We have unique experience in helping asset managers and other institutions in setting up investment funds, from selecting the most appropriate fund vehicle to tailored structuring, drafting the necessary documentation and securing appropriate regulatory approvals for launch.
For any type of fund we can help to identify the most appropriate legal form; either a corporate form (such as a SICAV or SCA) or contractual form (an FCP or limited partnership), depending on the relevant marketing, regulatory or tax considerations.
Depending on the investment strategy, marketing plan and other factors, we may recommend the fund to be structured as a UCITS or an AIF (or non-AIF).
- For UCITS, we structure documentation in compliance with EU and Luxembourg directives, legislation, regulation and guidelines. We consider the applicable investment rules and limitations, disclosure and general requirements, as well as specific issues (such as the use of derivatives and related limitations, share class structuring, fund of funds investments, hedging features, ETF featuring, cross sub-fund investments, potential use of hedge fund like strategies, money market fund rules, depositary and prime broker issues).
- For AIFs, we can advise on structuring as a Specialised Investment Fund (SIF), Investment Company in Risk Capital (SICAR) or a Reserved Alternative Investment Fund (RAIF), based on whether the manager is an authorised or registered AIFM and its geographic location. The potential to structure investment funds as ELTIF, EuSEF and EuVECA is also regularly considered. We can then help you meet investor information requirements and other mandatory provisions under the AIFMD. Our dedicated teams of specialists cover all asset classes (including hedge, private equity, real estate, infrastructure, debt, microfinance and real assets). For specific private equity and real estate fund structuring, see the relevant practice areas below.
Drafting legal documentation required for investment fund set-up (articles, management regulations, prospectus and KIIDs) or reviewing agreements proposed by service providers (relating to management company, AIFM, depositary and administration arrangements and similar contracts) are key features of our service offering. We can also negotiate with service providers on your behalf.
We regularly submit draft documentation and discuss any concerns arising with the Luxembourg regulator, in order to secure their final approval. Our knowledge of the regulator's functions and procedures, as well as our good relationship with them, ensures swift regulatory approval for our clients. We can take care of all legal incorporation formalities, such as dealing with notaries, publications and filings with the regulator.
We also help with all the necessary procedures to market funds in other EU member countries and third countries (including Switzerland and various Asian and Latin American states).
We continue to act for many managers after fund launch, in the creation of new subfunds, regular updating of fund documentation and proactively solving everyday issues of legal and regulatory compliance.
Core practice groups
We are recognised by the market as a leading provider of legal services to Luxembourg investment funds, their promoters and service providers.
We cover these sectors to provide continuity of service and to build stronger relationships over time.
We offer an extensive litigation practice covering a large range of areas such as corporate, commercial and civil litigation.
We assist our clients on all aspects of taxation, including especially the creation of tailor-made investments structures.