Agefi Luxembourg - septembre 2026

Septembre 2026 21 AGEFI Luxembourg Fonds &Marchés By Marceau VISANO, Counsel and Marianna SPYROPOULOU, Senior Associate, DLA Piper O n 30 July 2026, the Luxembourg Government depositedBill of LawNo. 8814 (the “Bill”) before the Luxembourg Parliament with the aimof amending the lawof 12 July 2013 on alternative in­ vestment fundmanagers (the “AIFMLaw”). This initiative marks a significant mile­ stone in the evolution of Luxembourg’s privatefundecosystem.Throughtheintro­ duction of a newArticle 28 bis of theAIFM Law, the Bill opens the door for Luxem­ bourg common limited partnerships ( sociétés en commandite simple , SCS) and special limited partner­ ships( sociétésencommanditespéciale ,SCSp)thatqualify asalternativeinvestmentfunds(AIFs)toadoptmulti­ compartmentstructureswithoutbeingrequiredtofall withinone of Luxembourg’s existingproduct laws. As of today, the possibility to have compartments is reserved exclusively toAIFs falling under one of the four Luxembourg product laws: the SICAR lawof 15 June 2004 (SICARLaw), the SIF lawof 13 February 2007 (SIF Law), the RAIF law of 23 July 2016 (RAIF Law), and theUCI lawof 17December 2010 (UCI Law). However, the product laws carry regulatory re­ quirements (e.g., diversification constraints, mini­ mumcapital rules and investor eligibility rules) that may be disproportionate to the needs of certain fund structures. The Bill tackles this issue by pro­ viding fundmanagerswitha route to compartmen­ talization directly within the AIFM Law without the need for any additional productlawwrapper. The Bill is expected tohave an impact on: Sponsors operating parallel fund programmes , who need a Luxembourg umbrella entity that repli­ catesaforeignmulticompartmentarrangement(such asaDelawareSeriesLLCorCaymanstructures)with­ outbeingencumberedbytheadditionalrequirements of a product law. Fundmanagersrunningseveralinvestmentstrate­ gies withina singlevehicle, including through feeder structures and coinvestment vehicles. Fundmanagers seeking to offer bespoke terms to different investor groups , for example, through cur­ rencyspecificcompartments,differentiatedfeeorcar­ ried interest arrangements, or portfolios tailored to regulatory or investorprofile needs. Inthisarticle,wewillexplorethemechanicsofArticle 28 bis of theAIFMLaw and further map its structur­ ing possibilities against thewellestablished regimes of the SIF Law, the SICAR Law, and the RAIF Law, identifyingareasofoverlap,divergence,andpotential complementarity. ADeepDive into the text of Article 28bis The proposedArticle 28 bis is structured on the basis of Article 49 of the RAIF Law and replicates existing practice on compartments, regarding, for instance, compartmentlevelliquidation,crossinvestmentand reporting. However, the Bill also sets out specific re­ quirements on the eligibility of AIFs under Article 28 bis and enshrines the principle of segregation be­ tween compartments. 1) Requirements tobenefit fromArticle 28 bis Article 28 bis requires three cumulative conditions to bemet: Qualification as anAIF: The first andobvious con­ dition is that the investment vehiclemust satisfy the AIFqualification criteria as set out inArticle 1(39) of theAIFMLaw. ManagedbyanAuthorisedAIFM:Secondly,theAIF must be managed by an authorised AIFM estab­ lished in Luxembourg or in another EU Member State. Accordingly, subthreshold managers relying solely on the registration regime, as well as third­ countryAIFMs, will be excluded from the scope of thenewprovisionandwill not haveaccess tounreg­ ulatedmulticompartment structures. AIFestablishedasSCS/SCSp:Theadoptionofmulti­ compartment structureswill onlybe available toSCS andSCSpundernewArticle28 bis .Bycontrast,a société encommanditeparactions (SCA)willnothaveaccessto thenewregime.Thischoiceresultsfromthesubstan­ tial contractual flexibility offered by these legal forms, whereas the SCA is subject to certain mandatory rules under Luxembourg companies lawwhich require the addition of a productlaw regime to gain the necessaryflexibility for fund. 2) StatutoryRingFencing Acore feature of the Bill is the express for­ mulationof the segregationprinciple as a defaultruleunderpara.(3)ofArticle28 bis which is a first in nonproduct laws. Such principle may be derogated through the AIF’s constitutive documents. Accordingly, except as otherwiseprovided for in the LPA: investor and creditor rights linked to a par­ ticular compartment are confined to the specific pool of assets of that compartment; the assetswithin a compartment are reserved solely to satisfy the claims of such compartment’s investors and compartmentrelated creditors; intheinterinvestorrelationships,eachcompartment functions as a separate entity. Finally, it should be noted that the proposed text of Article 28 bis is without prejudice to multicompart­ ment structures governedunder the product laws so that fund sponsorsmay still choose to benefit froma specific regime under the product laws. Such possi­ bility raises the question of the key differences be­ tween the multicompartment structure under the product laws andArticle 28 bis . Article 28bismulticompartment structures vs. Product lawsmulticompartment structures As outlined above, the use of product laws formulti­ compartment structures comes with various regula­ tory constraints thatwill not apply tomulticompart­ mentstructureseligibleunderArticle28 bis .Threekey aspects could be of importance to sponsors: (i) the diversificationrequirementsforvehiclesfallingwithin certainproductlaws,(ii)theminimumcapitalrequire­ ments, and (iii) investor eligibility. i) Diversification limits: The diversification framework applicable to the various product laws (except for SICAR) is set out in Circular CSSF 25/901, which provides as a gen­ eral rule that no more than 25% of the net assets may be invested in securities of the same type is­ sued by the same issuer (such threshold being raised to 50% for funds reserved to wellinformed or professional investors). In case ofmulticompart­ ment structures, these investment limits apply on a compartmentbycompartment basis. By contrast, a multicompartment under Article 28 bis will not be subject to any statutory diversification require­ ment, which grants more flexibility for sponsors. ii) Minimum capital requirements: The product law regimes impose minimum net asset thresholds that must be achieved within pre­ scribed timeframes (e.g., a minimum of EUR 1,250,000 for a RAIF or a minimum of EUR 1,000,000 for a SICAR). These thresholds must be satisfied by actual assets or contributions paid in, whereas Article 28 bis imposes no such minimum capital requirement. iii) Investor eligibility: SIFs, SICARs and RAIFs are restricted to “wellin­ formed investors” ( investisseurs avertis ) while no such restriction applies toAIFs per se.Accordingly, the absence of thewellinformed investor restriction means that multicompartment structures under Article 28 bis may accept investors who would not qualify as “wellinformed investors” ( investisseurs avertis ) (for example, nonEU investors investing in a Luxembourg structurewho do notmeet the EUR 100,000minimuminvestment threshold). This flex­ ibility will be valued by sponsors with an investor base composed of nonEUHNWIs. The Bill represents a welltargeted and commer­ ciallymeaningful addition to theLuxembourg fund toolbox and is expected to offer more structuring options, simplify fund structuring and reduce fund costs. The Bill will follow the ordinary legislative process andwe expect that itmay be adoptedprior to the year end. Decoding new Article 28bis: How it reshapes theAIFMFramework The strongest funds are built below the surface What investors see is performance. What sustains it is governance. DLA Piper is a global law firm helping clients achieve their goals wherever they do business. dlapiper.com L es actifs nets des orga­ nismes de placement collectif établis au uxembourg ont légère­ ment diminué en juillet 2026, dans un contexte mar­ qué par la volatilité des marchés financiers et les tensions géopolitiques. Selon les chiffres publiés par la Commission de surveillance du secteur financier (CSSF), les actifs netstotauxdesorganismesdepla­ cement collectif, comprenant les OPC relevant de la loi de 2010, les fondsd’investissementspécialisés et les sociétés d’investissement en capital à risque (SICAR), attei­ gnaient6.686,574milliardsd’euros au 31 juillet 2026, contre 6.731,325 milliardsd’eurosunmoisaupara­ vant.Celareprésenteunebaissede 0,66 % sur un mois. Sur douze mois, le secteur luxembourgeois affiche toutefois une progression de 13,21%de ses actifs nets. La diminution enregistrée en juillet, de 44,751 milliards d’eu­ ros, s’explique par deux évolu­ tions opposées. Les investisse­ ments nets en capitaux sont res­ tés positifs, à hauteur de 25,978 milliards d’euros, soit une pro­ gression de 0,39 %. Enrevanche,l’évolutiondéfavora­ ble des marchés financiers a entraîné une baisse de 70,729mil­ liards d’euros, correspondant à ­ 1,05 %. Le nombre d’organismes de placement collectif pris en comptes’élevaità2.960àlafinjuil­ let, contre 2.968 à la fin juin. Parmi eux, 2.004 entités avaient adopté une structure à compartiments, représentant 12.300 comparti­ ments. Avec les 956 organismes disposant d’une structure tradi­ tionnelle,lecentrefinancierluxem­ bourgeois comptait ainsi 13.256 unités de fonds actives. Les marchés internationaux ont connu une volatilité importante en juillet, notamment sous l’effet du regain des tensions géopoli­ tiques au MoyenOrient, qui a provoqué une forte hausse des prix de l’énergie. Lesinquiétudesconcernantlesva­ lorisations élevées des entreprises liées à l’intelligence artificielle, dans un contexte de concurrence accrue avec la Chine, ont égale­ ment pesé sur certains marchés asiatiques. Dans cet environne­ ment, les catégories d’OPC inves­ tiesenactionseuropéennes,d’Eu­ ropede l’Est et d’Amérique latine ont enregistré des performances mensuelles positives. À l’inverse, les catégories consa­ crées aux actions américaines, ja­ ponaisesetasiatiquesontsubides pertes. Les OPC en actions ont néanmoins enregistré en juillet des investissements nets positifs, principalement dans les actions d’Europe de l’Est, les autres caté­ gories d’actions et les actions eu­ ropéennes. Sur les marchés obligataires, la hausse importante des rende­ mentsapesésurlesperformances, tandis que les investisseurs sont restés attentifs à l’évolution des taux d’intérêt et aux perspectives économiques internationales. Source :CSSF Léger recul des fonds luxembourgeois ©VilledeLuxembourg