What It Costs, and How Long It Really Takes
Part 7 of Luxembourg Fund Formation, Translated: A Guide for Non-EU Fund Sponsors. It explains why a Luxembourg structure carries a mandatory annual cost base that does not scale down with your fund, what you are buying one-off and every year, and the seven factors that move the number. It sets out a simple test of the structure’s cost against your management fee at first close, what actually sets the launch date (rarely the CSSF), the costs nobody quotes you, and five questions that make provider quotes comparable.
Part 7 of Luxembourg Fund Formation, Translated: A Guide for Non-EU Fund Sponsors. It explains why a Luxembourg structure carries a mandatory annual cost base that does not scale down with your fund, what you are buying one-off and every year, and the seven factors that move the number. It sets out a simple test of the structure’s cost against your management fee at first close, what actually sets the launch date (rarely the CSSF), the costs nobody quotes you, and five questions that make provider quotes comparable.
Substance: What Luxembourg Actually Asks of You
Part 6 of Luxembourg Fund Formation, Translated: A Guide for Non-EU Fund Sponsors. It explains that substance is one notion but not one requirement, assessed by different audiences at three levels of your structure: the fund manager, where the CSSF applies its letter-box test; the fund and its general partner, where investors, tax authorities and courts look at how the board decides; and the holding companies below the fund, where treaty claims are made. It sets out what satisfies all three, the recognisable failure patterns, and why the holding companies are the level everyone forgets.
Part 6 of Luxembourg Fund Formation, Translated: A Guide for Non-EU Fund Sponsors. It explains that substance is one notion but not one requirement, assessed by different audiences at three levels of your structure: the fund manager, where the CSSF applies its letter-box test; the fund and its general partner, where investors, tax authorities and courts look at how the board decides; and the holding companies below the fund, where treaty claims are made. It sets out what satisfies all three, the recognisable failure patterns, and why the holding companies are the level everyone forgets.
Regulated or Not. Choosing a Fund Regime
Part 3 of Luxembourg Fund Formation, Translated: A Guide for Non-EU Fund Sponsors. It separates product regulation from manager regulation, then sets out the Luxembourg fund regimes as rungs on a single ladder: the unregulated partnership, the RAIF, the SIF and SICAR, the Part II UCI and the ELTIF, with what each one forbids and its nearest Delaware or Cayman equivalent. It also explains the difference between regime and legal form, why the depositary is not a custodian, how lending strategies are treated, and five questions that place you on the ladder.
Part 3 of Luxembourg Fund Formation, Translated: A Guide for Non-EU Fund Sponsors. It separates product regulation from manager regulation, then sets out the Luxembourg fund regimes as rungs on a single ladder: the unregulated partnership, the RAIF, the SIF and SICAR, the Part II UCI and the ELTIF, with what each one forbids and its nearest Delaware or Cayman equivalent. It also explains the difference between regime and legal form, why the depositary is not a custodian, how lending strategies are treated, and five questions that place you on the ladder.
