Se rendre au contenu

Structures de fonds luxembourgeoises

Comparaison des structures de fonds alternatifs luxembourgeoises

Le Luxembourg offre un large éventail de structures réglementées et non réglementées pour les stratégies d’investissement alternatives. La solution appropriée dépend des investisseurs ciblés, de la politique d’investissement, de la stratégie de distribution, des exigences réglementaires, de la forme juridique et du modèle de gouvernance attendu.

La comparaison ci-dessous présente une vue d’ensemble des principales caractéristiques des RAIF, SIF, SICAR, fonds Partie II, SCSp et structures ELTIF.

Elle constitue une première référence en matière de gouvernance et de structuration. Elle ne remplace pas un conseil juridique, réglementaire ou fiscal adapté à un projet particulier.

Ouvrir le tableau comparatifExaminer les questions de gouvernance

Une référence pratique pour la décision

Commencer par l’objectif que la structure doit atteindre

La comparaison est particulièrement utile lorsque la réglementation du produit, l’éligibilité des investisseurs, la distribution, le modèle opérationnel et la gouvernance sont examinés ensemble.

Rapidité et flexibilité

Comparez le RAIF et la SCSp non réglementée lorsque le calendrier de lancement, la flexibilité contractuelle et le périmètre AIFM sont déterminants.

Supervision directe du produit

Comparez le SIF, la SICAR et l’OPC Partie II lorsque l’autorisation du produit par la CSSF et le statut réglementé sont importants.

Accès à un public d’investisseurs plus large

Envisagez le cadre OPC Partie II et ELTIF lorsque l’accès aux investisseurs de détail ou une distribution européenne plus large constitue un objectif.

Dernière révision : 21 août 2026.

Cette comparaison générale reflète le cadre actuel applicable aux nouvelles structures. Les droits acquis, dispositions transitoires, formes juridiques précises et documents du fonds peuvent modifier l’analyse.

Critère de décision RAIF SIF SICAR Part II UCI SCSp, unregulated AIF ELTIF 2.0
Nature réelle A Luxembourg alternative fund product, indirectly supervised via its authorised external AIFM. A Luxembourg regulated fund product, usually an AIF. A Luxembourg regulated fund product dedicated to risk capital. A Luxembourg regulated product under Part II of the 2010 Law, often used when broader investor access is needed. Usually the legal form chosen for private market funds, especially PE, VC, debt and carry. The partnership itself has no legal personality. An EU long term fund label that can be added to an eligible AIF. It is not a separate Luxembourg legal vehicle.
Cas d’usage principal Speed plus institutional grade AIFM discipline. Classic regulated alternatives vehicle for well informed investors. Pure private equity or venture capital style risk capital vehicle. Regulated alternative vehicle that can reach retail as well as professional investors. Maximum contractual flexibility, especially for sponsor led private market structures. Cross border long term private assets strategy, especially if retail access is a goal.
Investisseurs éligibles Well informed investors only. Minimum EUR 100,000 unless otherwise certified. Well informed investors only. Minimum EUR 100,000 unless otherwise certified. Well informed investors only. Minimum EUR 100,000 unless otherwise certified. All types of investors. Depends on how structured and marketed. If it is an AIF with an EU AIFM, the AIFMD passport is for professional investors. No investor eligibility requirement as such, retail included, subject to ELTIF rules.
Stratégies et actifs éligibles Very broad, all types of assets. Can also be set up in SICAR like form for risk capital only. Very broad, all types of assets. Risk capital only, typically PE and VC. Very broad, all types of assets. Very broad in practice, because it is a form, not a product law. Strategy is defined by the fund documents and, if relevant, the AIFM framework. Long term assets, private debt, infrastructure, real assets, fund of funds, master feeder and broader long term strategies under the revised ELTIF rules.
Autorisation du produit par la CSSF avant lancement Non. C’est le principal avantage en matière de rapidité. Oui. Oui. Oui. No, unless wrapped in a regulated product. Yes, for ELTIF authorisation, on top of the underlying AIF framework.
Exigence relative à l’AIFM Mandatory authorised external AIFM. Usually an AIF, therefore usually under the AIFM regime, but the point is not as absolute as for RAIF. Usually an AIF, therefore usually under the AIFM regime, but not conceptually as absolute as for RAIF. If it is an AIF, the AIFM Law applies. Depends. It can sit outside the AIFM perimeter if it is not an AIF, otherwise AIFM rules apply. Must be an eligible AIF managed by an authorised EU AIFM.
Logique de diversification Risk spreading is required under the standard RAIF regime. A RAIF may instead elect the SICAR style risk capital regime, which does not impose classic diversification. Circular 25/901 does not directly apply to RAIFs. Diversification required. Since Circular 25/901, the current framework is more nuanced than the old headline 30 percent rule. For well informed or professional investors, the CSSF baseline is generally 50 percent per issuer / asset / vehicle, with possible derogations and specific rules. No classic diversification rule, but a strict risk capital purpose. Diversification required. Under Circular 25/901, the baseline is generally 25 percent for unsophisticated retail investors, rising to 50 percent for well informed or professional investors, with special infrastructure thresholds and possible derogations. No product law diversification by itself. Depends on strategy, documents and, if applicable, AIFM constraints. ELTIF has its own asset eligibility, diversification and borrowing rules under the EU regime, revised materially by ELTIF 2.0.
Capital minimum EUR 1.25m within 24 months. EUR 1.25m within 24 months. EUR 1.0m within 24 months. EUR 1.25m within 12 months, with specific rules for self managed structures. No fund law minimum capital as such at the partnership level, although the chosen GP form may have its own company law capital rules. Depends on the underlying vehicle, often a Part II UCI or another eligible AIF, plus ELTIF overlay.
Rapidité de mise sur le marché Fastest of the regulated style options. Major selling point. Slower than RAIF, because CSSF product approval is needed. Slower than RAIF, because CSSF product approval is needed. Usually the slowest among these mainstream options, because it is regulated and often operationally heavier if retail is targeted. Potentially very fast structurally, but distribution and AIFM analysis can still be complex. Slower than plain RAIF or plain SCSp, because ELTIF adds another regulatory layer.
Passeport européen The authorised EU AIFM may use the AIFMD passport to market the RAIF to professional investors across the EU/EEA. The RAIF eligibility test for well informed investors still applies. Yes, if the SIF has an authorised EU AIFM and qualifies as an AIF, for marketing to professional investors. Yes, if the SICAR has an authorised EU AIFM and qualifies as an AIF, for marketing to professional investors. Yes to professional investors if it has an authorised EU AIFM. Without ELTIF, there is no automatic EU retail passport. Yes to professional investors if it is an EU AIF with an authorised EU AIFM. This is where ELTIF stands out. It was revised to make EU wide marketing, including to retail, much more practical.
Priorités de gouvernance Board quality plus AIFM oversight, because there is no direct CSSF product supervision. Traditional regulated fund governance, board, delegates, depositary, auditor, CSSF oversight. Board governance is critical because asset valuation, conflicts and strategy execution can be highly judgement based. Particularly important on valuation, liquidity, disclosure and investor protection, especially if a wider investor audience is targeted. Governance often sits primarily at GP and AIFM level, not at the partnership itself, because the SCSp has no legal personality. Governance intensity is high, because distribution, liquidity, valuation and long term asset fit must all work together.
Principale valeur ajoutée d’un administrateur indépendant In evidencing real challenge in a fast launch, indirectly supervised structure. In a classic regulated product where credibility matters to investors and the CSSF. In concentrated, judgement heavy private equity or venture capital structures. In balancing broader distribution ambitions with strong governance discipline. On the GP board and sometimes the AIFM, where real control must sit. In proving that product design, liquidity and investor disclosures are actually coherent.
Profil type du sponsor Alternatives sponsor who wants speed, flexibility and an institutional feel. Sponsor wanting a classic Luxembourg regulated fund for sophisticated investors. Private equity or venture capital sponsor wanting a purpose built regime. Sponsor seeking broader investor access, often semi retail or retail. Private market house wanting maximum legal flexibility and sponsor control. Sponsor wanting private market exposure with an EU retail or broader cross border angle.
Principal avantage Fast, flexible, credible. Established, respected, regulated. Best legal fit for true risk capital. Retail capable, regulated, versatile. Most flexible architecture. Best route when long term private assets and EU retail distribution matter.
Principal inconvénient Must have an external authorised AIFM, and no direct CSSF product label. Slower and more regulated than RAIF. Narrower, because risk capital only. Heavier governance and operational burden. Less “off the shelf” for distribution, governance has to be built carefully around GP and AIFM. Extra regulatory complexity, so not the simplest starting point.

Références principales :

Ces informations sont générales et susceptibles d’évoluer. Elles doivent être vérifiées au regard de la législation et des orientations réglementaires les plus récentes, ainsi que des caractéristiques de la structure envisagée, avant toute décision.

Considérations de gouvernance

La qualification juridique et réglementaire d’une structure n’est qu’un élément de l’analyse. Les sponsors doivent également déterminer où les décisions seront prises, quelles fonctions seront déléguées, comment les conflits seront gérés et si le conseil ou le general partner dispose des compétences, informations et capacités nécessaires pour exercer une surveillance effective.

Dans les fonds de forme sociétaire, les responsabilités de gouvernance incombent normalement à l’organe de direction du fonds et, le cas échéant, à l’AIFM nommé. Dans les structures de partenariat telles qu’une SCSp, la gouvernance se concentre souvent principalement au niveau du general partner et de l’AIFM.

La composition appropriée du conseil doit refléter la stratégie d’investissement, la complexité, les attentes des investisseurs, le statut réglementaire et le modèle opérationnel de la structure.

Poursuivre l’analyse

Guides connexes pour les conseils et sources officielles

Consulter les ressources officielles luxembourgeoises et européennes

Échanger sur votre structure

Prudentia Advisory fournit une représentation indépendante au conseil et une expérience de gouvernance auprès de fonds d’investissement alternatifs luxembourgeois, de general partners et de structures connexes.

Si vous examinez la gouvernance ou la composition du conseil d’une structure envisagée ou existante, nous serons heureux d’échanger sur vos besoins.

Échanger sur votre structure