INTRODUCTION
The collective investment undertaking governed by Part II of the
UCI Law1 ("Part II Fund(s)")
may be traced back to the Law of 25 August 1983 on undertakings for
collective investment. It has regained considerable interest in the
past few years as alternative managers have sought to expand their
investor base and target nonprofessional investors with evergreen
vehicles, replicating in the European Union
("EU")2 strategies and terms
that were successful in the United States.
In doing so, these managers have selected Part II Funds that are
alternative investment funds ("AIF(s)"),
regulated by the Luxembourg Commission de Surveillance du
Secteur Financier ("CSSF") and that
allow subscriptions by any type of investors (including full retail
investors). Part II Funds may invest in all types of assets with
limited regulatory and leverage restrictions.
