Investment funds in Luxembourg

Allen & Overy Luxembourg

Led by the 'knowledgeable and responsiveJean-Christian SixAllen & Overy Luxembourg's three-partner team provides 'clear and pragmatic advice' to retail and alternative investment funds establishing regulated and unregulated Luxembourg fund vehicles. The team is praised for its ability to 'advise on highly technical and complex matters', including a considerable amount of recent work relating to the establishment of credit/debt funds, as well as a growing number of social impact funds – an area that the 'hands on and responsiveYannick Arbaut is particularly accomplished in. Counsel Joanna Pecenik  is also a key member of the team and, as well as being the primary contact for French clients, is also active on behalf of development finance institutions on their investments in alternative asset classes established in Luxembourg, as well as on co-investments in such funds.

Practice head(s):

Jean-Christian Six

Other key lawyers:

Yannick Arbaut; Pierre Schleimer; Joanna Pecenik; Miao Wang


The team is highly knowledgeable and responsive and can advise on technical and complex matters. It is able to provide clear and pragmatic advice and is not afraid to take a position where other firms may rely on the absence of clear guidance.’

The outstanding team has provided excellent advice across multiple areas, including regulatory aspects in many jurisdictions, tax advice, credit and investment fund documentation.’

Jean-Christian Six is highly knowledgeable and responsive.’

Jean-Christian Six has an in-depth knowledge of the investment funds market.’

Yannick Arbaut is hands-on and available when needed.’

Yannick Arbaut provides clear and pragmatic advice with with the greatest possible legal accuracy.’

The hardworking Miao Wang is very engaged for her clients and is extremely efficient in advising and drafting fund documentation.’

Key clients

European Investment Bank (EIB)

European Investment Fund (EIF)



Ares Management

Edmond de Rothschild Asset Management

Algebris Investments

DNB Asset Management

AXA Investment Managers


Althelia Funds (Mirova Group)

Work highlights

  • Advised EIB, in partnership with the European Commission, on the establishment of the European Innovation Council (EIC) fund, a new venture capital fund offering support in the form of funding grants and equity investment for breakthrough innovation (deep-tech in particular) SMEs.
  • Advised DNB Asset Management on the launch of a Luxembourg debt fund structured as a European long-term investment fund (ELTIF), a pan-European regime for alternative investment funds.
  • Advised Althelia Funds (part of Mirova Natural Capital – an affiliate of Natixis Investment Managers) on the establishment, ongoing legal operations and closing of the Althelia Sustainable Ocean Fund.

Arendt & Medernach

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 KremerMichèle 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.

Practice head(s):

Gilles Dusemon

Other key lawyers:

Claude Niedner; Claude Kremer; Michèle Eisenhuth; Isabelle Lebbe; Pierre Beissel; Florence Stainier; Adrian Aldinger; Yves Laxroix; Camille Bourke; Francis Kass; Henning Schwabbe; Stéphane Karolczuk; Rodrigo Delcourt; Nicolas Bouveret


The team has an outstanding grip on the market and deep knowledge of investment funds and cross-border structures.’

They are often engaged in cutting-edge products and at the forefront of the fund industry.’

‘The funds team is a critical partner to our business, helping us to navigate the Luxembourg regulatory framework. It shows an excellent ability to connect with and appropriately challenge the regulator.

Arendt & Medernach provides a tailor-made service, with an excellent knowledge of the Luxembourg legal and regulatory environment. They are reactive and listen to the client’s needs.’

Isabelle Lebbe showed availability, commitment, and reliability. She provides thorough and strong analysis on difficult subjects.’

Michèle Eisenhuth is a lynchpin, connecting the Luxembourg funds industry with regulators for the CSSF. She is an invaluable advisor given her industry experience, role within ALFI and appreciation of Luxembourg’s intricate regulatory practice.’

‘Adrian Aldinger is very involved and hands-on.’

Gilles Dusemon is a stand-out practitioner: charming, likeable, easy-going with broad and deep technical expertise and amazing contacts in the Luxembourg funds industry, particularly on the regulatory side.’

Key clients





Goldman Sachs International



Partners Group AG


Morgan Stanley

Work highlights

  • Advising Norvestor in the structuring and setting–up of their Luxembourg authorised alternative funds manager (AIFM) (i.e. Norvestor Investment Management S.à r.l.) in order to manage alternative investment funds initiated by Norvestor.
  • Assisted longstanding client, French Global Asset Manager Amundi, in the setting-up of Green Credit Continuum (Greco) fund, having the European Investment bank as main sponsor and with a total target size of €1bn aimed at democratising green finance, beyond green bonds.
  • Assisted European private equity firm, Montagu Private Equity, on the establishment of a Luxembourg alternative investment fund (the “AIF”), Montagu Fund VI, as a parallel fund to a UK main fund.

Clifford Chance

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.

Practice head(s):

Emmanuel-Frédéric Henrion; Paul Van den Abeele; Kristof Meynaerts

Other key lawyers:

Maren Stadler-Tjan; Magali Belon; Christian Lennig; Bart Denys; Oliver Zwick; Matthias Kerbusch


Kristof Meynaerts is very competent and experienced within the fund market, and he values feedback and ongoing evaluation in order to be sure to deliver precisely what the client is looking for. His excellent network, general knowledge of the market and trends also provides clients with added value.’

Key clients

Credit Suisse Asset Management



PATRIZIA Real Estate

Three Hills Capital Partners


Arcus European Infrastructure


Work highlights

  • Advised Patrizia on the establishment of a Master-Feeder vehicle for a club of institutional investors for the acquisition of a pan-European portfolio of 42 logistics assets for approximately €1.2bn.
  • Advised Arcus Infrastructure Partners on the establishment of its second fund, Arcus European Infrastructure Fund 2.

Elvinger Hoss Prussen

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 experiencedJacques 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.

Practice head(s):

Jacques Elvinger

Other key lawyers:

Sophie Laguesse; Xavier Le Sourne; Sophie Dupin; Olivia Moessner; Joachim Cour; Jeffrey Kolbet


At the firm, you will receive as a client the same opinion and advice whether you ask one team or another, and you can be assured that this will correspond to the most up-to-date rules and in line with best practices and regulator guidelines.’

I worked with several partners and associates and what makes them different is their pragmatism while having a very high level of technical knowledge.’

Partners and associates in the investment fund practice are very competent and well aware of Luxembourg regulatory and peer practices.’

The team is very experienced, has good attention-to-detail and looks to add value wherever possible.’

The firm is pragmatic and commercial and has a good working relationship with the regulator and so is able to deliver advice you can trust.’

Jacques Elvinger is vastly experienced.’

In the private equity sector, Sophie Laguesse has shown to be very competent and efficient.’

Sophie Laguesse is very competent and solutions-oriented.’

Xavier Le Sourne and Jeffrey Kolbet make themselves contactable at short notice, provide practical solutions and have deep market insight. They are always willing to think outside-the-box and are pragmatic in their approach.’

Joachim Cour is a stand out partner.’

Key clients

Thomas Lloyd Group




Blue Horizon Management AG

Silverhorn SICAV SIF

Frutas SCSp

DB Platinum

Capital International Management


Work highlights

  • Advised Idinvest Partners in relation to the establishment of a direct lending fund, Idinvest Private Debt V SCSp SICAV-RAIF.
  • Advised Pantheon on its inaugural debt fund of funds.
  • Assisted Blue Horizon in setting-up a Luxembourg limited partnership impact investing in new food technologies to help building up an entire new ecosystem in plant-based food.


Acting on its own, as well as alongside practitioners from across key jurisdictions, including London, Frankfurt, New York and Hong Kong, Linklaters' three-partner team is able to provide a seamless service to investment banks, asset managers and global custodians on their most sophisticated and innovative transactions, fund set-ups and fund servicing mandates. Silke Bernard is ever-present in the alternative funds space, not only in relation to client fee-earning work but also at a lobbying and trade association level. Hermann Beythan co-heads the three-partner team alongside Bernard and is noted, in particular, for his debt and real estate funds structuring and Brexit-related regulatory expertise.

Practice head(s):

Silke Bernard; Hermann Beythan

Other key lawyers:

Martin Mager; Josiane Schroeder; Claire Prospert; Elodie Michaud; Raoul Heinen; Sarah Bouazzouz; Arnaud Godfroid; Adrien Timmermans

Key clients

Partners Group


Standard Life Aberdeen Plc



Work highlights

  • Advising Partners Group across a wide range of Luxembourg-based investment vehicles.
  • Acting for Swiss asset manager GAM, on the ongoing advice to many of its flagship funds and private level funds, as well as in designing their sales force for both investment funds and managed accounts post-Brexit.
  • Advised Aberdeen Asset Management on the setting-up of a value-add residential real estate closed-ended fund which will invest predominantly into real estate in Japan and other “winning cities”across Asia-Pacific.

Loyens & Loeff

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.

Practice head(s):

Marc Meyers

Other key lawyers:

Vassiliyan Zanev; Pieter Leguit; Jérôme Mullmaier; Frank van Kuijk; Veronica Aroutiunian


The lawyers are friendly and responsive business-enablers.’

It is a market-leading firm in respect of investment funds in Luxembourg, with a deep knowledge of applicable law, a commercial focus and a wide view of the market. They have good connections with the Luxembourg regulator, are flexible and practical in their advice and are always available at short notice if required.’

In my opinion, Marc Meyers is Luxembourg’s top investment funds lawyer. He is always available on short notice when required, has deep expertise and experience in Luxembourg law and regulation affecting funds and similar structures and manages his team well to deliver results for us and our clients.’

Marc Meyers shows a level of commercial awareness and an outcome-focused mindset that is often lacking for lawyers in Luxembourg. Marc is always our first choice when instructing or recommending Luxembourg investment funds counsel.’

The very knowledgeable and responsive Veronica Aroutiunian provides top-notch legal advice.’

Key clients

Breakthrough Energy Ventures, LLC

BlueBay Asset Management

CBRE Global Investors, LLC

Morgan Stanley

Brookfield Asset Management

EQT Partners

Partners Group

Trill Impact

AMP Capital

IK Investment Partners

Work highlights

  • Advised longstanding client EQT Fund Management on the Luxembourg legal aspects of the structuring of its €15bn EQT IX Fund.
  • Advised AlpInvest Partners B.V., a core division of The Carlyle Group, on the Luxembourg legal and regulatory aspects associated with the implementation and structuring of AlpInvest Secondaries Fund VII (ASF VII), seeking over $5bn in capital commitments.
  • Providing fund formation and fund regulatory advice on several impact funds, such as Trill Impact, expected to be one of the largest ESG-focused funds in Europe; Franklin Templeton Social Infrastructure Fund, the first real estate-oriented social impact infrastructure fund in Europe; and Taaleri Solarwind II.

Baker McKenzie

Benefiting from 'excellent insight and know-how of the Luxembourg market', and able to deliver advice through the lens of a global perspective – by virtue of shared know-how and resources across the firm's offices – Baker McKenzie's two-partner team is particularly well-positioned to assist global asset managers on their Luxembourg-related alternative fund strategies, as well as sovereign wealth and state-owned pension funds on the due diligence associated with potential investment in Luxembourg-domiciled funds. Laurent Fessmann excels at advising on private equity, hedge and real estate-related fund structuring, as well as on their ongoing operations. He jointly heads the team with Catherine Martougin.

Practice head(s):

Laurent Fessmann; Catherine Martougin


The team has excellent insight and know-how of the Luxembourg market.’

Key clients

Mitsubishi UFJ Trust & Banking Corporation


Invesco Real Estate – European Fund (IREEF)

Gaw Capital

Catella Residential Investment Management GmbH

Vickers Venture Partners

SEB Investment Management AB

Work highlights

  • Advised Mitsubishi UFJ Trust & Banking Corporation on the $2.9bn acquisition of Colonial First State Global Asset Management from the Commonwealth Bank of Australia.
  • Advised Apax France on the establishment and the launch of a Luxembourg private equity fund investing primarily in unlisted companies, including leveraged buyouts, in the EU.
  • Advised Invesco Real Estate on the acquisition of a prime logistic asset located in the Netherlands (Venlo) and the restructuring of a previous residential real estate assets investment (Holland Park).

Dechert Luxembourg

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 'exceptionalPatrick 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.

Practice head(s):

Marc Seimetz; Patrick Goebel

Other key lawyers:

Laura Rossi; Arne Bolch; Marianna Tothova; Christine Renner


It is a small, but very client-oriented and highly competent team.

Good access of senior partners, hands-on approach, good knowledge and experience in the Luxembourg fund industry.’

Very strong knowledge in alternative funds, in particular real estate.’

Patrick Goebel is an exceptional partner with a fantastic overview of industry practices.’

Patrick Goebel is very reliable and solution-oriented.’

Christine Renner is a meticulous associate, who is not shy to go into the details where the battle is won.’

Arne Bolch joined this team recently and strengthens the real estate investment fund knowledge of the firm.’

Key clients

European Capital Partners (Luxembourg) SA

ITI Funds

New Capital Fund Lux

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

Zadig Asset Management SA (formerly Zadig Gestion SA)

Work highlights

  • Advising European Capital Partners (Luxembourg) SA on the creation of additional sub-funds in their UCITS platform to be funded through a merger by absorption of sub-funds from another UCITS.
  • Advising ITI Funds UCITS ETF, under the form of a UCITS, on all legal and regulatory aspects including Benchmark Regulation, EMIR, etc.
  • Advised on the merger of several sub-funds of New Capital Fund Lux, a Luxembourg UCITS platform promoted by the EFG group.


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'.

Practice head(s):

Samia Rabia; Mevlüde-Aysun Tokbag; Mark Shaw

Other key lawyers:

Davide Giacomoni; Iya Martkoplichvili; Emma Massicard


The client-oriented team provides highly professional and very good advice.’

This practice has successfully developed a very unique and professional range of services that perfectly meets the expectations of its clients.’

Responsiveness and individual knowledge as well as pragmatic approach.’

The very hands-on team has a solution-oriented approach.’ 

Wildgen has the personal touch of a small firm but the expertise of a large practice. The team has a good knowledge of fund management and brings a large spectrum of expertise in several languages.’

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

Key clients

Chenavari Investment Managers

GREMI International

International Housing Solutions

Kara Investment Fund

Macquaire Investment Management Europe

Platinum Equity LLC

RWC Patners


Swiss-Asia Holding

Work highlights

  • Advised Spanish technology-driven independent private bank, SelfBank, on the establishment of its first proprietary alternative investment fund.
  • Assisted Platinum Equity on the acquisition of the Spanish Seafood Provider Grupo Ibérica de Congelados.
  • Assisted Gremi International on the establishment of a Luxembourg 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.

Bonn & Schmitt

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.

Practice head(s):

Alex Schmitt; Amélie Thevenart

Other key lawyers:

Maria Chiapolino


The team is very precise and scrupulous in treating all the matters brought forward to them.’

Key clients

Banca Generali

Fideuram Group

UBI Banca

Banca Di San Marino

EuroAmerica Administradora General de Fondos/ZC HAM SICAV


Work highlights

  • Advising Banca Generali across a range of work relating to its UCITS funds.
  • Advising Fideuram Group on filings and negotiations with the regulator regarding its UCITS.
  • Advising UBI Banca on regulatory matters related to its UCITS.

Bonn Steichen & Partners

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.

Practice head(s):

Evelyn Maher

Other key lawyers:

Isabel Høg-Jensen; Marylou Poncin

Work highlights

  • Advised a US asset manager on moving their suite of funds from a UK-based alternative investment fund manager to a Luxembourg-based alternative investment fund manager.
  • Assisted a Czech fund promoter with the establishment of a non-regulated alternative investment fund investing in SMEs and Small Mid-Caps primarily in the Czech Republic and Slovakia.
  • Assisted a real estate asset management group with the transformation of a reserved alternative investment fund to a SIF.


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-onAurélien 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'.

Practice head(s):

Aurélien Hollard; Benjamin Bada


It is one of the few teams that is able to think strategically with fund managers. With this team we have never been provided with an off-the-shelf solution pushed to tick most of the boxes. Quite the contrary; they offer a tailored approached, incorporating market forces, costs, governance principle, investment strategies, in order to best advise their clients.’

They have deep knowledge about the different types of funds, investment vehicles and structures which are best-suited for their clients.’

We have been very impressed with the strength-in-depth of the CMS Luxembourg team. They are able to cover both regulatory, tax and finance matters which has proven invaluable to servicing the requirements of our clients.’

CMS is able to advise on a wide range of investment products (regulated and unregulated structures) focusing on almost all asset classes.’

A very proactive team which provides an entrepreneurial mindset and a commercial outlook. Partners are always on top of things, and also supported by an outstanding team of associates.’

Aurelien Hollard combines expertise, innovation and interpersonal skills.’

Aurelien Hollard is one of the most client-centric partners I have worked with.’

Aurelien Hollard was always available and approachable. He provided specific support and guidance on important topics. He is also able to explain complex topics at the right level and guide on the risk profile of decisions.’

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

Key clients

Three Seas Initiative Investment Fund

Tristan Capital Partners

Aviva Investors



Orevon Venture Partners


Arcano Capital Partners

Universal Investment



Fuchs Asset Management

Sequoia Economic Infrastructure Income Fund

Work highlights

  • Advising Three Seas Initiative Investment Fund, 3SIIF, on its structuring and on the onboarding of new investors.
  • Advising Orevon Venture Partners on the structuring of three Luxembourg investment funds which will invest respectively in FinTech, InsurTech and Legal tech.
  • Advised Tristan on their closed and open end pan-European core plus and opportunistic funds, most recently Curzon Capital Partners 5 Long Life LP and European Property Investors Special Opportunities 5, including Brexit restructuring.

Hogan Lovells (Luxembourg) LLP

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.

Practice head(s):

Pierre Reuter

Other key lawyers:

Simon Recher


Hogan Lovells has the upsides of a big law firm (reputation, network, high standards) while also showing the upsides of a small law firm (dedication to the client, humility, capacity to listen to the client’s needs and critics).’

The team has excellent legal skills and the ability to provide solution-oriented advice for the client.’

Pierre Reuter and Simon Recher have proven very astute in listening to and understanding client needs. They made themselves easily available, allowing a close relationship, including when it involved co-ordinating with one of their foreign offices.’

Key clients


Timberland Investment Resources Europe

ACE & company

Work highlights

  • Assisted Timberland Investment Resources Europe in setting up their second investment vehicle in Luxembourg in the form of a RAIF.
  • Advising several banks and asset managers regarding the liquidation of (mainly real estate) Luxembourg investment funds.
  • Assisted ACE & Company regarding the full set up of a new Luxembourg investment vehicle, under the form of a RAIF, sponsored by the client.

Maples and Calder (Luxembourg) SARL

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.

Practice head(s):

Johan Terblanche

Other key lawyers:

Michelle Barry


The team has an excellent knowledge of the Luxembourg investment funds market, with the added advantage of “in-house” fund administration and domiciliation services through Maples Funds Services.’

The team is responsive and diligent.’

The team provides pragmatic and commercial advice.’

The commercial Johan Terblanche has an excellent knowledge of various Luxembourg fund structures.’

The exceptional Johan Terblanche is a top-notch lawyer with an extraordinary knowledge of market practice and latest technologies. His dedication is out of the ordinary and he always knows how to get the deal done with a satisfactory outcome.’

Johan Terblanche and Michelle Barry are helpful, responsive and commercial.’

Key clients

Neuberger Berman


Cardinal Capital Group

New Rhein Healthcare

Arrow Global Limited

River and Mercantile

Woodman Asset Management

Rezco Asset Management

The Rohatyn Group

Cape Ann Asset Management

Dinimus Capital

Crescendo Capital SA

Kieger AG

Pollen Street Capital

Insight Venture Management LLC

TRG Management LP

Work highlights

  • Advising Neuberger Berman on various issues following its acquisition of specialist ILS asset manager Cartesian Re, including (i) the approval of new managers to the general partner of the SCA and (ii) changes to the board of managers of the general partner of the SCA.
  • Advised Cardinal in relation to a Luxembourg partnership that forms part of its alternative investments strategy.
  • Advised Arrow in relation to a Luxembourg partnership qualifying as Luxembourg RAIF that forms the primary fund in debt strategy, and a number of feeder and sister funds.


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.

Practice head(s):

Luc Courtois

Other key lawyers:

Yoanna Stefanova; Peter-Jan Smet; Aisling Whelan


The team provides very practical and to-the-point advice.’

Luc Courtois is responsive and pragmatic in his approach. He is very strong on the legal and regulatory aspects of investment funds.’

Key clients


Argand Partners

Toscafund Asset Management LLP

Ersel Gestion Internationale SA

Nykredit Group


Nextam Partners SICAV

Danske Investment Management


Horizon Equity Partners

Work highlights

  • Advised on the set-up and launch of the very first Luxembourg EuSEF (European Social Entrepreneurship Fund).
  • Advised Nextam Partners SICAV on a migration process and approval with the Luxembourg supervisory authority.
  • Advised Danske Invest Management on nine mergers involving 20 funds of their two UCITS platforms.


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.

Practice head(s):

Anne-Gaëlle Delabye; Benoît Rose

Other key lawyers:

François Pfister; Virginie Gonella; Walid Sharara; Rebecca Mace-Balebs; Milan Hauber; Bernard Eslander; Céline Delinte; Valérie Kubwimana; Pierre Andriuzzi; Natalia Szumlakowska


The team provided a very timely and professional review of a complex set of documents.’

Benoît Rose’s industry experience is a significant advantage.’

Work highlights

  • Advising a growth stage venture capital firm on setting up a €200m fund with target sectors focusing on health, wealth, housing and mobility primarily in Europe.
  • Advised an independent French asset management company on the €1bn launch of new sub-funds.


Led by the 'detail-oriented and responsiveAntonios NezeritisAshurst has quickly gained a sizeable foothold in the local market, as a result of the team's 'high level of dedication to its clients' across the full spectrum of work associated with closed and open-ended funds. Nezeritis is 'very knowledgeable across different fund structures', including SIFs, RAIFs and SICARs, and alongside lawyers from the London office, also regularly advises on private equity and infrastructure funds-related mandates.

Practice head(s):

Antonios Nezeritis

Other key lawyers:

Marc Hirtz


The flexible team is very knowledgeable and always responsive.’

The investment funds practice shows a high level of dedication to its clients and is will go the extra mile to get there.’

The firm provides excellent legal knowledge combined with a thorough understanding of fund structures and of individual transactions.’

Antonios Nezeritis is very hands-on and knowledgeable across different fund structures. He is very detail-oriented, responsive and to-the-point.’

Key clients

Intermediate Capital Group plc

General Atlantic

Investec Asset Management (Pty) Ltd

Foresight Group

International Property Funds Management Pty


Negentropy Capital Patners LLP

Olea Gestion

Concerto IS

Mandatum Life SICAV-UCITS

Work highlights

  • Advised Foresight Group on the establishment of the Foresight Energy Infrastructure Partners Fund, which is focused on investing in European, sustainably-led energy infrastructure and secured commitments of €342m at its first closing.
  • Advised on the establishment of General Atlantic Partners (Lux) SCSp, a Luxembourg fund to sit within the global investment platform of General Atlantic.
  • Advised Investec on its second African Credit Opportunities fund (the second US dollar-denominated fund in a long vintage of Investec’s Credit Opportunities Strategy funds).

Chevalier & Sciales

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'.

Practice head(s):

Olivier Sciales

Other key lawyers:

Cécile Rechstein


The team is very responsive and well-organised.’

The legal products provided are always precise, clear and exhaustive; the client always receive solution-oriented advice with high accuracy.’

Olivier Sciales: besides his perfect knowledge of the investment fund industry and his multicultural mindset, what also stands out is his empathy with clients. Olivier is always able to anticipate client’s needs and can 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.

Practice head(s):

Eduard Koster

Other key lawyers:

Bruno Hrovat

Key clients

Tuspark Technology Investment Europe S.à r.l.

Covalis Capital Luxembourg II GP

Level One Investment SA

Quadriga Funds S.C.A., SICAV SIF

Canadian Imperial Bank of Commerce (CIBC)

Cogito Capital Fund I SCSp SICAV-RAIF

EC Private Equity Partners

MC Square

AQA Capital

Work highlights

  • Advised CIBC on its initial capital infusion of  C$550m to its Luxembourg bank subsidiary CIBC Capital Markets (Europe) S.A.

GSK Stockmann

Led by the 'experienced and responsiveDr Marcus PeterGSK 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.  

Practice head(s):

Dr. Marcus Peter

Other key lawyers:

Dr. Marcel Bartnik


The team is very competent in all matters of Luxembourg investment funds.’

Marcus Peter is experienced and responsive.’

Marcus Peter is extremely competent in all legal matters regarding the operations of investment funds in Luxembourg.’

Key clients

Universal Investment


Ethenea / Main First

BayernInvest Luxembourg

Hauck & Aufhäuser Group

LRI Invest SA

EQT Management SARL

MK LuxInvest SA

UBS Luxembourg

Brunswick Capital (Leimdörfer)

Work highlights

  • Advised Hauck & Aufhäuser Alternative Investments Services in relation to the creation of a new, innovative €300m RAIF product for its client Blackrock.
  • Advising VP Bank and the promoter DLE/Finomics AG pertaining to the restructuring of the Luxembourg fund Berlin Landbanking Fund SA-SICAV, with a fund value of approximately €300m.
  • Advising Valartis in relation to an investment carried out by Valartis German Residential Health Care SICAV-FIS.


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.

Practice head(s):

Rina Breininger; Jean-Paul Spang; Jeannette Vaude-Perrin


The team is experienced yet approachable and provides service-oriented advice.’

Jeannette Vaude-Perrin is extremely competent and professional.’

Simmons & Simmons in Luxembourg

Primarily focused on handling work within the alternative fund space (although enhanced on the UCITs front by the arrival in February 2020 of Matthieu Chambon from Wildgen), Simmons & Simmons in Luxembourg's five-strong team has an increasingly 'broad knowledge of the market and of the local and EU regulations applicable to investment funds'. Team head Augustin de Longeaux is 'skilled and approachable', and has a particular focus on real estate, infrastructure, debt and private equity funds.

Practice head(s):

Augustin de Longeaux

Other key lawyers:

Matthieu Chambon; Ugo Gargiulo


The team has a broad knowledge of the market and of the local and EU regulations applicable to investment funds.’

Augustin de Longeaux and Ugo Gargiulo are skilled and approachable lawyers, who have provided sound and competent assistance throughout the entire investment process.’


Work highlights

  • Advising several of the most significant global institutions on their Brexit planning.
  • Assisting with reviewing and negotiating fund documentation for an investment in a Luxembourg SIF regulated by the CSSF and managed by responsAbilityInvestments.
  • Advising a large institutional LP with regards to its investments in several Luxembourg infrastructure funds.

CM Law

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.

Practice head(s):

Max von Frantzius


Very knowledgeable, solution-oriented and responsive.’

Max von Frantzius has detailed knowledge of the Luxembourg fund market.’

Max von Frantzius is competent, pragmatic, result-oriented, connected and always available. He knows the issues, focuses on pragmatic solutions and has the network with the CSSF and local service providers to implement solutions in an efficient process.’

Key clients

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.

Finomics S.A.

Pure Capital S.A.

Luxembourg Management Office S.à r.l.

LCG Energy GmbH

REDS Real Estate Distribution & Services GmbH

BKN Capital SA

DS Kapital-Analysis GmbH

Work highlights

  • Structured and successfully established a complex private equity investment fund under the Law of 23 July 2016 on Reserved Alternative Investment Funds (RAIF) and its General Partner.
  • Structured and successfully established a complex real estate investment fund under the Law of 23 July 2016 on Reserved Alternative Investment Funds (RAIF), its General Partner and complex underlying special purpose vehicles.


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 knowledgeablePierre De Backer co-heads the team alongside Emmanuelle Bauer, and has significant experience advising clients that manage or offer alternative or novel investment products.

Practice head(s):

Pierre de Backer; Emmanuelle Bauer

Other key lawyers:

Chris McKenzie; Philippe Coulon; Ekaterina Vaahtera


The very knowledgeable team has a sound understanding of the funds industry in Luxembourg and Europe.’

They combine onshore and offshore know-how‘.

Pierre de Backer is very knowledgeable and always reachable.’

Key clients

Rothschild & Co

Banque Pictet & Cie

Finaccess Advisors LLC

Novastone Capital SA

MG Real Estate

Stonebury Capital

Compagnie Bancaire Helvétique SA

Bluefin Opportunities Fund

Work highlights

  • Advising Rothschild & Co across a range of regulatory matters, as well as advising on the closure and launch of sub-funds.
  • Acted for Pictet & Cie’s fund client on the restructuring and winding up of a fund and exit and winding up of five intermediary vehicles holding private equity investments in Taiwan.
  • Represented MG Real Estate’s founder on the formation of a RAIF setup as an investment company in risk capital (SICAR) to finance the acquisition of several pan-European prime equity real estate targets.

DLA Piper

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.

Practice head(s):

Catherine Pogorzelski

Other key lawyers:

Jacques Wantz; Caroline Pimpaud; Marceau Visano


‘The team benefits from a seamless integration across offices.’

The team is able to distill complex regulations so we can understand them, and has strong drafting and negotiating abilities.’

The firm provides technically good and business-savvy advice.’

Catherine Pogorzelski is easy-going, client- and business-oriented and technically good.’

Caroline Pimpaud is very responsive, provides clear guidance, and helps us understand market practices and how they’ll impact our business.’

Key clients

Bridge Investment Group

Expon Capital

DeA Capital

Kollektiva Jämförelser i Sverige AB

Zurich Investment Life Spa

Generali Investments Luxembourg

Generali Real Estate

Harbert Management Corporation

Adams Street Partners

The Athora Group

Heitman International LLC

Michelin Ventures


MiddleGame Ventures

Harrison Street

DTZ Investors

Work highlights

  • Advised investment management firm Harrison Street on the structuring, establishment and launching of a complex parallel fund structure composed of two RAIFs investing in student accommodation, healthcare assets and other specialty residential investments (such as micro-housing, the private rented sector, serviced apartments and co-living) in Europe and the UK.
  • Advised Generali Investment Luxembourg on the structuring and establishment of a multi-compartments and multi-strategies reserved RAIF platform, with each compartment being managed by different European portfolio managers.
  • Advising a fintech venture capital firm, MiddleGame Ventures, on the structuring, setting-up and launching of the MGV Fund I, a fund investing in early stage fintech startups developing new business models powered by advanced technologies.


Able to draw upon the firm's strong institutional ties with many sizeable global asset management firms, Goodwin's nascent Luxembourg-based investment funds group is well-placed to pick up a sizeable amount of private investment fund work for general partners. Team head Alexandrine Armstrong-Cerfontaine splits her time between the firm's London and Luxembourg offices and has particular expertise advising on private equity and debt fund structuring.

Practice head(s):

Alexandrine Armstrong-Cerfontaine

Key clients


Glennmont Partner

Allianz Capital Partners

Cordet Capital Partners

BauMont Real Estate Capital

Man Group

Kharis Capital

Slate Asset Management

Rothschild & Co (Five Arrows)

Denham Capital

Work highlights

  • Advised Macquarie Infrastructure and Real Assets (MIRA) on the structuring and fundraising of itslatest fund, Macquarie European Infrastructure Fund 6 (MEIF6). MEIF6 closed at its hard cap of €6bn– exceeding its target of €5bn.
  • Advised Glennmont Partners on the successful closing of its Fund III, which has raised €850m to invest in clean energy infrastructure projects in Europe.
  • Advised Allianz Capital Partners GmbH and Allianz Global Investors on the fundraising of Allianz European Infrastructure Fund S.A. RAIF, which raised approximately €860m of commitments in a period of just nine months.

Linari Law Firm

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 'excellentVincent Linari-Pierron takes the lead on most of the work and has also gained a strong reputation for ESG-related matters. 

Practice head(s):

Vincent Linari-Pierron; Guillaume Deflandre

Other key lawyers:

Aleksejs Ketovs


The team shows a very proactive and can-do attitude and achieves good results.’

It is a strong and responsive team that thinks-outside-of-the-box.’

Vincent Linari is always available and proactively helps me to serve my clients better.’

Vincent Linari is not only an excellent lawyer but he also has an innate flare for business, which allows him to understand the clients’ needs and thus help guide them in building an efficient business model with the most appropriate fund structure.’

Work highlights

  • Advised a Cayman Islands-based investment advisory firm on establishment of a €50m RAIF for investments in high-end real estate properties in Greece.    
  • Advised an investment company on the establishment of a special limited partnership for venture capital investments in the video gaming industry.
  • Advised a UK-based entity on establishment of a €100m Luxembourg special limited partnership structure for investments in the private education sector (schools, courses, education institutions and universities).

Luther S.A.

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.

Practice head(s):

Hervé Leclercq

Other key lawyers:

Edouard Albaret


The services we have received to date have been highly practical and efficient. They have members who are trained in Germany, France and Luxembourg which was helpful with certain clients.’

Hervé Leclerc is a very practical advisor. He does not get lost in legal wormholes, but rather focuses his advice on the important considerations such as risk and business implications.’

Key clients


Sustainable Growth Management /SUSTAINABLE GROWTH FUND II, SCSp, SICAV-SIF

Place Properties

Sustainable Growth Management/ Sustainable Growth Fund SCSp SICAV SIF

Square asset Management – SGFII SA

Nordic Credit Partners AB

Work highlights

  • Advised Innpact, a Luxembourg-based consulting company specialised in impact finance, on launching its fully-owned subsidiary, Innpact Fund Management SA.
  • Advising Sustainable Growth Management on the launch of their second fund Sustainable GrowthII Fund SCSp SICAV SIF.
  • Assisting Place Properties in relation to the establishment of a Luxembourg fund that qualifies as a RAIF, namely Place Properties S.C.A., SICAV-RAIF, with a target size of  €200m of assets under management at launch.


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.

Practice head(s):

Edouard d’Anterroches; Victorien Hémery

Other key lawyers:

Dayana Bert


The team is very client-focused and demonstrated great professional skills in each and every project we have been working on together.’

Key clients



Work highlights

  • Providing general Luxembourg legal and regulatory advice to French alternative investment fund manager Xerys Gestion, as well as to its Luxembourg affiliate entities.
  • Providing general Luxembourg legal, regulatory and tax advice to ICAMAP, its Luxembourg affiliates, as well as Luxembourg alternative investment funds being managed by ICAMAP.
  • Advised a major asset manager on the complete set-up of an investment structure specialised in the acquisition and remediation of brownfields sites using innovative and environmentally respectful processes, with a target size of €250m.