In a reserved alternative investment fund (RAIF), the alternative investment fund manager (AIFM) must be determined according to the amended law of 12 July 2013 on alternative investment fund managers (the AIFM Law) or in accordance with the amended Directive 2011/61/EU of 8 June 2011 on Alternative Investment Fund Managers (The AIFM Directive).

The AIFM shall be an external AIFM, also within the meaning of the AIFM Law. And as we already wrote previously, the external AIFM must be authorised (pursuant to the provisions of Chapter I of the AIFM Law) or in accordance with the provisions of Chapter II of the AIFM Directive.

We will get into more details as to the determination of the AIFM pursuant to the AIFM legislation in future articles.

References: Article 4(2) of the law of 23 July 2016 on reserved alternative investment funds as amended; AIFM and RAIF, August 25, 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)