Lance o seu fundo de infra-estruturas no Luxemburgo: um guia completo

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,.

Fundos de Investimento Regulamentados no Luxemburgo:

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

Fundos de Investimento não regulamentados no Luxemburgo:

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

Passos para a criação de um Fundo de Investimento em Infra-estruturas no Luxemburgo:

1. Escolher uma estrutura de fundo
2. Registo na CSSF (Commission de Surveillance du Secteur Financier)
3. Nomear um depositário
4. Preparar e arquivar documentos de oferta
5. Obter a aprovação do CSSF
6. Lançamento e comercialização do fundo
7. Requisitos de conformidade em curso

Escolha de uma estrutura de fundo: pode escolher entre uma estrutura de fundo de investimento regulada ou não, dependendo da estratégia de investimento e do mercado-alvo. Um fundo regulamentado oferece mais protecção ao investidor, mas requer a aprovação da CSSF e o cumprimento permanente dos regulamentos. Um fundo não regulamentado oferece mais flexibilidade, mas menos protecção ao investidor.

Registo na CSSF: deve registar a sociedade gestora do seu futuro fundo na CSSF e obter aprovação antes de lançar o fundo de investimento em infra-estruturas. O processo de registo envolve a apresentação de uma candidatura à CSSF, fornecendo informações sobre a estrutura do fundo, estratégia de investimento, e pessoal chave.

Nomeação de um Depositário: Deve ser nomeado um depositário para garantir a segurança dos activos do fundo. O depositário é responsável por manter os registos contabilísticos do fundo, supervisionar as operações do fundo, e assegurar o cumprimento dos regulamentos.

Preparação e arquivo de documentos de oferta: O cliente deve preparar e arquivar os documentos da oferta com a CSSF, incluindo o prospecto do fundo, o contrato de subscrição e a política de investimento. Os documentos de oferta fornecem aos potenciais investidores informações sobre o fundo, incluindo a estratégia de investimento, os riscos e as taxas.

Obtenção da aprovação do CSSF: A CSSF deve rever e aprovar os documentos de oferta e a estrutura do fundo antes de o fundo de investimento em infra-estruturas poder ser lançado. O processo de aprovação pode demorar vários meses.

Lançamento e comercialização do Fundo: Uma vez obtida a aprovação do CSSF, o fundo de investimento em infra-estruturas pode ser lançado e comercializado junto de potenciais investidores. O cliente deve cumprir os requisitos de relatórios e divulgação contínuos para manter a aprovação da CSSF.

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).