The glossary to understand and take action

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.

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

Understand the scope

Definition and points to distinguish

The absence of direct authorisation of the product does not mean the absence of regulation. The role of the authorised manager and other required parties must be identified; the choice depends on the intended strategy and distribution.

In your file

What this changes in practice

The FIAR is an investment vehicle subject to a specific framework, distinct from an ordinary operating company. Its operation notably involves coordination with an authorised manager and the parties required under its regime. The absence of direct authorisation of the vehicle by the CSSF does not mean that there are no rules. Eligible investors, documentation, management and oversight must be considered together.

A scenario to help you understand

Educational example

Promoters are considering a fund. They check whether the FIAR regime matches the investors and the strategy, then identify the necessary service providers.

Fictitious situation, presented to illustrate the concept.

Prepare for what comes next

Points to check

  • Qualifier la stratégie et les investisseurs
  • Vérifier le gestionnaire requis
  • Organiser les intervenants et contrôles

The practical question

Find out more

Pourquoi préparer les intervenants du FIAR avant son lancement ?

La stratégie, les actifs et les investisseurs conditionnent le dispositif à mettre en place. Le gestionnaire, le dépositaire et les autres prestataires ont des fonctions distinctes qui doivent s’articuler. Une documentation commerciale ne suffit pas à organiser les responsabilités. Vérifiez les exigences du régime et le fonctionnement opérationnel avant d’accepter les premiers engagements.

Connecting concepts

Terms to know as well

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

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.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.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.Special limited partnership (SCSp)The special limited partnership (SCSp) is a Luxembourg partnership without separate legal personality.

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.