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By Dr. Marcel BARTNIK, Partner Vandenbulke *
In June 2004, the world was different from today. The financial crisis that triggered an avalanche of regulatory changes had not yet happened, Corona was just a type of beer and battery-powered locomotion was mainly associated with wheelchairs. It was also the time when Luxembourg created, for the first time really since 1988, an entirely new type of investment vehicle: The investment company in risk capital or SICAR when using its French acronym.
The idea: Innovation for illiquid investments
To properly gauge the impact of the SICAR, it helps to remember that 20 years ago Luxembourg was almost exclusively focused on investment vehicles for liquid assets. The...
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