Fund Structure

PHILUX Global Funds and its sub-funds are organized in accordance with the following:

Legislation: Luxembourg Laws

  • Law of July 23, 2016 on Reserved Alternative Investment Funds (RAIF).
  • Law of August 23, 2016 on commercial companies.
  • Law of July 12, 2013 on alternative investment fund managers.

Regulation:  Supervision by CSSF (Commission de Surveillance du Secteur Financier) of Luxembourg.

Form of Structure:  Composed of two entities:

  • Corporate Partnership limited by shares.
  • General Partner.

Segregation:  Sub-funds or Compartments

Each sub-fund constitutes a separate pool of assets invested in accordance with the particular investment features applicable to such sub-fund. For the purposes of relations with creditors, each sub-fund is treated as a single entity.  The assets of one sub-fund are only responsible for all debts, engagements and obligations attributable to this sub-fund. In this regard, if the Company incurs a liability, which relates to a particular sub-fund, the creditor’s recourse with respect to such liability shall be solely to the assets of the relevant sub-fund.

Duration:  Unlimited or limited period of time.

Promotorship:  Bank Initiator

Eligible Assets:  Any kind of assets

  • Cash or Cash equivalents
  • Equity
  • Bonds
  • Derivatives
  • Investment funds
  • Private equity
  • Real Estate
  • Precious metals (gold, silver, platinum, etc.)
  • Arts
  • Other

Investments: 

  • Direct
  • Through fully-owned specific purpose vehicles (Luxembourg or foreign holding companies).

Risk spreading:  Risk diversification requirements (30% by target)/Look through accepted.

Form of securities:  Shares:

  • Participating shares (owned by limited shareholders)
  • Management shares (owned by the General Partner)

Subscription:

  • Each sub-fund is reserved to a specific shareholder or a select group of shareholders (one family). New shareholder(s) are accepted according to the shareholder agreement with each sub-fund.
  • Subscription-based model.
  • In cash or in kind.
  • Subscription fees possible. 

Depository:   Luxembourg depository required.

Administration:  Luxembourg Central administration.

AIFMD Management:  Delegation to AIF ManCo.

Investment Management:

  • The General Partners conduct the investment management with a regulated investment manager, which follows guidelines and rules fixed by each sub-fund committee.

Risk Management:  Delegation to AIF ManCo.

Audit:  External independent Luxembourg CSSF-regulated auditor required.

Financial reporting:

  • Audited annual report
  • LuxGAAP/IFRS

Wealth tax:   Exempt.