Luxembourg AIFs by Asset Class

Luxembourg offers a vehicle for every alternative strategy, from unregulated partnerships to CSSF-supervised funds. The right choice depends less on the label than on the asset class: how the assets are valued, how long they are held, how they are financed and who invests in them. We match each strategy to the vehicle, legal form and regulatory regime that fits it, so your fund works for your investors from day one — partner-led, on fixed fees.

Why Luxembourg for alternative strategies?

A bespoke Luxembourg toolbox — SCSp, RAIF, SIF, SICAR, UCI Part II fund and ELTIF, which can be combined in umbrella and parallel structures.
EU marketing passport — funds managed by an authorised AIFM can be marketed to professional investors across the EU.
Flexible partnership regimes — the limited partnership (SCS) and the special limited partnership (SCSp) offer the contractual freedom international investors know; the SCA where a corporate form is preferred.
Specialised service ecosystem — AIFMs, depositaries, administrators and auditors experienced in illiquid assets.

Asset classes at a glance

Private equity

Typical vehicles: SCS/SCSp, RAIF, SICAR.

GP and carried interest structuring; for a SICAR, investments must qualify as risk capital.

Venture capital

Typical vehicles: SCS/SCSp, SICAR, RAIF; EuVECA label.

EuVECA designation for qualifying venture capital funds.

Private debt

Typical vehicles: SCS/SCSp, RAIF, SIF.

Loan-origination rules since 16 April 2026: leverage caps, borrower limits, 5% retention; no consumer lending in Luxembourg.

Real estate

Typical vehicles: SCS/SCSp, RAIF, SIF.

Property-holding companies, acquisition financing, risk diversification.

Infrastructure

Typical vehicles: SCS/SCSp, RAIF, SIF, ELTIF.

Long holding periods; higher concentration limits for infrastructure in SIFs.

Fund of funds

Typical vehicles: SIF, RAIF, UCI Part II fund.

Look-through on underlying funds.

Liquid alternatives

Typical vehicles: UCI Part II fund, SIF, RAIF.

Open-ended liquidity management.

How we structure your fund

We start with the asset class and the investor base, then work back to the vehicle: regulatory status, legal form, open- or closed-ended, holding and financing structure, and tax. We draft the partnership agreement or constitutional documents, the offering document and side letters, set up the general partner and holding companies, coordinate the AIFM, depositary and administrator, and handle any CSSF filing. Our US, DACH, French and UK desks align the structure with your investors' home rules. You work directly with a partner, on a fixed fee.

Explore the vehicles

100+Funds created

€500bn+Assets invested

35+Jurisdictions

FixedTransparent fees

Asset classes — frequently asked questions

Which Luxembourg vehicle suits a private equity fund?

Most often an SCSp, either unregulated or as a RAIF when an authorised AIFM manages it and investors want a regulated product without waiting for CSSF approval. A SICAR or SIF is used when investors require a fund directly supervised by the CSSF.

Can a Luxembourg fund originate loans?

Yes. Since 16 April 2026, Luxembourg applies the AIFMD II rules on loan origination. A loan-originating fund (one whose strategy is mainly to originate loans, or whose originated loans reach 50% of its net asset value) is limited to leverage of 175% if open-ended and 300% if closed-ended, and is in principle closed-ended. Luxembourg funds may not grant loans to consumers in Luxembourg.

Do real estate and infrastructure funds have to spread risk?

It depends on the vehicle. Since Circular 25/901 of 19 December 2025, a SIF reserved to well-informed investors may in principle invest up to 50% of its assets in one investment, and up to 70% in one infrastructure investment, with a ramp-up period of up to four years for private assets. A RAIF must spread risk unless it invests exclusively in risk capital. An unregulated SCSp has no statutory diversification rules.

Can a venture capital fund use the EuVECA label?

Yes. Under the EuVECA Regulation, qualifying venture capital funds can be marketed across the EU under the EuVECA designation. Since 1 March 2018, this is also open to managers authorised under the AIFMD, not only to smaller managers.

What counts as risk capital for a SICAR?

The CSSF applies three criteria: the fund actively develops the investment rather than holding it passively, the investment carries a specific risk beyond market risk, and the fund intends to exit within a limited time.

Can one fund cover several asset classes?

Yes. RAIFs, SIFs, SICARs and UCI Part II funds can be set up as umbrella funds with separate compartments, each with its own strategy, investors and liability.

Structuring an alternative investment fund?

Speak to a Partner

A Bespoke Luxembourg Toolbox for Every Asset Class