Log in or register
Share on LinkedInShare on LinkedIn

ARTICLE · 31 OCTOBER 2017

Reserved Alternative Investment Funds - Brochure

Chevalier & Sciales
Explore more from Chevalier & Sciales

The Luxembourg government created a new type of fund vehicle in July 2016, the reserved alternative investment fund (fonds d'investissement alternatif reservé).

LuxembourgFinance and Banking
Olivier Sciales
Olivier Sciales
Author LinkedIn connections

The Luxembourg government created a new type of fund vehicle in July 2016, the reserved alternative investment fund (fonds d'investissement alternatif reservé). The most important characteristic is that it is not subject to regulation by the Luxembourg Financial Sector Supervisory Authority (CSSF), although it must have an authorised manager. Furthermore, it benefits from the European marketing passport granted by the AIFM directive.

The manager of the RAIF may follow any kind of investment strategy, with no restrictions regarding eligible assets (e.g private equity,venture capital, green securities, loan origination and acquisition, any listed securities, micro-finance, social entrepreneurship funds, infrastructure, tangible assets, etc.). RAIFs whose investment policy is restricted to risk capital will not be required to follow-risk spreading rules.

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

See more popular content from

Article

CSSF Imposes Fine For AML And Sanctions Compliance Violations

Luxembourg's CSSF imposed a €56,000 fine on Stonehage Fleming Luxembourg S.A. for multiple compliance failures, including significant delays in processing sanctions screening alerts and implementing changes to screening lists. At the time of inspection, hundreds of alerts had been treated with substantial delays and 42 alerts remained completely unnoticed by the financial services provider.
LuxembourgFinance and Banking
Duane Morris LLP
Duane Morris LLP
Article

AIFMD II: Key Implementation Developments In Luxembourg

Two years on from the entry into force of Directive (EU) 2024/927, commonly referred to as AIFMD II, the 16 April 2026 transposition deadline has passed, and the state of play across the EU is best described as uneven, with compliance posture increasingly dependent on where an AIFM is authorised. However, Luxembourg, which hosts the largest shares of EU AIFs within the Union, transposed the Directive without material gold-plating.
European UnionFinance and Banking
Maples Group
Maples Group
Article

The AIFMD II Directive And Financing Transactions

The Luxembourg law of March 3, 2026 transposed the AIFMD II Directive into national law, introducing significant changes to the regulatory framework governing alternative investment funds. This article examines the practical implications for financing transactions involving Luxembourg AIFs, analyzing how the new rules on loan origination, leverage caps, concentration limits, and enhanced disclosure requirements affect both lenders and borrowers in structured finance arrangements.
LuxembourgFinance and Banking
Dechert
Dechert
Article

Luxembourg Private Funds Organised As Companies: How To Make Them Fit For Purpose

Luxembourg's partnership limited by shares (SCA) offers private fund managers a compelling corporate alternative to the special limited partnership structure, particularly for EU family offices and high-net-worth individuals. When combined with the RAIF regime, this vehicle achieves tax neutrality while maintaining the corporate governance framework that certain investors prefer. The SCA-RAIF structure addresses key legal and tax considerations while providing flexibility for secondary strategies, fund-of-f
LuxembourgFinance and Banking
Loyens & Loeff
Loyens & Loeff
Article

Luxembourg Introduces Multi-compartment Structures For Unregulated AIF Limited Partnerships

Luxembourg has introduced a landmark legislative reform allowing unregulated alternative investment fund (AIF) limited partnerships to adopt multi-compartment structures. This development enables fund sponsors to consolidate multiple investment strategies, investor classes, and fund-level structures within a single limited partnership, significantly reducing complexity and administrative burden while maintaining creditor protection and investor segregation.
LuxembourgFinance and Banking
Herbert Smith Freehills Kramer LLP
Herbert Smith Freehills Kramer LLP
Article

Spotlight On Luxembourg

CMS Luxembourg's M&A experts analyze the Grand Duchy's evolving dealmaking landscape, examining how regulatory complexity and fund services consolidation are reshaping Luxembourg's dual role as both a domestic market and Europe's premier cross-border structuring hub. The discussion reveals why private equity houses are driving unprecedented consolidation among fund service providers in the world's second-largest investment fund center.
LuxembourgFinance and Banking
CMS Luxembourg
CMS Luxembourg