Spezialised Investment Funds (SIF)

On February 13, 2007, the Luxembourg Parliament passed a law creating a specific legal framework for specialised investment funds (the “SIF Law”). This law succeeds and replaces the law dated July 19, 1991 on undertakings for collective investments the securities of which are not intended to be marketed to the public (the “1991 Law”). Existing vehicles created according to the 1991 Law are automatically (without further formalities) converted into SIF and thus governed by the SIF Law.

The SIF is a regulated, operationally flexible and fiscally efficient multipurpose investment fund regime for an international, institutional and qualified investor base.