Specialised Investment Fund
Specialised Investment Fund accessible in Luxembourg for professionnal and well informed investors.
Due to strong growth in investment schemes, Luxembourg has introduced a new vehicle for the well informed investors which is a flexible UCI (law of the 13/02/2007).
This SIF is more regulated than non resident private fund established in foreign jurisdictions, SICAR or SPF but it is more flexible than common UCI or SICAV.
The SIF can issue shares only to institutional and well-informed investors. The SIF can invest in any type of securities, hedge fund, real estate, funds, shares, buyout,...
The shares are issued to :
- institutional investors
- professionals
- well informed investors (investment of 125.000 Euro or confirmation of their expertise in financial placement by a bank or a management company)
It can therefore be used by Private funds, family offices, HNWI, families, pension pooling or hedge funds.
The SIF can invest in asset or any type of financial values : in real estate, hedge fund, Private equity, buyout, infrastructure project, cash, money, forex, funds,...
The CSSF supervises the SIF, its activities and legal documents within a month after having launched the SIF. No approval of a promoter is required. Only a Luxembourg Depositary Bank is required for supervision of assets and safe keeping (but not in charge of nav verification, management report,...).
The director of a SIF-sicav (established as a company) or the director of a SIF-fund (established as a fund) does not need to meet specific conditions to be approved by CSSF. They must justify their sufficient good reputation and have sufficient professional experience.
The Central Administration must be situated in Luxembourg. There is no specific requirement in the law for approval of the administrator. One Nav per year is required and one annual report 6 month after closing. The "substance need" is not required by the law like for UCITS.
The minimum capital is 1.250.000 Euro to be reach within a year. Contributions in kind are possible. Capital duty is 1250 Euro flat. Taxe d'abonnement is due at 1bp / year.
The SIF-Fund
Fiscaly transparent and held in trust by a management company established in Luxembourg.
The SIF-Sicav
Fiscaly non transparent, tax exempt and could enjoy treaty benefit. It can be incorporated as a Société anonyme, Société en Commandite par Actions, Société à Responsabilité Limitée and cooperative company set like an S.A.. It is possible to have a single member company.