Investment funds
RAIF lawyer in Luxembourg
The firm supports the creation and structuring of a RAIF, the reserved alternative investment fund: drafting of the articles, the prospectus or PPM and the agreements, organisation of governance and coordination with the authorised AIFM, an indispensable condition of the RAIF.
In short
A RAIF is a reserved alternative investment fund that is not subject to product authorisation by the CSSF, but must be managed by an authorised AIFM. The lawyer structures the RAIF, drafts the articles, the prospectus or PPM and the agreements, and coordinates the service providers up to the first closing.
Responsible for legal content: Maître Cora Maglo, Avocate à la Cour, Liste I du Barreau de Luxembourg depuis 2009. · Applicable law: Luxembourg
RAIF lawyer in Luxembourg: key points at a glance
| Item | What to know |
|---|---|
| Fees | Stated fees. Consultation from 175 € excl. VAT; creation and documentation of a RAIF on a tailored quote, from 1 500 € depending on the structure and the number of sub-funds. Everything is quoted before any engagement. |
| Indicative timing | The structuring and the first documentation are delivered within a few business days; finalisation and the first closing are scheduled according to coordination with the AIFM, the depositary and the central administration. |
| Documents required |
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| Deliverables |
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The RAIF (reserved alternative investment fund) is one of the most popular vehicles in Luxembourg: it is not subject to product approval by the CSSF, which allows a fast time to market, but it must mandatorily be managed by an authorised AIFM. Its flexibility therefore rests on the quality of its documentation and the soundness of its governance.
Cerno Law Firm acts as legal counsel to the initiator: the firm structures the RAIF, drafts its documentation and organises its governance, in coordination with the authorised AIFM, the depositary, the central administration and the auditor. The firm does not hold itself out as an AIFM and provides no CSSF-regulated management service.
RAIF lawyer in Luxembourg: when should you call on the firm?
As an initiator, manager or family office, you want to launch an alternative fund quickly in Luxembourg and the RAIF seems suited to avoiding product approval.
Without rigorous documentation and a designated authorised AIFM, the absence of product approval does not exempt you from any structuring requirement and exposes the fundraising to reworks.
What happens if you do nothing?
An incomplete prospectus or PPM, articles unsuited to the strategy, governance poorly articulated with the AIFM and the depositary, deficient service agreements, poorly defined subscription terms.
A poorly documented RAIF delays the closing, weakens the entry of investors and exposes both the initiator and the service providers to disputes over the terms of the investment.
How does the firm step in?
Structuring of the RAIF, drafting of the articles, the prospectus or PPM and the agreements (management, depositary, central administration), organisation of governance and coordination of the service providers through to the first closing.
Cerno is a law firm admitted to the Luxembourg Bar: the digital tools serve only to simplify the collection of information, the qualification of the matter and the tracking of steps; they never replace the lawyer’s advice, who drafts each clause. The regulated management of the RAIF is the responsibility of an authorised AIFM, a mandatory designation with which the firm works in coordination.
Practice areas
When to call on the firm
- Launch an alternative fund quickly without CSSF product approval.
- Structure a single or multi sub-fund RAIF and draft its documentation.
- Articulate the RAIF’s governance with an authorised AIFM.
- Document the agreements with the depositary and the central administration.
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Stated fees
Consultation from 175 € excl. VAT; creation and documentation of a RAIF on a tailored quote, from 1 500 € depending on the structure and the number of sub-funds. Everything is quoted before any engagement.
FAQ
Frequently asked questions
Does the RAIF need approval from the CSSF?
The RAIF is not subject to product approval by the CSSF, which speeds up its time to market. However, it must mandatorily be managed by an authorised AIFM, which is itself supervised.
Is an AIFM mandatory for a RAIF?
Yes. The designation of an authorised AIFM is a condition for setting up the RAIF. The firm structures the documentation and governance in coordination with that AIFM; it does not itself carry out the regulated management.
Does the firm manage the RAIF?
No. Cerno is a law firm: it supports the legal structuring and documentation of the RAIF. Regulated management is the responsibility of the authorised AIFM, with whom the firm works in coordination.
What documents are needed for a RAIF?
Mainly the articles, the prospectus or PPM and the agreements with the AIFM, the depositary and the central administration. The firm drafts this documentation and articulates it with the fund’s governance.
Handled with our network of partners. On regulated matters (funds, AIFM, depositary, CSSF authorisation), Cerno Law Firm provides legal advice and coordination, working where appropriate with lawyers and partners holding the required expertise (management, depositary, CSSF compliance). You keep a single point of contact.
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Founded in 2013; Maître Cora Maglo has been admitted to the Luxembourg Bar since 2009
- 2013
- independent firm
- 2009
- at the Bar since 2009
- 4,7/5
- 81 Google reviewsRead reviews
Expertise & authority
Ongoing review and analysis of Luxembourg and European case law
Avocate à la Cour, List I of the Luxembourg Bar since 2009
Trained at the London School of Economics, formerly at Clifford Chance and Bonn Steichen & Partners
Member of international networks: EILN, AEA, Cross Border Advisory Solutions
Every matter handled and approved by a lawyer admitted to the Bar
Support in French and English
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What our clients say
Selected excerpts from public reviews. Consult the Google listing for all ratings and comments; a testimonial does not guarantee a legal outcome.
Had a consultation with Me Cora Maglo about my Luxembourg Blue Card application. She explained everything clearly: the process, timeline and documents I need, and helped me with my wife’s family reunification too. Honest and practical advice. I felt confident after talking to her.F. P.J’ai beaucoup apprécié le service de Maître Maglo : son sérieux, sa sympathie, son professionnalisme et sa disponibilité. Toujours répondu rapidement et clairement, avec des conseils pragmatiques, sans pousser à des procédures longues et coûteuses lorsqu’elles ne sont pas justifiées.N. W.Super assistance and great support! Highly recommend. All my questions were answered, Cora and her team kept me updated all the time. I will definitely reach out to them next time for my residency.T.They talk about us
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