Legal development

Fund Finance - Know your borrower - Luxembourg

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    Question: we are considering making a subscription facility available to our client, a Luxembourg fund called XYZ Private Market SCSp SICAV-RAIF – Sub-fund 1. What does "SCSp SICAV-RAIF" stand for please?

    Answer: a RAIF is an unregulated fund vehicle. It can be structured as a FCP or a SICAV with multiple compartments. It will usually take the form of a S.A., a S.à r.l. or a SCSp. Unlike a SIF, a RAIF is not authorised by the CSSF. It cannot be structured as a non-AIF and must be managed by an external AIFM.

    Whilst legally correct, is this answer really helpful?

    It is easy to be overwhelmed by the number of acronyms associated with investment fund vehicles available in Luxembourg. Our briefing, which you can download below, aims to unlock the Luxembourg mysteries.


    Fund Finance - Know Your Borrower (Luxembourg)

    The information provided is not intended to be a comprehensive review of all developments in the law and practice, or to cover all aspects of those referred to.
    Readers should take legal advice before applying it to specific issues or transactions.

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