Reserved alternative investment funds (RAIFs) – a new type of AIF 27/11/2015

Today, the Luxembourg Government approved the draft bill on “reserved AIFs” or “RAIFs”.

It’s a new type of Luxembourg AIF, i.e. a product regulation in the overall framework of the AIFMD.

It can be analysed in different ways:

  • it is, essentially, a SIF without the involvement of the CSSF or
  • it is an un-regulated AIF with compartments.

It may also be seen as an intermediary vehicle for professional investors in a hurry to set-up a Luxembourg AIF to be subsequently converted into a regulated SIF.

Next steps include the submission to Parliament with an entry into force currently scheduled for the first half-year in 2016.

We prepared a memo which can be found here.