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By Dr. Sebastiaan NIELS HOOGHIEMSTRA(1)
Recently, Europe became an attractive market for initial public offerings by special purpose acquisition companies (SPACs). Luxembourg has positioned itself as a preferred location for issuers with already a couple of SPAC listings in both Amsterdam and Frankfurt. SPACs mimic a couple of features of private equity funds. Hence, the question in the structuring phase that often pops up is whether a SPAC qualifies as an alternative investment fund (AIF). This contribution analyzes whether and under what conditions a SPAC qualifies as an AIF under the Law of 12 July 2013 on alternative investment fund managers, as amended (the “AIFM Law”).
Background
In the last two years...
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