Visión general de los Luxemburgo Vehículos de inversión no regulados 

Being the largest investment fund hub in Europe, Luxembourg provides a wide range of investment fund structures either regulated or unregulated, capable of accommodating all sorts of demands from fund sponsors as well as investors’ needs. 

Fondos no regulados de Luxemburgo

Los vehículos de inversión no regulados se rigen principalmente por la ley de 10 de agosto de 1915 sobre sociedades mercantiles (la Ley de Sociedades).

Un vehículo no regulado se califica como FIA (fondo de inversión alternativo) si sus actividades entran en el espectro de la Ley de GFIA y si no hay ninguna exención disponible.

Unregulated vehicles are useful for private equity, venture capital, infrastructure, and real estate investment structuring, as well as for holding and financing activity. 

Características de los fondos no regulados de Luxemburgo

Forma jurídica

Luxembourg’s unregulated funds take generally either the form of a RAIF (reserved alternative investment fund) or of an unregulated limited partnership:

• special limited partnership (SCSp or SLP) or
• sociedad limitada común (SCS).

Los fondos no regulados de Luxemburgo pueden ser abiertos o cerrados, pero no pueden establecerse como un fondo paraguas.

La principal diferencia entre el SCS y el SCSp es la personalidad jurídica. SCS es una entidad jurídica, mientras que SCSp no incluye personalidades jurídicas distintas de sus socios.

A la hora de elegir el vehículo más adecuado, la elección se verá influida por una serie de características que incluyen el tipo de financiación que se va a obtener, las características específicas de los inversores, las consideraciones fiscales y el tipo de inversiones.

Capital

El SCS y el SCSp, permiten una mayor flexibilidad en cuanto a las variaciones de capital, ya que no hay requisitos de capital mínimo o máximo para ellos.

Supervisión

Un fondo no regulado no está sujeto a la autorización de la Autoridad del Mercado Financiero de Luxemburgo (Commission de Surveillance du Secteur Financier o CSSF).

Restricciones a la inversión

Un fondo no regulado puede invertir en cualquier clase de activos y según cualquier política o estrategia de inversión.

AIFM

Los fondos no regulados que se califican como FIA y no se benefician de una exención incluida en la Ley de GFIA deben designar un GFIA.

Los GFIA pueden comercializar un fondo no regulado entre los inversores de la Unión Europea a través de un régimen de notificación de regulador a regulador si el fondo no regulado cumple los requisitos para ser un FIA. Además, no hay restricciones relativas a los inversores adecuados.

Régimen fiscal

La norma fiscal relativa a los FIA luxemburgueses depende tanto de la forma jurídica del fondo como de si está sujeto a una ley específica o no.

Aunque la gestión de un fondo de inversión puede delegarse en una sociedad de inversión especializada, los inversores deben conocer las leyes y reglamentos particulares relativos a la creación y el funcionamiento de un vehículo de inversión.

To explore the best investment options for your needs (even for a securitization vehicle), let’s go ahead and contact your Damalion experts today. 

Overview of Luxembourg’s unregulated investment vehicles — what counts as “unregulated,” when an AIFM/depositary is still required, how SCSp/SCS, SOPARFI and securitisation vehicles compare, and a clear setup sequence from term sheet to first close.

For sponsors, entrepreneurs, family offices, private credit and real-asset investors • Damalion facilitates structuring, provider selection, documentation, banking rails, and operational go-live.

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What is an “unregulated” investment vehicle in Luxembourg?

“Unregulated” means the vehicle itself is not authorized or directly supervised by the CSSF. In practice, many such vehicles are still part of an Alternative Investment Fund (AIF) and therefore follow AIFMD rules via an appointed AIFM and, where required, a depositary bank. Typical choices include SCSp/SCS partnerships, SOPARFI holding companies (SA/SARL), and securitisation vehicles (SVs).

Which vehicle fits which job?

Vehicle	Core use	Governance & notes	Tax snapshot*
SCSp / SCS	Funds, co-invest sleeves, deal SPVs	GP/LP model; LPA-driven; AIFM & depositary when used as an AIF	Generally transparent when no commercial activity at partnership level
SOPARFI (SA/SARL)	Holding, co-investment, corporate structuring	Board-led; can sit in AIF structures; corporate law applies	Fully taxable, with participation-exemption regime under conditions
Securitisation Vehicle (SV)	Debt/receivables, asset-backed, note issuance	Compartment-based ring-fencing; issuer-investor docs are key	Taxable but with broad deductibility of commitments to investors

*Always confirm with tax counsel based on facts, activities, and documentation.

When do AIFM and a depositary apply?

If the structure qualifies as an AIF (raising capital from multiple investors with a defined investment policy), an authorized AIFM is appointed and, where the law requires, a depositary bank is engaged for safekeeping and cash-flow monitoring. Unregulated wrappers (e.g., SCSp, SOPARFI) used as AIFs follow this route even though the vehicle itself is not CSSF-authorized.

How to set up — step by step

1. Define the perimeter. Strategy, assets, leverage, investor base, co-invest policy.
2. Pick the wrapper. SCSp/SCS, SOPARFI, or SV; add feeders/SPVs/compartments as needed.
3. Classify the product. AIF or not; confirm AIFM and depositary needs.
4. Draft the pack. LPA or articles, subscription suite/term sheet, valuation & conflicts policies.
5. Open rails. Banking/registrar, payment approvals, reporting calendar.
6. Operational test. Mock commitment, call/distribution or note issuance.
7. First close/go-live. Execute agreements, align provider workflows, start reporting.

Damalion coordinates providers and documentation so onboarding and launch stay on one timeline.

Frequently asked questions

Is a RAIF considered “unregulated”?

RAIFs are not authorized by the CSSF but must appoint an external AIFM and a depositary; they operate under AIFMD through the AIFM.

Do unregulated vehicles need CSSF approval?

No. The vehicle itself is not authorized. If it qualifies as an AIF, compliance runs via an AIFM and, where required, a depositary bank.

Which wrapper is fastest to launch?

SCSp/SCS or SOPARFI can be launched efficiently with a prepared document pack and engaged providers.

Can we use co-invest SPVs?

Yes. SPVs alongside the main vehicle tailor allocations, risk, and exits without disturbing base terms.

How are LP liabilities handled in SCSp/SCS?

LP liability is limited to commitments provided LPs do not perform management acts and documentation is respected.

What about tax transparency?

SCSp/SCS are generally transparent when no commercial activity occurs at partnership level. SOPARFI and SV are taxable with specific regimes; confirm with tax counsel.

When is an AIFM required?

When the structure meets the AIF definition (capital raised from multiple investors with a policy). Then an authorized AIFM manages it.

When is a depositary required?

Where the law requires one for an AIF or where investors expect oversight of safekeeping and cash flows.

Can we market to EU professional investors?

With an authorized EU AIFM, an AIF may use the AIFMD passport. Without it, consider national private placement routes.

Can the GP or board be outside Luxembourg?

Possible, but market practice favors Luxembourg-based governance and substance for clarity with providers and stakeholders.

Can compartments be used?

Yes for certain wrappers (e.g., securitisation vehicles and some fund frameworks). Standalone SCSp/SOPARFI typically use SPVs to segregate assets.

Are audits required?

Audit needs depend on wrapper and thresholds. Many investment structures appoint an auditor from inception for reporting.

What minimum capital applies?

SCSp/SCS rely on partner commitments. Corporate wrappers (e.g., SA/SARL) have statutory minimum capital; confirm current figures.

What banking and registrar setup is typical?

Open operating/broker accounts as needed, appoint a registrar where applicable, and align approvals and reporting calendars before first close.

What is a typical timeline to first close or issuance?

With a prepared pack and engaged providers, formation, onboarding, and initial banking can proceed efficiently.

Where should you read next?

• Luxembourg SCSp: special limited partnership guide
• Luxembourg Holding Company: How to Pass SOPARFI Substance Tests
• Luxembourg securitisation vehicles Guide
• Parallel funds: operating model
• RAIF in Luxembourg