What is a SIF in finance?
A Specialised Investment Fund (SIF) is an investment fund that can invest in all types of assets. It usually qualifies as alternative investment fund (AIF) and can be sold to well-informed investors.
What is SIF law?
A specialized investment fund or SIF is a lightly regulated and tax-efficient regulatory regime in Luxembourg aimed for a broader range of eligible investors. On 12 July 2013, the SIF regime was amended by the law on alternative investment fund managers (AIFM law).
Can a SICAV be Ucits?
UCITS can be set up as SICAF in Luxembourg or SICAV. The first legal entity refers to an investment company with fixed capital, while the other designates an investment company with variable capital.
Can a SICAV be an AIF?
SIFs and SICARs are AIFs and either need to appoint an alternative investment fund manager (AIFM) or can be self-managed internally. Chapter 15 or 16 ManCos or other companies can apply for an AIFM licence (Super ManCo), which is granted by the CSSF.
Is SICAV an AIF?
What are specialized funds?
Specialized funds focus on very specific industries, including commodities, regions, or other segments of the market. These funds include sector funds, balanced funds, asset allocation and target date funds. Using these funds, investors can gain access to banking, real estate, chemicals, energy or telecommunications.
Can a Sicav be an AIF?
What is SICAV Sif?
A SICAV SIF is an onshore Luxembourg investment fund. A SIF takes a collective investment approach to investor funds and applies the principle of risk diversification. It can be structured as (amongst others) an open ended legal entity with variable capital (SICAV) which may create dedicated funds with different investment policies.
What is the minimum share capital required for a SICAV or SICAF?
The subscribed share capital of a SICAV or SICAF in Luxembourg must reach 1.25 million euros within six months after the company begins its activities. The timeframe for reaching the necessary capital is 12 months for Specialized Investment Funds (SIF) . The minimum share capital of the investment fund depends of the type of company chosen.
What is a SICAV in Luxembourg?
The SICAV in Luxembourg. A SICAV (Société d’Investissement à Capital Variable) is a type of investment fund organized as an investment company that has a variable share capital. The value of its share capital must match at all time the value of its net assets. Increases and decreases of the capital can be made with no mandatory formalities.
What is a SICAV under the UCITS Directive?
SICAVs are increasingly being cross-border marketed in the EU under the UCITS directive. According to the Swiss Federal Act on Collective Investment Schemes (Collective Investment Schemes Act – CISA), an open-ended collective investment scheme may be in the form of a contractual fund or an investment company with variable capital (SICAV).