Fund Department

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Reserved Alternative Investment Fund

Key features regarding the RAIF :

  • Unregulated Alternative Investment Vehicle in Luxembourg

  • No prior approval for creation by the regulator (CSSF)

  • Setup within a couple of weeks

  • Can be subject to same tax regime as SIF or SICAR

  • Can be setup as a SICAV, SICAF or the new SLP

  • Can invest in any type of assets or strategies (PE, RE, HF, Arts, Lending, Infrastructure, SRI, FoF, others)

 

Requierements for a RAIF :

  • Appointment of an external regulated alternative Investment fund manager

  • Manager has to be domiciled in Luxembourg or any other EU member state

  • The reason is to ensure a sufficient level of protection for investors

  • Appointment of a custodian and an auditor

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More details

This new status of AIFs is not submitted to the agreement and the supervision of the Luxembourg supervisory authority (the "CSSF"), but benefits from the same flexibility proposed by SIFs (Specialised Investment Funds) and SICARs (Capital Risk Funds).

 

This unregulated fund is reserved for institutional or well-informed investors, who wish to invest a minimum of EUR 125.000.

 

 CSSF Approval 

No need of CSSF approval for creation and launch of a RAIF, and for amendments to the RAIF’s constitutional documents, information document or other documents governing the functioning of the RAIF.

The lack of approval allows the RAIF to be setup within a few days.

Legal form

The RAIF is largely modelled on the SIF regime.

It can adapt different legal forms (corporate and contractual). 


AIFM regime

The RAIF will be managed by an authorised AIFM (based in Luxembourg or in another EU Member State).

The AIFM will then ensure that the RAIF complies with all requirements of the AIFMD. 

As the AIFM regulation and its investor protection is applicable, the RAIF will then benefit from the European passport granted by the AIFM Directive for marketing to professional investors.

 

The RAIF should be able to adopt any fund strategy and to invest in any eligible alternative assets among which :

 

 

  • private equity

  • hedge funds

  • real estate

  • arts or other collectibles

  • Bonds, shares

  • Currency, noble metals, …

It can also be considered as an unregulated AIF with multiple compartments, with segregation of assets and liabilities. 


Tax regime

The RAIF can be subject to the same tax regime that currently applies to the funds.

If it restricts its investment policy in its constitutive documents to investments in risk capital, it should not be subject to corporate income tax, municipal business tax and net worth tax and would be exempt on withholding taxes on distributions or taxes on speculative capital gains for investors. 

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