Popular investment vehicles in Luxembourg

Updated on January 2026

• Luxembourg SICAV-SIF SCA
• Luxembourg SICAV-RAIF SCA
• Luxembourg SICAV-RAIF SCSp
• Luxembourg unregulated SCSp

• Corporate partnership limited by shares with the form of an investment company with variable capital and subject to SIF law

• Corporate partnership limited by shares with the form of an investment company with variable capital and subject to RAIF law

• Special limited partnership without legal personality with the form of an investment company with variable capital and subject to RAIF law

• Special limited partnership without legal personality

• Not tax transparent.
• Not subject to Luxembourg income taxes (i.e., corporate income tax (CIT) and municipal business tax (MBT))  and net  wealth tax.
• Subject to an annual subscription tax of 0.01% of its NAV. 

• Not tax transparent.
• Not subject to Luxembourg income taxes and net wealth tax.
• Subject to an annual subscription tax of 0.01% of its NAV

• Tax transparent.
• Not subject to Luxembourg income taxes and net wealth tax.
• Subject to annual subscription tax of 0.01% of its NAV

• Tax transparent
• Not subject to Luxembourg CIT and net wealth tax. Not subject to MBT provided it does not deemed to pursue a commercial activity.
• Not subject to subscription tax.

• No

• Yes

• Yes

• Yes (but complicated)

• N/A

• Open- or closed-ended

• Subject to CSSF supervision: must be approved by the CSSF and comply with SIF Law and AIFMD if AIF full scope

• Light touch regulation and compliance with full requirements under AIFMD

• Light touch regulation and compliance with full requirements under AIFMD

• Not regulated and compliance with AIFMD if AIF full  scope

• Only well-informed investors: institutional, professional or EUR 100,000 minimum

• Only well-informed investors: institutional, professional or EUR 100,000 minimum
• Not open to the retail market

• Only well-informed investors: institutional, professional or EUR 100,000 minimum
• Not open to the retail market

• Only professional investors in the EEA
• Not open to the retail market

• Umbrella structure available and well known structure by investors

• Flexible, umbrella structure available and no direct CSSF supervision (time to market)

• Tax and legal Transparency
• Flexible, umbrella structure available and no direct supervision by CSSF (time to market)

• Tax and legal Transparency
• Very flexible, no direct CSSF supervision (time to market) and no diversification requirements

• Diversification requirements
• Direct CSSF supervision (less flexible re time to market)

• Diversification requirements

• Diversification requirements

• No umbrella structure

• All strategies – commonly used for PE/RE/Infra