FACTS AND FIGURES
Background and historic evolution
Luxembourg has been used for many years for the structuring of international acquisitions via unregulated vehicles such as SOPARFIs, building on the infrastructure, expertise and knowledge that Luxembourg has developed in the retail fund industry over the past 30 years and combining this with a favorable environment for Private Equity. The following data supports this evolution.
Luxembourg hosts over 25,000 registered holding companies of which a considerable number is used to structure Private Equity acquisitions.
For the regulated vehicles SICAR and SIF, which will be described in further detail in section 5.1., the following are the most recent fi gures, as published by the Luxembourg regulator, the CSSF (Commission de Surveillance du Secteur Financier):
In 2010, out of the 247 SICARs, 145 were investing in Private Equity, 91 in Venture Capital, 9 in Mezzanine.
In 2010, out of the 247 SICARs, 145 were investing in Private Equity, 91 in Venture Capital, 9 in Mezzanine and 2 in Private to Public projects.
From a sector perspective, 125 SICARs were Multi-Sector, 46 invested in Opportunistic Real Estate, 21 in Technology, 15 in Energy, 8 in Industry, 8 in the Service Industry, 6 in Sciences and another 18 in other sectors.
As regards the initiator origin, the largest share of SICARs was attributed to French initiators (18%), followed by Swiss, German and Luxembourgish initiators. The largest number of non-European SICARs was set upby US-based Private Equity houses with 8%. In total initiators came from 32 different countries.
- Assets under management of these SICARs were approx. € 25 bn.
SIF assets under management as of June 2011 were € 224 bn.
Contrary to SICARs, SIFs may, in principle, be used for any type of investment. As of December 2010, 79 SIFs invested in non-listed assets and high-risk assets, the terminology used for SICARs.
- SIFs accomodate a considerable number of vehicles investing in clean technologies, infrastructures and tangible assets such as art, wine, jewellery and similar assets.