Luxembourg is Europe's leading fund domicile and the world's second-largest fund centre, offering a stable legal framework, a deep service-provider ecosystem and EU-wide marketing passports. The right vehicle depends on your investors, asset class and time to market — and choosing well from the start avoids costly restructuring later. Leroy & Goldbach is a partner-led Luxembourg funds firm: fixed-fee, technology-driven and built on a proprietary AI operating system under partner supervision, with dedicated US, DACH, French and UK desks. We structure the full range of Luxembourg vehicles and manage each one end to end, from selection through launch and lifecycle.
| Vehicle | Regulator | Time to market | Investors | Best for |
|---|---|---|---|---|
| RAIF | Not directly supervised by the CSSF; must appoint an authorised external AIFM | Fast — no product-level CSSF approval before launch | Well-informed investors | Managers wanting SIF/SICAR-style flexibility with the fastest route to market |
| SIF | CSSF — authorisation before launch and ongoing supervision | Longer — subject to CSSF authorisation | Well-informed investors | A supervised, multi-asset product with institutional credibility |
| SICAR | CSSF — authorisation before launch and ongoing supervision | Longer — subject to CSSF authorisation | Well-informed investors | Risk-capital strategies: private equity and venture capital |
| UCITS | CSSF — authorisation before launch and ongoing supervision | Longer — subject to CSSF authorisation | Retail and professional (public distribution) | Liquid, transferable-securities strategies sold to the public across the EU |
| SCSp | Not regulated as a product unless it opts into a regulated regime (SIF/SICAR) | Fast — no product approval for the unregulated form | Typically professional / well-informed | Tax-transparent private equity, VC, real estate and debt partnerships |
| SV | Unregulated unless it issues to the public on a continuous basis (then CSSF) | Fast for the unregulated form | Investors in the issued instruments | Securitising assets, risks and cash-flow streams |
An indirectly regulated AIF for well-informed investors that avoids product-level CSSF approval but must always appoint a fully authorised external AIFM — SIF/SICAR-style flexibility with the fastest route to market. Learn more →
A regulated, CSSF-supervised multi-asset fund for well-informed investors under the amended law of 13 February 2007, offering broad flexibility with light risk-spreading rules. Learn more →
A CSSF-supervised vehicle designed specifically for private equity and venture capital, under the amended law of 15 June 2004. Learn more →
A regulated, CSSF-authorised fund for liquid transferable-securities strategies distributed to retail and professional investors across the EU under the UCITS passport. Learn more →
A flexible, tax-transparent partnership widely used for private equity, VC, real estate and debt funds, with a freely negotiated LPA and, in its unregulated form, no product-level CSSF supervision. Learn more →
A vehicle under the amended securitisation law of 22 March 2004 that securitises assets, risks and cash-flow streams — unregulated unless it issues to the public on a continuous basis. Learn more →
Whether you need a licensed AIFM for your alternative fund, a UCITS management company, or a third-party hosted solution, we structure the management layer and coordinate its appointment. Learn more →
We work on fixed fees agreed up front, so you always know the cost. Start with a free consultation to scope your objectives, investors and preferred vehicle. Within 24 hours we send a fixed-fee quote. On acceptance, we begin onboarding — KYC, service-provider selection and drafting — and move straight into structuring, so your fund can start on the shortest realistic timeline for its vehicle.
It depends on your investors, asset class and time to market. Managers wanting maximum flexibility and speed for well-informed investors often choose a RAIF or an unregulated SCSp; those needing a directly supervised product choose a SIF, a SICAR for risk capital, or a UCITS for public distribution. We recommend the optimal vehicle in your free consultation.
Unregulated vehicles such as a RAIF or an unregulated SCSp can launch quickly because no product-level CSSF approval is needed. Regulated vehicles — SIF, SICAR and UCITS — take longer because they require CSSF authorisation before launch.
A RAIF must always appoint a fully authorised external AIFM. Other alternative investment funds need an AIFM where they qualify as an AIF and exceed the AIFMD de minimis thresholds; UCITS require a UCITS management company. We can arrange a third-party hosted AIFM or ManCo.
We work on fixed fees agreed up front, not hourly billing, so you know the total cost before you commit. The fee depends on the vehicle and structure; you receive a fixed-fee quote after your free consultation.
Yes. UCITS benefit from the UCITS passport for distribution to retail and professional investors EU-wide. Alternative funds managed by an authorised EU AIFM can be marketed to professional investors under the AIFMD passport.
Yes. We run dedicated US, DACH, French and UK desks and have advised on funds across 35+ jurisdictions, so cross-border sponsors work with a partner who understands their home market.
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