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Visão geral do Luxemburgo Veículos de investimento não regulamentados 

by | Out 12, 2022 | Estruturação Corporativa, Fundos de investimento

Luxembourg unregulated investment vehicles

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. 

Fundos luxemburgueses não regulamentados

Os veículos de investimento não regulamentados são regidos principalmente pela lei de 10 de Agosto de 1915 sobre as sociedades comerciais (o Direito das Sociedades).

Um veículo não regulamentado qualifica-se como FIA (fundo de investimento alternativo) se as suas actividades se enquadrarem no espectro da Lei do GFIA e se não estiver disponível qualquer isenção.

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

Características dos fundos não regulamentados do Luxemburgo

Forma legal

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

Os fundos não regulamentados do Luxemburgo podem ser abertos ou fechados, mas não podem ser estabelecidos como um fundo de cobertura.

A maior diferença entre a SCS e a SCSp é a personalidade jurídica. A SCS é uma entidade jurídica, enquanto que a SCSp não inclui personalidades jurídicas distintas dos seus parceiros.

Ao escolher o veículo mais aplicável, a escolha será influenciada por uma série de características, incluindo o tipo de financiamento a obter, as especificidades dos investidores, considerações fiscais, e o tipo de investimentos.

Capital

A SCS e a SCSp, permitem maior flexibilidade em relação às variações de capital, uma vez que não há requisitos mínimos ou máximos de capital para as mesmas.

Supervisão

Um fundo não regulamentado não está sujeito à autorização da Autoridade do Mercado Financeiro do Luxemburgo (Commission de Surveillance du Secteur Financier ou CSSF).

Restrições ao investimento

Um fundo não regulamentado pode investir em qualquer classe de activos e de acordo com qualquer política ou estratégia de investimento.

AIFM

Um fundo não regulamentado qualificado como FIA e que não beneficie de uma isenção incluída na Lei dos GFIA deve nomear um GFIA.

Os GFIA podem comercializar um fundo não regulamentado a investidores na União Europeia através de um regime de notificação de regulador para regulador, se o fundo não regulamentado se qualificar como um fundo FIA. Além disso, não há restrições relativas a investidores adequados.

Regime Fiscal

A regra fiscal relativa aos FIA luxemburgueses depende tanto da forma jurídica do fundo como do facto de este estar ou não sujeito a uma lei específica.

Embora a gestão de um fundo de investimento possa ser delegada a uma empresa de investimento especializada, os investidores devem conhecer as leis e regulamentos específicos relativos à criação e funcionamento de um veículo de investimento.

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

Damalion

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.

 

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