Uw infrastructuurfonds lanceren in Luxemburg: een uitgebreide gids

Luxembourg, a hub for investment funds, offers a favorable environment for infrastructure investment funds. Luxembourg offers types of regulated and unregulated investment funds investment funds can launch. Here are the main steps to set up an infrastructure investment fund in Luxembourg. For further insights, see our guide on Oregon Expands Investments in Infrastructure,.

Gereglementeerde beleggingsfondsen in Luxemburg:

• SIF (Specialized Investment Funds)
• SICAR (Société d’Investissement à Capital risque)
• RAIF (Reserved Alternative Investment Funds)

Niet-gereglementeerde beleggingsfondsen in Luxemburg:

• SOPARFI (Société de Participation Financière)
• Securitization vehicle
• SPF (Société de gestion de patrimoine familial)

Stappen voor het opzetten van een infrastructuurinvesteringsfonds in Luxemburg:

1. Kies een fondsstructuur
2. Registreren bij CSSF (Commission de Surveillance du Secteur Financier)
3. Aanwijzing van een bewaarder
4. aanbiedingsdocumenten voorbereiden en indienen
5. Verkrijgen van de goedkeuring van de CSSF
6. Lancering en marketing van het fonds
7. Lopende nalevingseisen

Een fondsstructuur kiezen: u kunt kiezen tussen een gereglementeerde of niet-gereglementeerde beleggingsfondsstructuur, afhankelijk van de beleggingsstrategie en de doelmarkt. Een gereglementeerd fonds biedt de belegger meer bescherming, maar vereist de goedkeuring van de CSSF en een voortdurende naleving van de voorschriften. Een niet-gereglementeerd fonds biedt meer flexibiliteit, maar minder bescherming voor beleggers.

Registratie bij de CSSF: u moet de beheermaatschappij van uw toekomstige fonds registreren bij de CSSF en goedkeuring verkrijgen voordat u het infrastructuurbeleggingsfonds lanceert. De registratieprocedure omvat het indienen van een aanvraag bij de CSSF en het verstrekken van informatie over de structuur van het fonds, de beleggingsstrategie en het belangrijkste personeel.

Aanwijzing van een bewaarder: Er moet een bewaarder worden aangesteld om de veiligheid van de activa van het fonds te waarborgen. De bewaarder is verantwoordelijk voor het bijhouden van de boekhouding van het fonds, het toezicht op de verrichtingen van het fonds en de naleving van de voorschriften.

Opstellen en indienen van aanbiedingsdocumenten: De cliënt moet aanbiedingsdocumenten opstellen en indienen bij de CSSF, waaronder het prospectus, de inschrijvingsovereenkomst en het beleggingsbeleid van het fonds. De aanbiedingsdocumenten verschaffen potentiële beleggers informatie over het fonds, waaronder de beleggingsstrategie, de risico’s en de kosten.

Verkrijgen van de goedkeuring van de CSSF: De CSSF moet de aanbiedingsdocumenten en de fondsstructuur beoordelen en goedkeuren voordat het infrastructuurbeleggingsfonds kan worden gelanceerd. Het goedkeuringsproces kan enkele maanden duren.

Lancering en commercialisering van het fonds: Zodra de goedkeuring van de CSSF is verkregen, kan het Infrastructuurfonds worden gelanceerd en aan potentiële beleggers worden aangeboden. De cliënt moet voldoen aan de doorlopende rapportage- en openbaarmakingsvereisten om de goedkeuring van de CSSF te behouden.

Luxembourg offers a favorable environment for infrastructure investment funds, with a choice of regulated or unregulated fund structures. The steps to set up an infrastructure investment fund include choosing a fund structure, registering with CSSF, appointing a depositary, preparing and filing offering documents, obtaining CSSF approval, launching, and ongoing compliance. Contact your Damalion experts now to setup your infrastructure investment fund in Luxembourg. 

Launch your Infrastructure Fund in Luxembourg — clear structures (RAIF, SIF, SICAR, SCSp/SCS), roles, documents, CSSF points, banking, and 2025 rule updates (AIFMD II, ELTIF 2.0).

For sponsors, GPs, managers, family offices, pension funds and institutional LPs • We help you plan the model, prepare the file, choose providers, and coordinate steps with independent professionals. Approvals and bank decisions remain their own.

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Why Luxembourg for infrastructure?

Luxembourg is a leading EU fund center. It offers flexible partnership vehicles (SCSp/SCS), product regimes (RAIF, SIF, SICAR, ELTIF 2.0, UCITS for listed infra), passport routes, deep service providers, strong depositaries, and wide banking access.

Main fund options at a glance

Vehicle	Supervision	Investors	Notes
RAIF (SICAV/SCSp)	Not CSSF-product; AIFM supervised	Well-informed/professional	Fast launch; flexible infra, debt, equity; disclosure in issue doc.
SIF	CSSF-authorised product	Well-informed	Ongoing product supervision; diversification rules apply.
SICAR	CSSF-authorised product	Well-informed	Risk capital focus; equity/eq-like infra; different tax profile.
ELTIF 2.0 (can be RAIF/SIF base)	Product authorisation	Pro + retail under safeguards	Long-term assets; updated 2024/2025 rules broaden eligibility.
SCSp / SCS (partnership)	Depends on regime	Pro/Well-informed (AIF)	Widely used as master/feeder/parallel; contractual freedom.

Your choice depends on target investors, strategy (equity, brownfield/greenfield, core/core+, value-add), and distribution plans.

Key roles and providers

• AIFM: EU AIFM (Lux or other EU) with infra experience; portfolio & risk management.
• Depositary: Safekeeping, oversight, cash flow monitoring.
• Administrator/Registrar: NAV, investor record, reporting.
• Auditor & Legal counsel: Annual audit; fund docs, financing, asset contracts.
• Valuation & Technical advisors: Infra valuation, technical due diligence.
• Banking: Subscription, operating, and FX accounts; KYC/AML checks.

Documents to prepare

• Governing docs: LPA/Articles, offering memorandum, side letter policy.
• Governance: GP/Board terms, conflicts policy, delegation outline.
• Investment policy: asset types, geography, concentration, leverage, ESG.
• Risk, valuation, liquidity, sustainability disclosures (SFDR/Taxonomy as relevant).
• Service contracts: AIFM, depositary, admin, auditor, advisors.
• Marketing file: target investors, jurisdictions, pre-marketing/marketing notifications.

Capital calls, cash, and banking

Explain how commitments are called, who wires funds, expected currency mix, and payment counterparties. Keep a clean trail for banks. Provide basic projections for the first 12 months.

Costs and timing

• One-off: fund setup, legal, AIFM onboarding, depositary onboarding, bank onboarding, audit set-up.
• Ongoing: AIFM/management fees, depositary, administrator, audit, listing (if any), reporting.
• Timing depends on chosen regime, provider capacity, and completeness of your file.

Related reading

• Luxembourg Fund Structures: legal, tax, and setup overview
• Launch a Luxembourg RAIF
• Special Limited Partnership (SCSp)
• RAIF vs. SIF
• Infrastructure fund structuring services

Frequently asked questions

Who can invest in a Luxembourg infrastructure fund?

Usually professional or well-informed investors under the chosen regime. Retail access is possible only under specific products (e.g., ELTIF 2.0) and national rules where the offer takes place.

Which legal forms are common?

Partnerships (SCSp/SCS) and company forms (SICAV/SICAF) are common, used under regimes such as RAIF, SIF, SICAR, or ELTIF when appropriate.

Is CSSF approval always required?

No. RAIFs are not authorised as products by the CSSF but must appoint an authorised AIFM. SIF/SICAR/ELTIF are product-authorised and supervised.

How does AIFMD II affect infrastructure funds in 2025?

It updates rules on delegation, reporting, liquidity tools, and loan-origination AIFs. Managers should align policies, disclosures, and service agreements with the new framework.

What changed under ELTIF 2.0?

Broader eligible assets, simpler diversification, and improved conditions for marketing (including potential retail access with safeguards). Useful for long-term infrastructure.

What is the minimum capital?

Depends on regime and vehicle. AIFMs have regulatory capital rules; funds may set commitment targets and closings in documents. Check product-specific thresholds where applicable.

Are parallel or master-feeder structures allowed?

Yes. Luxembourg supports master-feeder and parallel funds to accommodate different investor groups, tax needs, or currencies.

Can the fund originate loans for infrastructure?

Yes, subject to AIFMD/AIFMD II conditions and internal policies. Loan origination AIFs require limits, risk controls, and disclosures in the governing documents.

How are management and performance fees handled?

Set out in LPA/Articles and offering docs. Include hurdle, catch-up, clawback/escrow mechanics, and fee offsets. Disclose expenses and conflicts.

What are the diversification rules?

They depend on the chosen regime (e.g., RAIF/SIF product policies, ELTIF 2.0 specific limits). State concentration and risk limits in the investment policy.

How is valuation organised?

By the AIFM with an internal or external valuer per policy. Use recognised approaches for infrastructure equity and debt; document models and frequency.

What are the audit requirements?

Annual audit is standard. Product-regulated funds follow CSSF rules; partnerships also maintain financial statements per law and governing docs.

How do marketing rules apply cross-border?

Follow AIFMD pre-marketing/marketing rules and national notifications. Keep records of materials and jurisdictions. For ELTIF, apply the product’s distribution rules.

Are sustainability disclosures required?

Where SFDR/Taxonomy apply, disclose sustainability approach, principal adverse impacts (as relevant), and alignment in offering and website disclosures.

What does the depositary do?

Safekeeping, oversight of ownership and cash, and monitoring of flows. For infrastructure, expect attention to title, SPVs, and financing accounts.

How are conflicts of interest addressed?

Maintain a conflicts map, related-party rules, and allocation policy. Disclose GP commitments and any service provider affiliations.

Can retail investors invest?

Only under specific structures like ELTIF 2.0 and subject to product and national rules, distributor checks, and disclosures.

How do banks view infrastructure funds?

They look for clear ownership, source of funds, expected payment flows, and KYC/AML completeness. Provide clean, consistent documentation.

How long does launch take?

It depends on regime, providers, and file completeness. Product authorisations take longer than RAIF. Banking timelines depend on KYC complexity.

Do I need tax advice?

Yes. Obtain independent tax advice for investors and asset jurisdictions (including withholding, treaty access, debt push-down, and SPV locations).