Super Return Durch Den Luxemburger RAIF'?
Eine schnelle und gleichermaßen prozessual saubere Fondsauflage freut GPs und LPs gleichermaßen - und könnte im Rahmen der von institutionellen Investoren erwarteten Operational Excellence" den Ausschlag bei der Managerwahl geben. In Luxemburg wird Mitte 2016 ein neues Instrument der Fondsstrukturierung erwartet, welche die bestehenden Vorteile der Luxemburger Spezialfonds mit einer wesentlich kürzeren Vorlaufzeit verbindet.
Voraussetzungen
Wesentliche Voraussetzung ist das Management des sogenannten Reserved Alternative Investment Fund" (RAIF") durch einen zugelassenen (authorised") Alternative Investment Fund Manager (AIFM). Die Aufsicht erfolgt auf Ebene des AIFM und nicht auf Produktebene. Während regulierte Fonds also auf eine eigene produktbezogene Zulassung warten müssen, entfällt dieser Schritt im Rahmen der Fondsauflage des RAIF ersatzlos: Eine separate Genehmigung des Fonds ist nicht mehr erforderlich.
Welche Rechtsformen sind möglich
Analog dem Luxemburger Spezialfondsgesetz wird es umfangreiche Möglichkeiten geben, die Rechtsform des RAIF entsprechend festzulegen, entweder in vertraglicher Form (FCP") oder als Gesellschaft (SICAV"), wobei hier das Gesetz eine abschließende Liste möglicher Luxemburger Gesellschaftsformen vorgibt, die in vielen Punkten (z.B. Kapitalerhöhung, Ausschüttungen) fondsspezifische Besonderheiten erlauben.
Investoren, Mindestkapital, zulässige Anlagen
Das Mindestkapital beträgt EUR 1,25 Mio. und muss innerhalb von 12 Monaten erreicht werden. Zulässige Investoren in dieses Produkt sind Institutionelle Investoren bzw. Well-Informed Investors" mit einer Mindestanlage von EUR 125.000, damit richtet sich der RAIF an den gleichen Personenkreis wie die bekannten Produkte Spezialisierter Investmentfonds (SIF") und Risikokapitalgesellschaft (SICAR"). Beschränkungen der Anlagepolitik und der zulässigen Investments wird es keine geben, jedoch sind Diversifizierungsvorschriften analog dem bestehenden SIF-Regime (nicht mehr als 30% in Anlagen eines Emittenten") zu...
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