Luxembourg parliament approves RAIF

Luxembourg parliament approves RAIF

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Luxembourg’s parliament has approved a law introducing the new Reserved Alternative Investment Fund (RAIF) structure, which will come into force three days after publication in Mémorial, the country’s official gazette.

RAIF vehicles are similar to Luxembourg’s existing Specialised Investment Funds (SIF), but do not require approval from the Luxembourg regulator, the CSSF, and instead are supervised by an alternative investment fund manager (AIFM), which must submit regular reports to the regulator.

The introduction will expand the country’s range of alternative investment vehicles, offering increased investor choice according to Denise Voss, Chairman of the Association of the Luxembourg Fund Industry.

Voss says that investors “can set up their alternative investment funds as Part II UCIs, SIFs or SICARs if they prefer direct supervision of the fund by the CSSF. Alternatively they can set up their alternative investment fund as a RAIF, thereby reducing time-to-market."

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