Luxembourg · Investment funds

Launch your Luxembourg fund with the right regime from day one

RAIF, SIF and SICAR are the three Luxembourg regimes for professional investors. They differ in who supervises them, how fast they launch and how they are taxed. Choose a regime below to see the timeline, the providers you need and the annual subscription tax.

Free first call. We coordinate licensed managers, depositaries and administrators.

Luxembourg funds at a glance
RegimesRAIF, SIF, SICAR
Minimum capitalEUR 1.25m (RAIF, SIF), EUR 1m (SICAR)
InvestorsWell-informed investors
Subscription tax0.01% or none
QuoteFixed, within one business day
Fund launch planner

What will your fund need, and how long will it take?

Pick a regime and enter your target size. The timeline, providers and tax update instantly.

1. Choose the regime

Timelines are typical ranges once the fund documents are agreed, not a promise. Tax figures are the subscription tax on net assets only. We confirm everything for your fund on a call.

Compare

RAIF, SIF and SICAR side by side

All three are open to well-informed investors: institutional or professional investors, or others who confirm their status in writing and invest at least EUR 100,000.

RegimeWhat it isSupervisionLaunchMinimum capitalTax
RAIFReserved alternative investment fundThrough an authorised AIFM; no CSSF approvalAbout 1–2 monthsEUR 1.25m within 12 months0.01% of net assets, or the SICAR regime for risk capital
SIFSpecialised investment fundCSSF approval and ongoing supervisionSeveral monthsEUR 1.25m within 12 months0.01% of net assets
SICARInvestment company in risk capitalCSSF approval and ongoing supervisionSeveral monthsEUR 1m within 12 monthsNo subscription tax; income from risk capital exempt
Speed or supervision

Most new funds now launch as a RAIF

A RAIF needs no CSSF approval, so it launches in weeks rather than months, while investors still get a fund run by an authorised, supervised manager. A SIF or SICAR makes sense when your investors require a directly supervised product.

We help you choose, then coordinate the manager, depositary, administrator and auditor so that the vehicle is ready for your first closing.

What's included

From term sheet to first closing

We handle the corporate side and coordinate the licensed providers. You deal with one adviser, at a fixed fee.

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    Regime and structure choice

    RAIF, SIF or SICAR, and corporate or partnership form (SCSp, SCA, S.à r.l., S.A.).

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    Provider selection

    A shortlist of licensed AIFMs, depositaries, administrators and auditors.

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    Vehicle formation

    Registration of the fund vehicle and its general partner, where needed.

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    Document coordination

    Working with your fund lawyers on the partnership agreement and offering memorandum.

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    CSSF file coordination

    For a SIF or SICAR, the approval file assembled with the providers.

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    Tax registrations

    Subscription tax, VAT and beneficial owner filings.

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    Bank and depositary set-up

    Accounts opened in time for the first capital call.

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    Ongoing corporate services

    Board meetings, minutes and filings for the general partner and fund.

Is it right for you?

A Luxembourg fund suits some managers far better than others

A good fit if

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    You raise from professional investors in several countries

    Luxembourg funds are recognised across Europe and beyond.

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    You need EU marketing through an AIFM

    A RAIF with an authorised AIFM can use the EU passport.

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    You expect EUR 20 million or more

    The fixed costs of providers make sense from this size.

Probably not for you if

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    You invest your own or one family's money

    An SPF or a SOPARFI is simpler and cheaper.

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    You raise from retail investors

    These regimes are for well-informed investors only.

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    You need to launch in two weeks

    Fund providers need time to onboard; start early.

FAQ

Luxembourg fund questions

How much does it cost to launch a Luxembourg fund?+

Set-up and running costs depend mostly on the AIFM, depositary, administrator and auditor you appoint. We send a fixed quote for our part and collect provider quotes for you.

Do I need an AIFM?+

A RAIF must always appoint an authorised external AIFM. A SIF or SICAR that qualifies as an alternative investment fund also needs one above the AIFMD thresholds. We coordinate licensed managers; we are not one.

How long does it take?+

A RAIF usually launches in one to two months once the documents are agreed. A SIF or SICAR needs CSSF approval first, which typically takes several months.

What is the subscription tax?+

An annual tax on net assets: 0.01% for a RAIF or SIF. A SICAR pays none, and a RAIF investing in risk capital can opt for the SICAR regime instead.

Can a RAIF become a SIF later?+

Yes, a RAIF can convert into a SIF or SICAR if investors later require direct CSSF supervision.