Luxembourg Investment Vehicles
Alternative investment funds and managers
By being among the first to transpose the AIFMD
into local law, Luxembourg has consolidated its leading
position for structuring alternative investment funds,
being home to 261 authorised alternative investment
fund managers (AIFMs) and 585 registered (sub-
threshold) managers as at 30 June 2019. Many of
the large UCITS managers also hold an AIFM license,
building on existing expertise and operations to manage
both AIFs and UCITS funds.
The Luxembourg government has continued its strong
commitment to the funds industry, making an important
upgrade to the range of fund structures in 2016 with
the creation of the Reserved Alternative Investment
Fund (RAIF). This vehicle meets the demands of
many AIFMs and professional investors who had been
calling for the removal of the dual regulatory approach
whereby both manager and fund are subject to
regulation and supervision.
The RAIF is similar to the popular SIF and SICAR
structures, but differs in its removal of this double layer
of regulation. As a result, its overall time-to-market
is very fast. Only authorised AIFMs are permitted to
manage RAIFs, which have been highly successful
since there are 699 of them as of June 2019.
Number of AIFs between December 2009 and June 2019
4000
3500
3000
2500
2000
1500
1000
500
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Jun 19
Part II
SIFS
SICARS
RAIF
SCS/SCSps (AIFs) *
*
6
KPMG
Luxembourg Investment Vehicles
Numbers of directly or indirectly supervised AIFs
as at June 2019
699
287
Part II
SIFS
266
SICARS
■RAIFS
1502
* Statistics for SCS/SCSps qualifying as AIF with an appointed AIFM are only available as at 31 December 2017 and as at 31 December 2018 (Source: Monterey Insight).View entire presentation