Investment Fund Managers

Alternative Investment Fund Managers (AIFMs)

One AIFM for every Luxembourg AIF – external or internal, authorised or registered.

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One AIFM per AIF

Every Luxembourg AIF has a single AIFM, subject to limited exemptions. The AIF can appoint an external AIFM – in Luxembourg, in another EU Member State or, where permitted, in a third country – or be managed internally where its legal form allows; it is then itself authorised as AIFM under the Law of 12 July 2013.

Authorised or registered

Smaller AIFMs – up to EUR 100 million of assets including leverage, or EUR 500 million for unleveraged AIFs without redemption rights for five years – only need to be registered with the CSSF and report to a limited extent. Above these thresholds, full authorisation is required. A smaller AIFM may opt in to full authorisation to benefit from the AIFMD passport.