What are SIFs - Specialized Investment Funds
The Specialised Investment Fund (SIF) is a regulated, operationally flexible and fiscally efficient multipurpose investment fund regime for an international, institutional and qualified investor base. Hence, and in comparison with institutional funds created under Part II of the Law of 17 December 2010 on undertakings for collective investment, the SIF is characterised by greater flexibility with regard to the investment policy and a more relaxed regulatory regime.
Investment in a SIF is reserved for “well-informed” investors requiring a limited level of protection and looking for investment flexibility suitable to their particular expertise and needs. This term comprises: Other investors are those who confirm in writing that they adhere to the status of “well-informed” investors and who either (i) invest a minimum of EUR 125,000 or (ii) have been assessed by a credit institution, an investment firm or a management company which certifies the investors’ ability to understand the risks associated with investing in the SIF.
Which Investment classes are suitable for a SIF?
Therefore, Specialized Investment Funds are flexible investment vehicles, allowing a wider range of various “Alternative Investments” according to individual needs. The Luxembourg Law classifies a SIF as an entity for “well-informed” investors requiring a limited level of protection and looking for investment flexibility suitable to their particular expertise and needs (see above).
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Legal Forms of a SIF
A SIF may take the legal form of a common fund (FCP – fonds commun de placement) or may be constituted as an investment company (SICAV – Société d’investissement à capital variable or SICAF – Société d’investissement à capital fixe). Other legal forms are possible. The FCP has no legal personality and thus must be managed by a management company.
A SICAV/SICAF may take one of six possible legal forms:
- Partnership Limited by Shares
- Limited Partnership
- Special Limited Partnership
- Private Limited Company
- Public Limited Company
- Co-operative Company
These different entities may be set up as a single fund or as an umbrella fund consisting of multiple compartments, each with different investment policy. The compartment of an umbrella SIF can invest in one or more other compartments of the same SIF. The fund and compartments respectively may have an unlimited number of share classes, depending on the needs of the investors to whom the fund is distributed.
The structures may be open-ended or closed-ended, for both subscriptions and redemptions.
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