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Limited Partnership in Luxembourg

Limited Partnership in Luxembourg

A comprehensive Q&A for all practitioners.
(v. 2016)


Summary



The Luxembourg government took the opportunity of the transposition of the AIFMD into Luxembourg law to revamp the limited partnership regime with the aim at making it more attractive for fund managers – in particular, private equity managers.

In a nutshell, the law has revamped the existing limited partnership regime (“CLP” – common limited partnership or “SCS” – société en commandite simple) and introduced a new type of partnership (“SLP” – special limited partnership or “SCSp” – société en commandite spéciale).

The purpose of this user guide is not to provide an exhaustive accounting, legal and tax framework but rather to answer some of the typical questions private equity managers and service providers may have when setting up and administering a Luxembourg limited partnership vehicle.


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LPEA Roadshow in London (4 May 2016)

LPEA Roadshow in London (4 May 2016)

Presentation of Luxembourg’s global Private Equity hub in the context of ALFI’s London Conference.


Event Summary


LPEA hosted the Private Equity workshop held on May 4th in the context of the ALFI London Conference. The session attracted over 120 participants who joined for a presentation of the latest developments in the Luxembourg Private Equity and Venture Capital Market.

Key takeaways from the workshop:

      • Luxembourg is a very attractive platform for PE and Private Debt funds;
      • The Luxembourg Limited Partnership is at least as good as the LP-structures used in the UK (Scottish, Channel Islands, UK). The basic principle is that one can do the same with a Lux LP as would do with a UK LP which results in no practical difference between the two. Looking at the details, the Luxembourg regime is even more progressive and flexible;
      • The panelists agreed that speed and cost of incorporation are very competitive and a non-issue;
      • The RAIF is an important complement to the Lux fund toolbox which further strengthens Luxembourg’s position in the PE sector.

Pictures of the event are available below.


LPEA/ Private Equity seminar


4th May 2016
AGENDA

Chair of the session: Jane Wilkinson, Partner, KPMG Luxembourg

2.00 pm Keynote Speech: VC /Private Equity in Europe: demon or the loved child?
Ulrich Grabenwarter, Deputy Director, Equity Investments, European Investment Fund

2.15 pm Anglo-Saxon versus Luxembourg Limited Partnership: Spoilt for choice?
Differences and similarities of the Anglo-Saxon and Luxembourg LP structures – Why to opt for Luxembourg – Is the introduction of the Reserved Alternative Investment Fund (RAIF) a game changer to the industry?

Moderator: Jerome Wittamer, President, Luxembourg Private Equity & Venture Capital Association (LPEA)
Panelists:
Jonathan Blake, Partner, Head of the International Funds Group, King & Wood Mallesons, London
Damien Crossley, Partner, Head of Tax Group, Macfarlanes, London
Keith O’Donnell, Managing Partner, Atoz Tax Advisers Luxembourg
Thibaut Partsch, Partner, Loyens & Loeff Luxembourg

2.50 pm Testimonial Talk: GP comments and concerns
Olivier Coekelbergs, Head of Private Equity EY Luxembourg, interviews:
– Richard Smith, Finance Director of European Capital
– Manish Aggarwal, Investment and Operations Director. AMP Capital

3.20 pm Q&A

3.30 pm Closing

The LPEA Roadshow in London is organised in the context of the ALFI London Conference.


ALFI Conference overview


3 May 2016

6 pm – 8 pm » ALFI Cocktail (sponsored by LPEA)
Guildhall, Gresham Street

8 pm – 11 pm » After-Party (sponsored by Vistra)
The Anthologist Bar, 58 Gresham Street

4 May 2016

9 am – 1 pm » ALFI Conference

2 pm – 3.30 pm » LPEA Roadshow/ Private Equity workshop


Recommended reading:

RAIF, the new AIFMD-compliant vehicle
(Capital V #7, February 2016)

Limited Luxembourg Partnership: A Success Story?
(Capital V #5, February 2015)

YO! Sushi: Quilvest Exits de Conveyor Belt
(Capital V #7, February 2016)


Luxembourg is well known for its solid financial centre which success is founded on the social and political stability of the Grand Duchy and on a modern legal and regulatory framework that is continuously updated.

Over the years, specific regulatory frameworks have been created for alternative investment funds and venture capital investment funds which, combined with Luxembourg’s openness to the world, has attracted many private equity firms and specialist service providers from all over the world.

LPEA, as the trade association for Private Equity and Venture Capital Players in Luxembourg, is hosting this roadshow to present the country and the conditions which have already attracted some of the major international PE firms to set office in Luxembourg. We expect you to learn first-hand testimonials from some of our players as well as from the service providers who, together with the investors, build a strong and reliable ecosystem.

Pictures



Speakers


 

LPEA’s Roadshow Sponsors


 

Guildhall

Gresham Street, London, EC2


Capital V #3

Capital V #3

The magazine of LPEA – 1H 2014


Summary



Mangrove Capital Partners: after Skype, Wix! – a Nasdaq IPO success

Interview with Jean-Marc Goy, CSSF

Interview with Guillermo Morales, GGM Capital

AIFMD

Is the Luxembourg Special Limited Partnership really so special?

Domiciliation – setting up in Luxembourg

Trends – the wisdom of Crowdfunding

Life in Luxembourg

Business woman – Betty Fontaine


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