As previously mentioned, a reserved alternative investment fund (a “RAIF”) may take the form of a common fund (“FCP” - fonds commun de placement). 

We also stated that a RAIF may take the form of an investment company with variable capital (société d'investissement à capital variable - “SICAV”). And finally the RAIF can take the form of an investment company with a fixed capital (société d’investissement à capital fixe - “SICAF”).

The FCP shall be managed by a management company as it has no legal personality. A SICAV or a SICAF may either be self-managed or appoint a management company. Self-managed SICAVs/SICAFs may only manage assets of their own portfolios and may not manage assets on behalf of a third party. The management company of an FCP must prepare the management regulations for the FCP.

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

*Podcast #271:

*YouTube Video 260|: 

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)