The Specialised Investment Funds (SIF), governed by the Luxembourg law of 13 February 2007
(the “SIF Law”), as amended by the AIFM Law of 12 July 2013, is designed as a more lightly regulated
investment vehicle which offers an operationally flexible and fiscally efficient multipurpose
investment tool for international, institutional and qualified investors (the same definition as for
SICARs,): eligible assets might include, in addition to traditional securities or money market instruments,
real-estate, hedge fund, private equity or tangible or intangible assets (debt, art, antiques,
wine, jewellery, IP or sporting rights etc.).
The only investment restriction is that the SIF must respect a minimum risk diversification, i.e. one
single investment may not represent more than 30% of its total assets.
General features
SIFs may adopt the contractual form of a common investment fund (FCP), without legal personality,
a special limited partnership (S.C.Sp.), a partnership form without legal personality), a limited
partnership (S.C.S.) or a partnership limited by shares (S.C.A.), a cooperative in the form of a public
limited company (S.COOP.S.A.), a limited company (S.à r.l.) or public limited company (S.A.) governedby Luxembourg law.
The SIF Law expressly allows the creation of undertakings with multiple compartments (umbrella
structures) so as to allow the grouping of different investment strategies or to meet the demands
of different investors, within one single legal structure.
The share capital of a SIF (the net asset value, in the case of a SIF with variable capital), including
share premiums, or the value of the amount constituting partnership interests, shall not be less
than EUR 1,250,000 (to be reached within 12 months following authorization by the regulator).
SCA, S.A., S.à r.l. and S.COOP.S.A. may foresee in their articles of incorporation that the share capital
amount is always equal to the total net assets.
At least 5% of each share (except for SCS and SCSp for which there is no such minimum) must be
paid up at subscription. A SIF may opt for a variable or fixed share capital, and may be structured
as an open- ended or closed- end fund. The issue and redemption of shares/units is not subject to
restrictions other than those provided in the constitutional documents.
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