Let us consider the reserved alternative investment fund (“RAIF”) as (i) a common fund (fonds commun de placement - “FCP”), (ii) an investment company with variable capital (“SICAV” - société d’investissement à capital variable) and (iii) the RAIF which does not have the legal form of a SICAV / FCP:

1. the net assets of an FCP shall not be less than 1,250,000 euros. 

2. the subscribed capital of the SICAV, increased by the share premiums or the value of the amount constituting partnership interests, may not be less than 1,250,000 euros; 

3. the subscribed capital, increased by share premiums, or the value of the amount constituting partnership interests of RAIFs which do not have the legal form of a SICAV or FCP, may also not be less than 1,250,000 euros.

References: Articles 20, 25 and 32 of the amended law of 23 July 2016 on RAIFs; What Are the Legal Forms of a RAIF? August 29, 2020, Bertrand Mariaux.

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Bertrand Mariaux, Avocat à la Cour, LL.M. (hons.)

Prestation de serment (Swearing-in oath): Luxembourg (2011), Certificat d’Aptitude à la Profession d’Avocat, École de Formation professionnelle des Barreaux de la Cour d’appel de Paris (2009), Bond University (LL.M. (distinct.), International Legal Practice, 2010), Université Sorbonne Paris Nord & University of Limerick (Master in European & International Law - major in economics, 2008), certified Expert in Microfinance (Frankfurt School of Finance & Management, 2015), social entrepreneurship (University of Oxford, 2015 & The Wharton School of Social Policy & Practice, 2014) and social & solidarity economy (International Labour Organization Academy - Social & Solidarity Economy, Organisation Internationale du Travail - Économie Sociale et Solidaire, 2017