New Alternative Investment Vehicles Rising
Exploring RAIF and ICAV
The alternative investment fund industry has had to face several changes over the last few years in terms of regulation (e.g. the EU Alternative Investment Fund Directive) and tax (e.g. the OECD Base Erosion Profit Shifting reports and recent EU developments). Luxembourg and Ireland have been actively trying to provide alternative asset managers with answers to some of these challenges.
The upcoming Luxembourg Reserve Alternative Investment Fund
The Luxembourg Reserved Alternative Investment Fund (RAIF) is the newest type of vehicle proposed by the Luxembourg government at the end of last year. This new draft law is expected to be adopted by the parliament (subject to amendments) before the end of the second quarter 2016.
The Irish Collective Assetmanagement Vehicle
The Irish Collective Asset-management Vehicle (ICAV) is the newest type of regulated Irish fund vehicle, introduced into Irish legislation in March 2015. The ICAV offers many benefits to investors and promoters including enhanced distribution and a simplified compliance model. The indications are that there has already been significant activity in the ICAV market; with expectations that this will continue, ICAVs are set to become the corporate vehicle of choice for new fund setups in Ireland.
REflexions issue 3 - April 2016
REflexions is a bi-annual digest, dedicated to the real estate investment management professionals, which brings you the latest articles, news and market developments from Deloitte’s professionals and clients.