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Investment Funds

Whether you are launching, operating, lending to or investing in a fund or an alternative indirect investment vehicle, you need to overcome legal hurdles which may be from a domestic and/or cross-border perspective. Our pan-European funds group advises across your key asset classes including private equity, real estate, infrastructure, hedge, venture capital, debt and exchange traded funds.

Luxembourg being the second largest fund centre in the world and the first in Europe, CMS Luxembourg naturally established a department dedicated to the funds industry. Our team of experts is able to advise you on all types of funds, regulated or unregulated, and other indirect structures. Our experience and varied client base enables us to advise on the commercial as well as the legal and tax aspects. 

We are highly skilled at, and have a reputation for, efficiency and providing commercial and pragmatic advice to reach successful deal conclusions quickly and on sensible budgets. We recognise the fast-moving regulatory climate and aim to simplify the legal minefield with our expert funds guides. These cover developments such as those affecting passporting and private placement regimes and allow you to keep pace with key market changes. 

"Part of a multi-jurisdiction practice with the ability to advise on cross-border fund structuring and regulatory and tax issues. Serves well international clients seeking to establish investment fund presence in Luxembourg."

Legal500, 2022

"CMS was able to mobilise partners from other countries to support an investment due diligence process that required legal and tax expertise from multiple European domiciles."

Legal500, 2022

"The team has a good knowledge of the funds market practice and regulations. It is responsive and provides excellent, succinct and practical advice."

Legal500, 2022

"Innovative and open-minded approach to fund structuring."

Legal500, 2022

"As an authorised AIFM, we value the service and expertise of CMS Luxembourg, especially when it comes to advising on the creation of investment funds, with a focus on alternative investments. We have received consistently positive feedback from our customers."

Legal500, 2022

"Quick and knowledgeable response. Very informed on cutting-edge developments in the industry and well connected to the industry and the CSSF."

Legal500, 2022

"CMS Luxembourg is our go-to legal partner. As a firm we particularly appreciate their responsiveness and their client-oriented approach. They can cover all legal aspects of our projects and have excellent knowledge of the legal and regulatory framework as well as market practices."

Legal500, 2022

"The team has an in-depth knowledge of the legal and regulatory environment and a very good understanding of the clients’ needs and constraints. They are well informed of the industry trends and have a commercial and pragmatic approach."

Legal500, 2022

"Professionalism, reactivity, efficiency. "

IFLR1000, 2021

"Focused advice. Quick delivery. Cross-border advice."

IFLR1000, 2021

"The team is very reactive. They answer all our questions very quickly. They are very reassuring as well."

IFLR1000, 2021

"Experts on the topic, very pragmatic approach, quick turnaround, cost-efficient."

IFLR1000, 2021

"Very high availability, professionalism and endurance."

IFLR1000, 2021

"It is one of the few teams that is able to think strategically with fund managers. With this team we have never been provided with an off-the-shelf solution pushed to tick most of the boxes. Quite the contrary; they offer a tailored approached, incorporating market forces, costs, governance principle, investment strategies, in order to best advise their clients."

Legal500, 2021

"Well-run set with a true specialisation and vast experience and a huge depth of knowledge. Very responsive, communicative and collaborative."

IFLR1000, 2021

"They have deep knowledge about the different types of funds, investment vehicles and structures which are best-suited for their clients."

Legal500, 2021

"CMS are very professional and with a very strong knowledge in the private equity area. They are very responsive and proactively involved with all parties involved in any transaction. They are very client-oriented, but as well they are efficient in sharing information with us the service provider and working alongside us to deliver the best result to the client."

IFLR1000, 2021

"As one of the few lawyers in Luxembourg that understand the concept of client service; they are creative without losing sight of what it is realistic."

IFLR1000, 2021

"We have been very impressed with the strength-in-depth of the CMS Luxembourg team. They are able to cover both regulatory, tax and finance matters which has proven invaluable to servicing the requirements of our clients."

Legal500, 2021

"They are expert, fast, efficient and a great partner to our firm."

IFLR1000, 2021

"CMS is able to advise on a wide range of investment products (regulated and unregulated structures) focusing on almost all asset classes."

Legal500, 2021

"A very proactive team which provides an entrepreneurial mindset and a commercial outlook. Partners are always on top of things, and also supported by an outstanding team of associates."

Legal500, 2021
12/02/2018
CMS Guide to Pass­port­ing
The EU Com­mis­sion pro­moted pass­port­ing rights as one of the key be­ne­fits for hedge, private equity, real es­tate and oth­er al­tern­at­ive in­vest­ment fund man­agers au­thor­ised un­der the Al­tern­at­ive In­vest­ment...

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08/08/2022
Re­port on the ex­tent of vol­un­tary dis­clos­ure of PAI un­der SF­DR
Back­ground On 28 Ju­ly 2022, the European Su­per­vis­ory Au­thor­it­ies (ES­As) have pub­lished, through the Joint Com­mit­tee (JC), a re­port (the Re­port[1]) to the European Com­mis­sion (EC) on the ex­tent of vol­un­tary...
28/07/2022
No­tice to private con­sumers in the con­text of in­vest­ment funds provid­ing...
On 22 Ju­ly 2022, the Com­mis­sion de Sur­veil­lance du Sec­teur Fin­an­ci­er (CSSF) pub­lished a no­tice to private con­sumers in the con­text of in­vest­ment funds provid­ing ex­pos­ure to vir­tu­al as­sets[1]. While the...
26/07/2022
New re­quire­ments in gov­ernance policy and product dis­tri­bu­tion policy for...
Two sets of EU reg­u­la­tions com­ing in­to force shortly im­pact in­vest­ment firms and cred­it in­sti­tu­tions sub­ject to Mi­FID (the "En­tit­ies") and in­sur­ance com­pan­ies, re­in­sur­ance com­pan­ies and in­sur­ance in­ter­me­di­ar­ies...
13/07/2022
CMS Lux­em­bourg| SFF Magazine Ju­ly 2022
Our CMS law­yers had the pleas­ure to write an art­icle in the 5th edi­tion of the SFF Magazine: ESG, tal­ent at­trac­tion and struc­tur­ing funds in Lux­em­bourg, in col­lab­or­a­tion with the Span­ish Fund Plat­form. Read...
07/07/2022
We­bin­ar re­cord­ing | Re­view of AIFMD and EL­TI­FR
You can re­watch the full re­cor­ded ses­sion here at your own pace. Dur­ing this 45min we­bin­ar, or­gan­ised by CMS our law­yers provide a de­tailed over­view on the key pro­vi­sions of the Pro­pos­al.Our In­vest­ment...
06/07/2022
Lux­em­bourg reg­u­lat­or no­ti­fic­a­tion tem­plate for out­sourcing a crit­ic­al or...
On 1 Ju­ly 2022, the CSSF re­leased a Com­mu­niqué on the no­ti­fic­a­tion tem­plate for out­sourcing a crit­ic­al or im­port­ant busi­ness pro­cess (Busi­ness Pro­cess Out­sourcing, “BPO”) (the “Com­mu­niqué”)...
04/07/2022
New Del­eg­ated Reg­u­la­tion post­pon­ing the ap­plic­a­tion of cer­tain dis­clos­ures...
On 24 June 2022, a new Del­eg­ated Reg­u­la­tion (EU) 2022/975, which was ad­op­ted by the European Com­mis­sion on 17 March 2022 and relates to the entry in­to force of cer­tain rules on the Key In­form­a­tion Doc­u­ment...
08/09/2022
We­bin­ar | Risk, Re­si­li­ence and Repu­ta­tion
CMS Lux­em­bourg is de­lighted to in­vite you to a we­bin­ar fo­cus­ing on Funds risk, re­si­li­ence and repu­ta­tion. No mat­ter how care­fully you man­age your re­la­tion­ships with em­ploy­ees, in­vestors, cli­ents and...
22/06/2022
The new Lux­em­bourg-UK double tax treaty: key points for in­vestors in UK...
On 7 June 2022, the United-King­dom (UK) and Lux­em­bourg signed the text of the new double tax treaty. The date on which the treaty will enter in­to force will de­pend on the rat­i­fic­a­tion pro­cesses in the...
10/06/2022
ES­As provide fur­ther guid­ance on ap­plic­a­tion of SF­DR
1. Back­ground In her speech giv­en on 31 May 2022, Ver­ena Ross – Chair of the European Se­cur­it­ies and Mar­kets Au­thor­ity (“ESMA”) – warned on the danger of gre­en­wash­ing, as dis­clos­ures re­quire­ment...
08/06/2022
CMS ad­vises Eurazeo
In­ter­na­tion­al law firm CMS has ad­vised Eurazeo, the French lead­ing glob­al in­vest­ment group, on the set-up and launch of Eurazeo European Real Es­tate II EL­TIF Private Fund, a Lux­em­bourg fund struc­tured...
29/06/2022
We­bin­ar | Re­view of AIFMD and EL­TI­FR
On Novem­ber 25, 2021, the European Com­mis­sion re­leased, among oth­ers, long-awaited pro­pos­als for re­form of the Al­tern­at­ive In­vest­ment Fund Man­agers Dir­ect­ive (AIFMD - Dir­ect­ive 2011/61/EU) and the Reg­u­la­tion...