FUNDS, 05Aut. 10077274 · 142 Boulevard de la Pétrusse, Luxembourg

RAIF in Luxembourg, reserved alternative fund, fast to launch.

A RAIF is a Luxembourg alternative investment fund that requires no direct CSSF authorisation, provided it is managed by a fully authorised AIFM. It launches in 6 to 10 weeks. FSL handles its accounting, substance and reporting. FSL handles structuring, substance, accounting and reporting; CSSF authorisation and reserved acts are coordinated with our network of partner lawyers and notaries.

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In short

The RAIF (Reserved Alternative Investment Fund) is a Luxembourg alternative investment fund reserved for well-informed investors, not subject to direct CSSF authorisation but mandatorily managed by an authorised AIFM (law of 23 July 2016).

Reviewed by Mickaël LOCManaging Director · Licensed fiduciary 10077274 · Updated 2026ProfileLinkedIn
Legal basis

Law of 23 July 2016 on reserved alternative investment funds; management by an AIFM authorised under the law of 12 July 2013. Subscription tax of 0.01% in principle (specific regime under the risk-capital option).

Key takeaway

  • No direct CSSF authorisation, but a mandatory authorised AIFM: launch in 6 to 10 weeks.
  • Often set up as an SCSp with an intermediate SOPARFI (art. 166 LIR).
  • FSL operates the fund; AIFM authorisation, notarial acts and legal opinions sit with partners.

Who this is for

  • PE, VC, private debt and real estate managers
  • Sponsors seeking a short launch timeline
  • Family offices and well-informed investors

What we do

  • Vehicle scoping (SCSp, SCA, SICAV…) and two-tier structure with a SOPARFI
  • RAIF and SPV accounting, NAV calculation
  • Substance, domiciliation and governance
  • Coordination with AIFM, depositary, auditor, lawyer and notary

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Required documents

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Estimated timelines

Structuring & documentation3 to 6 weeks
Incorporation & launch6 to 10 weeks total
First NAVPer cycle

Pricing indication

Service
Profile
From
RAIF structuring support
On scoping
On quote 
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Accounting & NAV
Simple vehicle
€1,500 / month
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Substance & domiciliation
On scoping
€600 / month
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Indicative ranges, excluding disbursements and taxes. Firm quote after scoping.

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Preparation checklist

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The process, step by step

01

Structuring

Form and regime choice, holding structure, AIFM and depositary appointment.

02

Incorporation

Deeds (notary), registration, accounting set-up and substance. RCS/RESA publication.

03

Launch

First capital calls, first NAV, investor reporting.

04

Ongoing operation

Accounting, NAV, regulatory and investor reporting, annual accounts.

FAQ

Frequently asked questions

Does a RAIF need CSSF authorisation?
No direct authorisation of the fund. Supervision is exercised indirectly through the requirement of a fully authorised AIFM. This enables the fast launch.
How long to launch a RAIF?
Typically 6 to 10 weeks, depending on strategy complexity, documentation and onboarding of parties.
Which legal form?
Often an SCSp (transparent, favoured in PE/VC), but also SCA, Sàrl or SICAV. The choice depends on strategy and investors.
What taxation?
A RAIF is in principle subject to a 0.01% subscription tax. A RAIF investing in risk capital may elect a specific regime. Intermediate SOPARFIs benefit from the participation exemption (art. 166 LIR).
Is a depositary required?
Yes, a Luxembourg depositary is required. We coordinate the operational and accounting interface with it.
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