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Ch. 1, 2
Luxembourg Fund Vehicle Comparison
UCITS vs SIF vs RAIF vs ELTIF vs MMF
| Criterion | UCITS | SIF | RAIF | ELTIF | MMF |
|---|---|---|---|---|---|
| Regulatory Framework | UCITS Directive / 2010 Law | 2007 SIF Law | 2016 RAIF Law | ELTIF Regulation | 2017 MMF Regulation |
| CSSF Prior Approval | Required | Required | Not required | Required | Required |
| Eligible Investors | Any (incl. retail) | Well-informed investors | Well-informed investors | Any (incl. retail) | Any (incl. retail) |
| Min. Investment | None | €125,000 or professional | €125,000 or professional | None (retail: €10,000 min) | None |
| AIFM Required | No (ManCo yes) | Yes (if above threshold) | Yes (mandatory) | Yes (if above threshold) | No |
| Investment Restrictions | 5/10/40 diversification rule | Risk spreading principle | Risk spreading principle | Long-term illiquid assets | High-quality liquid assets only |
| Leverage (max) | 100% of NAV (commitment) | No hard limit (disclosed) | No hard limit (disclosed) | 300% for retail ELTIF | Very limited |
| EU Retail Passport | Yes — full UCITS passport | No | No | Yes — ELTIF passport | Yes |
| SFDR Default | Art. 6/8/9 (as designated) | Art. 6/8/9 (as designated) | Art. 6/8/9 (as designated) | Art. 8 or 9 typically | Art. 6 typically |
| Typical Investor | Retail & institutional | Institutional & HNWI | Institutional & HNWI | Retail & institutional | Institutional & corporate |
| NAV Frequency | Daily (typically) | Monthly or quarterly | Monthly or quarterly | Annual or semi-annual | Daily |
| Min. Initial Capital (Fund) | €1.25M within 6 months | €1.25M within 12 months | €1.25M within 12 months | €500,000 | None specified |
| Typical Setup Time | 3–4 months | 3–4 months | 4–8 weeks | 4–6 months | 3–4 months |
| Suitable For | Diversified liquid strategies | Flexible alternatives | Fast-launch alternatives | Private equity / infra | Cash management |
| Taxe d'abonnement | 0.05% p.a. | 0.01% p.a. | 0.01% p.a. | 0% (exempt) | 0.01% p.a. |
📌 Data sourced from Lux Investment Funds 2025, Chapters 1, 2. Verify current requirements with CSSF at cssf.lu.