The glossary to understand and take action

Alternative investment fund manager (AIFM / GFIA)

The AIFM, referred to as GFIA in French, manages alternative investment funds in accordance with the framework applicable to it.

Notion comptable, fiscale ou juridique · Luxembourg Fiduciaries Editorial Team · Reviewed on

Understand the scope

Definition and points to distinguish

Its status, functions and delegations must be distinguished from the regime applicable to the fund itself. For a project, identify the entity assuming each function and verify its authorisations with the relevant authorities.

In your file

What this changes in practice

The alternative investment fund manager performs the functions provided for by its regulatory framework, particularly in relation to management and risk. It is distinct from the depositary or the fund administrator. Its status depends on the scope and applicable conditions. Delegations do not automatically remove its responsibilities: their organisation must be analysed in light of supervisory obligations.

A scenario to help you understand

Educational example

A fund entrusts tasks to different service providers. It establishes a clear allocation between management, administration and custody or oversight carried out by the depositary.

Fictitious situation, presented to illustrate the concept.

Prepare for what comes next

Points to check

  • Délimiter les fonctions exercées
  • Vérifier le statut réglementaire
  • Encadrer les délégations

The practical question

Find out more

Une délégation transfère-t-elle toute la responsabilité du gestionnaire ?

La délégation doit respecter les conditions du cadre applicable et être organisée avec des contrôles appropriés. Le gestionnaire ne peut pas présumer que la signature d’un contrat efface ses propres obligations. Il faut définir les tâches, les informations remontées et le suivi, en tenant compte des fonctions et risques effectivement exercés par chaque partie.

Connecting concepts

Terms to know as well

Continue with the concepts, contacts and procedures related to this topic.

Reserved alternative investment fund (RAIF / FIAR)The RAIF, or FIAR in French, is a fund governed by a specific Luxembourg regime, with conditions specific to investors and its organisation.DepositaryParty responsible for asset safekeeping, oversight and cash monitoring functions for a fund, in accordance with its applicable framework.CSSFThe Commission de surveillance du secteur financier (CSSF) is a Luxembourg supervisory authority within the scope assigned to it by law.Special limited partnership (SCSp)The special limited partnership (SCSp) is a Luxembourg partnership without separate legal personality.Professional of the financial sector (PSF)A professional of the financial sector (PSF) is subject to a regulated status corresponding to a category of activities and the required authorisations.Institut des réviseurs d’entreprises (IRE)The Institut des réviseurs d’entreprises (IRE) is the professional body for statutory auditors in Luxembourg.

Put it into practice

Explore further with our guides

Practical guideRAIF / FIAR in Luxembourg: framework and parties to distinguishPractical guideInvestment funds: understanding the roles before choosing a service provider

Sources and verification

References consulted on 20 September 2026. Official procedures specify the applicable conditions and exceptions.

This guide explains a general process. The applicable rules depend on your situation; it does not constitute personalised advice. Report a correction.

A definition gives you a reference point. To examine your situation, clarify your question with a professional.