Aurels Conseil
Fund structuring and distribution
You are launching or distributing a fund from Luxembourg: we choose the right vehicle with you, coordinate the local service providers and prepare your cross-border distribution file.
Or call us directly: +352 621 432 190
Your fund structured with method, your manager focused on management.
According to data from the Commission de Surveillance du Secteur Financier as at November 2024, Luxembourg administered around €7,300 billion in investment fund assets, making it the second largest fund domicile in the world after the United States and the first in Europe; its market share in cross-border fund distribution exceeds half of the world total. Several distinct regimes overlap there: a manager who seeks support saves precious time, and their distribution gains in security.
The support covers three aspects:
- the choice of the vehicle suited to the strategy and the target clientele;
- coordination with local service providers;
- preparation of the cross-border distribution file.
The management of the fund’s portfolio remains the sole responsibility of its manager: our support falls within the scope of Aurels Conseil’s economic advisory licence, and frees your team for what it does best.
The integration of ESG criteria into a fund’s documentation, under SFDR or the EU taxonomy, follows directly from the diligence already applied to the impact investment files handled by Aurels Conseil. Consistency between the regulatory documentation and the reality of the strategy pursued is checked with the same rigour, from the drafting of the documentation.
Choice and structuring of the vehicle
The choice between the available regimes, SICAV, specialised investment fund (SIF) or reserved alternative investment fund (RAIF), is made according to the strategy and the target clientele, rather than by defaulting to the best-known solution.
Example : a manager based outside Luxembourg wishing to open a private debt strategy to well-informed investors will most often opt for a RAIF rather than a SIF, in order to shorten time to market by dispensing with prior CSSF authorisation, supervision then being exercised indirectly through the authorised manager.
Coordination of local service providers
Depositary, central administration and statutory auditor: setting up a fund means coordinating several providers whose contractual arrangements determine, in practice, the real launch timeframe.
Cross-border distribution file
Preparing the European passport or distribution agreements outside the Union follows its own timetable, which should be anticipated from the design of the vehicle rather than addressed once the fund has been set up.