CRYPTO FUNDS: CAN A LUXEMBOURG FUND INVEST IN CRYPTO AND OTHER VIRTUAL ASSETS? Over the last few years, virtual assets have taken numerous forms, have experienced exponential growth, and have generated a lot of interest from both professionals and investors. What is a virtual asset fund? Virtual asset funds are funds that are investing into…
Modernisation of the Luxembourg Securitisation Law Luxembourg is expecting to pass shortly the draft bill number 7825 (the “Draft Bill”), which will amend the Luxembourg law on securitisation dated 22 March 2004 (the “Securitisation Law”), giving this investment vehicle further advantages for investors and promoters. A highly successful framework Since 2004 Luxembourg has had the…
Raising capital from investors is already a difficult undertaking, but when deciding to choose the right fund vehicle to raise capital it often becomes complex, as the promoters have to consider many legal and tax implications, as well as choosing the right jurisdiction. In contrast to other financial centers, Luxembourg offers the full range of…
What is an alternative investment fund? An alternative investment fund (AIF) is typically a fund investing in an alternative asset class in the broadest sense, covering private equity funds, real estate funds, hedge funds, art funds or venture capital funds. The EU directive regulating this sector, the AIFMD has defined the term very broadly including…
What are Microfinance funds? Microfinance funds (MIF) are investment funds that invest directly or indirectly in the microfinance sector. Microfinance refers to financial services providing micro-loans to people in the developing countries, that are not considered bankable by larger banks, as they are not able to provide collateral for the micro-loans. Why set up…
What is SRI Investing? SRI funds are investment funds that have integrated environmental, social and governance factors (ESG) into their investment process. These funds are considered to invest into businesses or activities which are deemed to be environmentally friendly and/or have a positive impact for society. The term is broad, but this asset class has…
What are bonds? Bonds are debt instruments issued to finance projects or companies. It typically represents a fixed-income instrument representing a loan may be an investor to a borrower. The bonds is typically issued by an issuing SPV, the Issuer. What are the reasons for listing bonds? Listing a bond can have many reasons: (i.It…
What is an art fund? Art has established itself as an independent asset class. There are promoters around the world that offer different forms to invest into art. Some investment funds offer investments into art to make long-term investments in order to diversify from the development of the global equities market. Other investment structures securitize…
When launching a new issuance of securities, such as bonds, notes, sukuk or security tokens, the promoters regularly choose the Luxembourg securitisation vehicle (SV). The promoters of the SV can either: 1.Establish their own securitisation company or securitisation fund; or 2. Choose to rent a compartment of an existing securitisation platform. Having your own securitisation…
Luxembourg is one of the most established and trusted jurisdictions for wealth management and holding vehicles. The SOPARFI (Financial holding company or sociéte de participations financières) and the SPF (Family Wealth Management Company or société de patrimoine familiale) are well established solutions, that continue to be very popular. The Special Limited Partnership (SLP or SCSp)…
What are SPACs? The Special Purpose Acquisition Company (SPAC) is a special purpose entity, established by investors, that raises money through an initial public offering (IPO) in order to merge with or acquire another business. The ultimate goal is: 1. to raise sufficient funds to acquire the target company, and 2. to list the target…
Establishing a real estate fund or company? There are different real estate fund types and companies in Luxembourg. Depending on the needs of investors and promoters, you can choose the most suitable fund type: SOPARFI: (Financial holding company or sociéte de participations financières). Due to its flexible financing policy, its structural benefits, its lack…
Why Luxembourg? Luxembourg offers a variety of solutions to establish private equity funds and companies. This flexibility has made Luxembourg a globally leading domicile for private equity funds, the second largest investment fund centre in the world after the United States and the largest fund domicile in Europe with currently almost EUR 5 trillion of…
What is a fund distribution platform? There are a variety of fund distribution platforms available and their number is constantly increasing. Banks were traditionally the first contact point for retail investors and offer their own funds to their customers. This is changing in recent years, as retail investors are having direct access to fund platforms.…
What is a SOPARFI? A SOciéte de PARticipations FInancières (or short: SOPARFI) is a financial holding company in Luxembourg. The corporate purpose of the SOPARFI is to hold and manage financial participations in other undertakings. The SOPARFI can be established in various legal forms, depending on the needs of the investors, the management of the…
What is an investment fund manager in Luxembourg? Investment Fund Managers in Luxembourg (IFMs or Gestionnaires de fonds d’investissement) refers to UCITS management companies, other management companies, Luxembourg branches of IFMs, self-managed investment companies, authorised Alternative Investment Fund Managers (AIFMs) and internally managed Alternative Investment Funds (AIFs). Why set up a IFM in Luxembourg? Luxembourg…
What are Blockchain and Crypto fund? Blockchain funds provide investors with exposure to companies that have business operations in blockchain technology. Crypto funds give investors the ability to invest in a more flexible manner in various cryptocurrencies, such as Bitcoin, Ethereum and Ripple. Investment managers with these strategies provide their investors with a portfolio of blockchain companies or…
What are actively managed certificates? Actively managed certificates (AMC) are debt instruments issued by an investment vehicle as a structured product giving investors exposure to a portfolio of underlying assets, such as liquid securities, bonds, funds, shares, derivatives or currencies. What are the benefits of issuing an AMC? The benefits of issuing an AMC is…
What is a venture capital fund? Venture capital funds (VC funds) are investment vehicles focusing on investments into startups and small- to medium-sized enterprises (SMEs) that are not publicly traded and show a strong growth potential. VC funds are active in raising capital to directly invest into these privately held SMEs. Why set up…
What is a SICAV? A SICAV (société d’investissement à capital variable) is an investment company that has a variable share capital. It is a legal form that can be chosen in Luxembourg, under different legal fund regimes. The SICAV was introduced in 1983 in Luxembourg and allowed to establish an investment company with a capital that may…
What is a family office? Family offices are investment advisory firms that serve one or multiple high net worth families. They range from boutique family offices to large scale family offices with legal, accounting and investment teams. Why set up a family office in Luxembourg? Luxembourg is the premier wealth management centre in the Eurozone…
What is a debt fund? Debt funds are investment fund vehicles that invest into fixed income products, such as bonds, notes or other debt securities. Since the financial crisis, banks have been subject to an increasing amount of regulation and compliance, making their traditional lending activity more complex and less lucrative. Corporates on the other…
What is a fund of funds? A fund of funds (FoF) is a fund that is investing into other funds. That means that the fund does not directly invest into securities or bonds but invests into the portfolio of another fund. It is often also referred to as a multi-manager fund. There is a growing…
What is a hedge fund? A hedge fund follows an alternative investment strategy by trading in relatively liquid assets and making use of more complex trading, portfolio-construction and risk management techniques to improve performance. Hedge funds are often managed more aggressively using short selling, leverage and derivatives to generate higher returns. Why set up hedge…
What is an umbrella fund? An umbrella fund is collective investment vehicle that exists as a single legal entity but has several distinct compartments or sub-funds. These sub-funds can follow different investment policies and different investors and are treated as separate funds. The assets of each compartment of a multiple compartment vehicle are generally segregated…
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What is a private equity fund? Private equity is considered to be an alternative asset class, focused on investments into companies that are not publicly traded. Private equity funds are active in raising capital to directly invest into privately held companies, in buying out and de-listing public companies and investing venture capital into start-up companies.…
What are green and social impact funds? Green and social impact funds are investment fund vehicles that have integrated environmental, social and governance factors (ESG) into their investment process. These ESG funds are considered to invest into businesses or activities which are deemed to be environmentally friendly and/or have a positive impact for society. The…
Why Luxembourg? Luxembourg is a politically and financially stable EU country with a AAA-Rating and is also a globally recognized financial centre. The country is a founding member of the EU, OECD, FATF and the Eurozone, offering strong political support for the financial services industry, investor-friendly legislation and an attractive legal and tax framework. Its…
A globally leading real estate fund centre: Luxembourg is the globally leading fund centre in the world for cross-border funds, Luxembourg is the second largest investment fund centre in the world after the United States and the largest fund domicile in Europe with currently more than EUR 4,7 trillion of assets under management. The country…
Why Luxembourg? Luxembourg is the globally leading fund centre in the world for cross-border funds, the second largest investment fund centre in the world after the United States and the largest fund domicile in Europe with currently more than EUR 4,7 trillion of assets under management. The country is a politically and financially stable EU…
UCITS – a success story made in Luxembourg: Luxembourg is the globally leading fund centre in the world for cross-border funds, the second largest investment fund centre in the world after the United States and the largest fund domicile in Europe with currently more than EUR 4,7 trillion of assets under management. This success story…
A globally leading fund centre: Luxembourg is the globally leading fund centre in the world for cross-border funds, Luxembourg is the second largest investment fund centre in the world after the United States and the largest fund domicile in Europe with currently more than EUR 4,7 trillion of assets under management. The country is a…
A globally leading fund centre: Luxembourg is the globally leading fund centre in the world for cross-border funds, Luxembourg is the second largest investment fund centre in the world after the United States and the largest fund domicile in Europe with currently more than EUR 4,7 trillion of assets under management. The country is a…
A globally leading fund centre Luxembourg is the globally leading fund centre in the world for cross-border funds, Luxembourg is the second largest investment fund centre in the world after the United States and the largest fund domicile in Europe with currently more than EUR 4,7 trillion of assets under management. The country is a…
A globally leading fund centre: Luxembourg is the globally leading fund centre in the world for cross-border funds, Luxembourg is the second largest investment fund centre in the world after the United States and the largest fund domicile in Europe with currently more than EUR 4,7 trillion of assets under management. The country is a…
A Globally leading fund centre: Luxembourg is the globally leading fund centre in the world for cross-border funds, Luxembourg is the second largest investment fund centre in the world after the United States and the largest fund domicile in Europe with currently more than EUR 4,7 trillion of assets under management. The country is a…
What is a securitisation? A securitisation is a transformation of assets or risks into negotiable securities by way of transfer of such assets or risks to a special purpose vehicle. The advantage of a securitisation is that it creates liquidity for the corporate or originator by removing a debt or another risk from its balance…
A globally leading fund centre Luxembourg is the globally leading fund centre in the world for cross-border funds, Luxembourg is the second largest investment fund centre in the world after the United States and the largest fund domicile in Europe with currently more than EUR 4,7 trillion of assets under management. The country is a…
ESTABLISHING A HOLDING COMPANY IN LUXEMBOURG Establishing in Luxembourg: Luxembourg is a politically and financially stable EU country with a AAA-Rating and is also a globally recognized financial centre. The country is a founding member of the EU, OECD, FATF and the Eurozone, offering strong political support for the financial services industry, investor-friendly legislation and…
European retail and microfinance developments 2013 is a key year for the regulation of microfinance investment funds (MIFs) and social impact investments funds (SIIFs). Several EU regulations came into force which on the one hand strengthen the regulatory requirements for MIFs and their managers and on the other hand facilitate distribution at European Level by…
Luxembourg: Sovereign Sukuk setbacks The increasing number of recent sovereign and corporate Sukuk issuances in the Islamic world has not remained unnoticed in Europe. Both the UK and Luxembourg have announced the issuance of sovereign Sukuk in a move to boost their Islamic fi nance credentials and to welcome further investments from the Islamic world.…
Investment treaty protection — mitigating the risk of government intervention Investors should always be very diligent, when choosing the right investment, as well as the right investment vehicle but, as a Turkish real estate fund promoter recently pointed out to me, investors should also be aware that their investment might be subject to politically motivated…
A quantum leap for the Luxembourg fund structuring toolbox Being Europe’s most important cross-border investment funds domicile, with respect to retail (such as UCITS) and alternative investment funds (AIFs), and with EUR3.4 trillion (US$3.86 trillion) of assets under management (ALFI, the 31st March 2016), there is no other domicile such as Luxembourg in the world…
Luxembourg: Sovereign Sukuk setbacks The increasing number of recent sovereign and corporate Sukuk issuances in the Islamic world has not remained unnoticed in Europe. Both the UK and Luxembourg have announced the issuance of sovereign Sukuk in a move to boost their Islamic fi nance credentials and to welcome further investments from the Islamic world.…
Luxembourg’s nurturing ecosystem for ethical and responsible investment funds The recent decision of the US to leave the Paris Climate Agreement and its increasing reluctance to support the unanimously approved UN Sustainable Development Goals (SDGs) might have been expected to impact ethical and environmental projects. Quite the contrary, funds with a focus on socially responsible…
A common standard for Islamic funds Standardization remains a buzzword in Islamic fi nance. It appears logical that a common legal framework and common standards will make the industry fl ourish and grow. If we look at the Islamic fund industry, in particular, the total size of the industry remains relatively small with total global…
Opportunities in Islamic wealth management One might think that the current economic diffi culties in the Middle East would have a negative impact on the wealth management industry in the region. Quite to the contrary, private high-net-worth wealth in the Middle East and North Africa has increased and a variety of reports have come to…
Investment treaty protection — mitigating the risk of government intervention Investors should always be very diligent, when choosing the right investment, as well as the right investment vehicle but, as a real estate fund promoter recently pointed out to me, investors should also be aware that their investment might be subject to politically motivated scrutiny…
One might think that the current economic diffi culties in the Middle East would have a negative impact on the wealth management industry in the region. Quite to the contrary, private high-net-worth wealth in the Middle East and North Africa has increased and a variety of reports have come to the same positive prognosis: private…
Capital Club DIFC, Dubai WHO ? Speaker Bishr Shiblaq Objectives This training aims at explaining basic principles applicable to Luxembourg investment funds. Content Legal and regulatory framework Available regimes and structures Establishment of an investment fund Parties involved in the functioning of an undertaking for collective investment: management company, central administration, depositary bank, etc on…
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