Fund structuring in Luxembourg, the right vehicle to raise and invest.
Structuring a Luxembourg fund means selecting the vehicle (RAIF, SIF, SICAR, SCSp) and the manager (AIFM) suited to your strategy, then setting up substance, administration and reporting. Financial Services Luxembourg designs the structure, substance, accounting and compliance; legal opinions and reserved acts are coordinated with our partner lawyers and notaries.
Reply within 24 h · NDA on request before any confidential document
Fund structuring in Luxembourg is the design of an investment vehicle and its management model. It covers choosing a RAIF, SIF, SICAR or SCSp and deciding whether the law of 12 July 2013 requires an authorised AIFM. It then fixes the legal form, the share classes and the administration, accounting and reporting framework.
AIFM framework: law of 12 July 2013. Vehicles: RAIF (law of 23 July 2016), SIF (law of 13 February 2007), SICAR (law of 15 June 2004), SCSp (law of 10 August 1915 as amended). The RAIF is not directly authorised by the CSSF but must be managed by an authorised AIFM.
Key takeaway
- The RAIF launches quickly but requires an authorised AIFM.
- SIF and SICAR are authorised and supervised by the CSSF.
- The choice depends on strategy, investors and timing.
Further reading: RAIF, SIF and SICAR compared, special limited partnership (SCSp), securitisation vehicle and private equity structuring.
Choosing the fund vehicle
| Criterion | RAIF | SIF | SICAR |
|---|---|---|---|
| CSSF authorisation of vehicle | No (authorised AIFM required) | Yes | Yes |
| Strategy | All types | Diversified | Risk capital |
| Speed to launch | High | Medium | Medium |
| Investors | Well-informed | Well-informed | Well-informed |
Sources: official texts cited on this page. Summary: Financial Services Luxembourg, licensed accountant.
Who this is for
- Managers launching a first fund or a new compartment
- Private equity, private debt and real estate investors
- Family offices structuring a co-investment vehicle
- Promoters seeking a fast-to-deploy vehicle (RAIF)
What we do
- Vehicle selection (RAIF, SIF, SICAR, SCSp) and form
- Articulation with the AIFM / management company
- Share-class and carried-interest structuring
- Substance and investor reporting, coordinated with the central administrator
- Fund accounting, valuation inputs (NAV) and compliance
Ready to structure your fund structuring?
First reply within 24 working hours, from a named adviser. Firm quote within 48 working hours once the scope is defined. NDA on request before any confidential document.
Official sources and verification
This page is published under the editorial responsibility of Mickaël LOC for Financial Services Luxembourg (business permit 10077274). The rules cited should be checked against competent authorities and the circumstances of the case.
Frequently asked questions
What is an investment fund in Luxembourg?
A Luxembourg investment fund is a vehicle that pools capital from several investors and invests it under a defined policy, under a manager's responsibility. It takes the form of a UCITS aimed at retail investors and distributable across the European Union, or of an alternative investment fund (AIF) reserved for well-informed investors.
What is the difference between a regulated and an unregulated fund?
A regulated fund holds a product-level CSSF authorisation, such as a SIF or a SICAR. An unregulated fund, a RAIF or an SCSp, has no product authorisation: supervision applies at manager level, and the manager must be an authorised AIFM. The unregulated route launches faster, without lighter supervision of the manager.
Which fund vehicle to choose in Luxembourg?
RAIF for a fast launch via an authorised AIFM, SIF for a regulated diversified strategy, SICAR for risk capital, SCSp as a limited partnership form. The choice depends on strategy and investors.
Is the RAIF regulated?
The RAIF is not directly authorised by the CSSF, but it must be managed by an authorised manager (AIFM), which ensures supervision at the manager level.
Is an AIFM required?
For alternative funds above the thresholds, yes. We coordinate with a third-party AIFM or your management company, in connection with our AIFM support offering.
Do you handle fund administration?
Not as a UCI administrator. Financial Services Luxembourg assesses permitted accounting services for qualifying GP companies, holdings and SPVs and can coordinate with duly authorised providers responsible for NAV production, the fund register and other regulated functions.
Request a quote: Fund structuring
First reply within 24 working hours, from a named adviser. NDA on request before any confidential document.