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Reserved Alternative Investment Fund

Reserved Alternative Investment Fund

Luxembourg has added a new fund structure, the Reserved Alternative Investment Fund (RAIF), to the existing broad range of investment vehicles available to Investment Managers.



David Capocci

Partner, Head of Alternative Investments

KPMG in Luxembourg


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The AIFMD introduced a shift in the regulatory focus away from the Fund to the Manager. The RAIF sits well in this regulatory environment as only those Alternative Investment Fund Managers (AIFMs) authorised under the AIFMD will be permitted to manage a RAIF.

This brochure provides a brief overview of the new fund structure:

  • Why choose the RAIF?
  • Product and share class features
  • Legal forms and set-up
  • Offering document
  • Investment strategy
  • Taxation
  • Conversion to RAIF
  • Investor reporting

Click here to download the Japanese version (PDF | 658KB)

© 2020 KPMG Luxembourg, Société coopérative, a Luxembourg entity and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.

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