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Luxembourg Fund Series - Chapter Two
RAIFs are governed by the Luxembourg Law of 23 July 2016, as amended (The "RAIF" Law). Since the RAIF Law came into effect, 953 RAIFs have been launched as at 28 February 2020. A RAIF can invest in all types of asset classes.
Why is the RAIF structure so popular amongst fund managers in the alternative investment fund space? It is because RAIF is not subject to the direct supervision of the Commission de Surveillance du Secteur Financier ("CSSF", the competent authority in Luxembourg) but is only indirectly supervised at the level of its appointed Alternative Investment Fund Manager ("AIFM"). Thus, the fund industry is confident in the RAIF structure as it provides the desired investors' protection while being more flexible compared to other regulated fund vehicles.