The Reserved Alternative Investment Fund (RAIF) is Luxembourg's fastest route to market for alternative strategies. Because a RAIF is not itself authorised or supervised by the CSSF — regulation runs through its appointed authorised AIFM — it can typically launch in weeks rather than months, while retaining the AIFMD marketing passport across the EU. Leroy & Goldbach structures, forms and maintains RAIFs for private equity, real estate, private debt, venture capital and infrastructure sponsors — combining top-tier precision with fixed-fee certainty.
| Regulator | Not directly supervised by the CSSF (regulated via the AIFM) |
|---|---|
| Time to market | Typically 2–4 weeks |
| Eligible investors | Well-informed investors |
| Minimum net assets | €1,250,000 (within 24 months) |
| AIFM | Authorised external AIFM required |
| Depositary & administration | Luxembourg depositary and central administration required |
| EU distribution | AIFMD marketing passport |
From the first structuring call to final closing, we handle vehicle and legal-form selection; drafting of the constitutive documents, LPA/issuing document and subscription agreements; coordination of the AIFM, depositary, administrator and auditor; regulatory notifications and RAIF-list filing; and ongoing lifecycle support — closings, investor onboarding, governance and restructurings.
A Reserved Alternative Investment Fund is an unregulated Luxembourg AIF that must appoint an authorised external AIFM. It is not itself supervised by the CSSF, which allows a faster launch while retaining the EU marketing passport.
Typically 2–4 weeks, depending on the AIFM, service providers and documentation, versus several months for a directly regulated fund such as a SIF.
Yes. A RAIF must appoint an authorised external AIFM, which carries the regulatory responsibility for the fund.
Not directly. The RAIF itself is not authorised or supervised by the CSSF; oversight is exercised through its AIFM. RAIFs are recorded on an official public list.
Net assets of at least €1,250,000, to be reached within 24 months of the fund's formation.
Private equity, real estate, private debt, venture capital, infrastructure and other alternative strategies; a RAIF can be umbrella-structured with multiple compartments.
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