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Alternative Market Briefing

Luxembourg approves new fund structure

Friday, July 15, 2016

Bailey McCann, Opalesque New York:

The Luxembourg parliament has approved a new change to its fund structure laws. The Reserved Alternative Investment Fund (RAIF) will work alongside the already existing Alternative Investment Fund (AIF) toolbox and will be available in a few weeks once the law has been published.

The structure provides more flexibity than existing offerings and can provide for ring-fenced sub-funds; multiple share classes; more distribution options and the possibility to provide redemption rights to investors. Unlike other structures there are no limits on the asset size of RAIF funds and it can be used for all types of investment strategies.

RAIF funds are also low in taxes requiring only 0.01% of the NAV. In some cases no taxes may be assessed.

According to lawyers for Dentons In an alert on the new structure, even though the structure is widely adaptable there are still some requirements. "The RAIF’s absence of regulatory approval and supervision, which could potentially be perceived by investors as a lack of protection, is counterbalanced by the fact that it must be managed by an authorised Alternative Investment Fund Manager (AIFM) based either in Luxembourg or another EU Member State. This requirement ensures the RAIF’s indirect supervision through the regulator of the AIFM’s home Member State as well as its ......................

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