SICAR in Luxembourg, risk-capital investment company.
A SICAR is a Luxembourg risk-capital investment company, authorised by the CSSF, dedicated to private equity and venture capital, reserved for well-informed investors and with no diversification constraint. FSL handles 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.
The SICAR (risk-capital investment company, law of 15 June 2004) is a Luxembourg vehicle regulated by the CSSF, designed to invest in risk capital (PE/VC), reserved for well-informed investors and benefiting from a specific tax regime.
Law of 15 June 2004 on the risk-capital investment company; CSSF authorisation and supervision. Taxable as a capital company but income from securities exempt; not subject to subscription tax.
Key takeaway
- The SICAR is dedicated to risk capital, with no diversification constraint.
- Specific tax regime: not subject to subscription tax, income from securities exempt.
- FSL operates the SICAR; CSSF authorisation is coordinated with the lawyer.
SICAR vs RAIF vs SIF
| Criterion | SICAR | RAIF | SIF |
|---|---|---|---|
| CSSF authorisation | Yes | No (authorised AIFM) | Yes |
| Strategy | Risk capital (PE/VC) | All assets | All, diversified |
| Diversification | Not required | Yes (except option) | Yes |
| Subscription tax | No | 0.01% | 0.01% |
Who this is for
- Private equity and venture capital managers
- Well-informed investors targeting risk capital
- Sponsors seeking a regulated vehicle without a diversification requirement
What we do
- SICAR scoping and two-tier structure with a SOPARFI
- Accounting, valuation and investor reporting
- Substance, governance and CSSF / depositary coordination
- Carried interest and distributions tracking
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Preparation checklist
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Frequently asked questions
What is a SICAR?
Difference with a RAIF or SIF?
What taxation for a SICAR?
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