RAIF – Reserved Alternative Investment Fund, is  a new category of investment vehicle dedicated to alternative investment funds introduced by Luxembourg government with the Law of 23 July 2016.

From a technical point of view, RAIF combines the characteristics and structuring flexibilities of Luxembourg regulated specialised investment funds (SIFs) and investment companies in risk capital (SICARs). The main advantage linked to this type of investment vehicle lies in the fact that RAIF does not require a direct authorization of CSSF (Commission de Surveillance du Secteur Financier), with the consequence of a notably reduced time to market.

The supervisory authority exercises an indirect control, through the supervision of the AIFM (Alternative Investment Fund Manager) authorized in Luxembourg or in another EU member state, that RAIF must necessarily appoint.

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