advising Vault on the establishment of a fully authorised AIFM to be supervised by the CSSF to manage AIFs.

Norton Rose Fulbright

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.

Practice head(s):

Claire Guilbert; Geoffroy Hermanns

Other key lawyers:

Cyril Clugnac


‘I highly recommend Norton Rose for their expertise in the structuring and organisation of regulated and unregulated investment funds, especially in AIFMD, AML/CFT.’

‘The team is approachable, responsive and client oriented. They always take the time to address our concerns or issues and they have a very good practice of the corporate law.’

‘Claire Guilbert is responsive and very commercial.’

Key clients

Tristan Capital Partners

Unigestion S.A.

DFC in consortium with Swedfund

Mindston Capital

FMO (Nederlandse Financierings-Maatschappij)

African Development Bank

LCN Capital Partners

AXA Investment Managers

BLI – Banque de Luxembourg Investments

Conning Holdings Limited

Chimera Capital


NewSpace Capital


Shift Capital SCSp

Work highlights

  • Advised Unigestion SA, a Swiss independent specialist asset manager, in the structuring, setup and launch of its third direct private equity fund.
  • Advised Conning Holdings Ltd (Conning), a leading global asset manager, and its shareholder, Cathay Life Insurance Co., Ltd (Cathay Life), on Conning’s acquisition by Generali Investment Holdings S.p.A. (GIH), the asset management arm of Italian insurer Generali Group.
  • Advising the United States International Development Finance Corporation and Swedfund International AB with respect to their cornerstone investment in the Gigaton Empowerment Fund, a Luxembourg SICAV-RAIF with a French AIFM and an investment manager based in the US and East Africa.

Pinsent Masons

Since it absorbed much of Wildgen’s legacy practice when that firm disbanded in July 2022, Pinsent Masons has effectively leveraged the ties Wildgen had with the larger international footprint at its disposal to good effect, when aiding fund managers engaged in a myriad of alternative investment strategies. Mark Shaw, who splits his time between London and Luxembourg, ‘understands both markets’ and has developed a specialism in assisting UK-based clients with expanding their offering into Luxembourg, supported by senior associate Dady Kasa-Vubu. The team’s core Luxembourg offering was also recently enhanced by the arrival of Benoît Rose, who now heads the group after departing Ogier in August 2023; Jan Saalfrank, who departed Arendt & Medernach in February 2023; as well as Lissie Goldbach, who joined from AKD in May 2023.

Practice head(s):

Dr. Jan Saalfrank; Benoît Rose; Mark Shaw

Other key lawyers:

Dady Kasa-Vubu; Lissie Goldbach


‘This practice is unique as Mark Shaw has developed a specialism in assisting UK-based clients expand their practice into Luxembourg. He understands both markets and is able to advise on both the regulatory landscape and the market.’

‘Mark Shaw understands the venture capital market in Luxembourg and is therefore able to give very practical advice and assist as we develop our strategy to enter and expand in the Luxembourg market.’

Key clients


Guardian Management


Global Stability Fund SCS SICAV-RAIF


Work highlights

  • Advised Unilever on its investment and role in establishing the Regenerative Agriculture Fund, a €1bn Article 9 fund under SFDR, for which impact (and specifically regenerative agriculture) was key to the investment focus and the economic incentives of the investors and the investment manager (Tikehau Capital).
  • Assisted ValueInvest throughout the implementation of SFDR and advised the client on its compliance with disclosure requirements.
  • Assisting Guardian Management in establishing a pair of RAIFs investing in US life settlement policies.

Chevalier & Sciales

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.

Practice head(s):

Olivier Sciales; Cécile Rechstein

Other key lawyers:

Diane Besson

CM Law

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.

Practice head(s):

Max von Frantzius


‘The team provides a personalised and bespoke legal service.’

‘Max von Frantzius is highly astute and is very highly recommended.’ 

‘Max von Frantzius combines in-depth knowledge and expertise with a pragmatic approach to solutions.’

‘Max von Frantzius is an execution-driven leader. He understands the economics behind projects and drives a process cost-conscious.’

Key clients

First Net Zero Investment Management Ltd

Fuchs Asset Management SA

Quintet Private Bank (Europe) SA

Trustmoore Luxembourg SA

Energreen Impact GP S.à r.l.

Flavorex EnvironmentalCare B.V.

Consulting & Trading GmbH

Supran Consulting GmbH

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

Vektor Partners LLP

Aurin Investment Group GmbH

IntReal Luxembourg S.A.

Augsburger Aktienbank AG

VP Fund Solutions (Luxembourg) S.A.

LRI Invest S.A.

Iberia Industry Capital Group S.A.

Pure Capital S.A.

Luxembourg Management Office S.à r.l.

REDS Real Estate Distribution & Services GmbH

Work highlights

  • Structured and successfully established a complex Art 8 SFDR compliant investment fund under the Law of 23 July 2016 on Reserved Alternative Investment Funds (RAIF), as amended.
  • Structured and successfully established an Art 8 SFDR compliant investment fund under the Law of 17 December 2010 on Undertakings for Transferable Securities (UCITS), as amended.

Debevoise & Plimpton LLP

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.

Practice head(s):

Christopher Dortschy

Other key lawyers:

Mathieu Voos


‘They are extremely knowledgeable and easy to work with, they keep attention to detail and make themselves available at any time. They are very proactive and always deliver in a timely manner. They are respectful towards each other and the client, which further contributes to the collaboration.’

‘Christopher Dortschy is able to maintain a great balance between being formal when needed but also relaxed and informal when the situation allows, which I greatly appreciate.’

Key clients

Tishman Speyer

Flexstone Partners

Clayton, Dubilier & Rice

Park Square Capital

Work highlights

  • Setup of Tishman Speyer European Real Estate Venture IX SCSp, SICAV-RAIF, Tishman Speyer’s ninth Europe focused flagship fund.
  • Setup of LCP X (Luxembourg) Master SCSp and LCP X (Luxembourg) SCSp, the master-feeder Lux sleeve of Lexington Capital Partners X, LP (a Delaware limited partnership), Lexington flagship fund.
  • Setup of Clayton, Dubilier & Rice Fund XII (Luxembourg), SCSp, CD&R’s newest US$23bn+ flagship fund.


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.

Practice head(s):

Jean-Luc Fisch

Other key lawyers:

Maria Rodriguez


‘The team has good local knowledge and provides efficient and responsive advice.’

Jean-Luc Fisch is exceptional.’

Key clients

Liquidity Capital

Fort Partners

Palladium Group

Care Enterprises Inc.


Work highlights

  • Advising the Palladium Group on the setup 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.
  • Assisting CARE Enterprises, founding fund partner and impact fund manager, in setting up and managing a fund structure that supports US and global investments to economically empower women in the region.
  • Advised FMO and KfW in their investment into a new Luxembourg-based Asian fintech fund, where FMO was an anchor investor.


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.

Practice head(s):

Pierre De Backer; Emmanuelle Bauer


Forming a key part of the firm's global private funds offering, Goodwin's Luxembourg office regularly works alongside its London and US offices on behalf of fund managers establishing Luxembourg-based structures to facilitate investment across a range of strategies. Splitting her time between Luxembourg and London, team head Alexandrine Armstrong-Cerfontaine is acclaimed for her private equity and debt fund formation work, where she is appreciated for her 'solutions-driven' advice.

Practice head(s):

Alexandrine Armstrong-Cerfontaine

Other key lawyers:

Oana Millich; Philip Spilberg; Marianna Spyropoulou


‘Investment fund and private equity in particular is the DNA of this firm. Goodwin is a private funds practice specialist.’

‘Alexandrine Armstrong-Cerfontaine is acclaimed for her strong private fund formation work with private equity and debt fund in particular – she is solutions-driven and has excellent business understanding.’

Key clients

Macquarie Green Investment Group

Bregal Unternehmerkapital

G Squared

Kharis Capital

NBD Ventures

Five Arrows


Neuberger Berman


Platina Partners

Prime Group Holdings

LGT Capital Partners

American Postal Infrastructure

AUM Asset Management


Glennmont Partners (Nuveen)


TA Associates



Kennedy Wilson

Work highlights

  • Advised ICG on the structuring and fundraising of its eighth European Corporate fund.
  • Advised Neuberger Berman on its fifth global private equity secondary fund, NB Secondary Opportunities Fund V LP.
  • Advised Prime Group Holdings, LLC on the successful closing of its third flagship self-storage fund, Prime Storage Fund III, LP, at the fund’s hard cap of $2.5bn, exceeding its $1.5bn target.

Linari Law Firm

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.

Practice head(s):

Vincent Linari-Pierron

Other key lawyers:

Aleksejs Ketovs; Joanna Mascherin


‘The firm is very focused on entrepreneurial thinking.’

‘Very small but agile team that provides pragmatic, cost-effective and proactive advice.’

They have exceptional knowledge in investment funds covering a range of assets.’

‘Linari Law Firm embraces multilingualism as an additional strength. Their ability to communicate and navigate legal complexities in multiple EU and non-EU languages not only enhances accessibility for a diverse range of clients but also fosters a global perspective that can be invaluable in today’s interconnected business world.’

Team members have consistently demonstrated exceptional qualities and are very focused on entrepreneurial thinking. They have a deep understanding of our business activities and provide a high-quality service to achieve optimal results.’

They have introduced several innovative practices that enhance the overall client experience. This includes leveraging technology to streamline processes, ensuring efficient and cost-effective services.’

Vincent Linari is a great professional. Very knowledgeable about the market trends and regulatory evolution. Available 24/7 to answer asset managers’ questions.’

PwC Legal Luxembourg

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.

Practice head(s):

Mathieu Scodellaro


‘They provide very responsive, detail-oriented and timely advice.’

‘The strengths of the practice are undeniably their reactivity and exhaustive approach, not content with simply answering the direct problem but anticipating any other development useful to the project.’

‘PwC Legal Luxembourg is truly exceptional. This firm’s legal expertise, unwavering commitment to our organisation’s best interests, and remarkable ability to navigate intricate legal complexities set it in a league of its own.’

White & Case S.à r.l.

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.

Practice head(s):

Thierry Bosly; Arnaud Cagi-Nicolau; Thomas Glauden

Other key lawyers:

Olivier Poinsignon; Konstantinos Strakas


The very friendly and client-focused team provides solutions-oriented and pragmatic advice.’

‘Arnaud Cagi-Nicolau is a strong professional, has huge knowledge across all aspects of investment fund structuring and engages with the client.’

‘Olivier Poinsignon is a great person to work with, always available, calm, highly skilled and provides the best advice in a very comprehensive manner for the client.’

Key clients

Storebrand Asset Management

Cubera International


International Maritime Industries

Explora SA / African Minerals Exploration and Development (AMED) Fund II SICAR


BC Partners

Work highlights

  • Advising BC Partners from a Luxembourg law perspective on the structuring and establishment of its third investment programme pursuing a credit investment strategy and denominated BCP SOF III.
  • Advised International Maritime Industries, Inc in connection with the setup of GMF Global Maritime Fund RAIF V.C.I.C. plc.
  • Advised Belgian-based private equity investor Cobepa on its acquisition of Ned Stevens, one of the leading gutter cleaning and home maintenance service providers in the US, from AVALT.