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Luxembourg Breakfast in Zurich (9 March 2017)

Luxembourg Breakfast in Zurich (9 March 2017)

In partnership with SECA, Swiss Private Equity & Corporate Finance Association.

The Luxembourg Private Equity and Venture Capital Association organizes its 4th annual discussion and exchange forum.



9 March 2017

AGENDA

7.45 a.m.  – Registration & Breakfast

8.30 a.m. – Welcome by Paul Junck, LPEA

8.35 a.m. – Discussion Panel with Q&A

Anja Grenner, Fund Services Leader, SGG Group (moderator)
Philipp Mueller, Senior Vice President at Partners Group
Stephanie Aldag, Executive Director, Senior Legal Counsel, Adveq
Christoph Merz, Senior Product Manager, responsAbility Investments AG
Benjamin de Zordi, Tax Partner at PwC Switzerland
Christian Hertz,
Director Legal, Luxembourg Investment Solutions
Tobias Wieczorek, Senior Manager, KPMG Luxembourg
Harald Strelen, Partner, TaxInvest

11.00 a.m. – Networking & Farewell Drinks

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Luxembourg introduced the Reserved Alternative Investment Fund (“RAIF”) in July 2016. This fund operates and is taxed just like the SICAR and SIF, the known Luxembourg vehicles for investments in Private Equity, Venture Capital and Real Estate. Unlike the SIF or the SICAR, the RAIF does not have to be authorized by the Luxembourg financial regulatory authority. It is only indirectly regulated at the level of its authorized Alternative Investment Fund Manager (“AIFM”) and its depositary pursuant to the AIFMD, both of which it has to appoint no matter the size of the RAIF. That way the RAIF combines all the advantages of the existing vehicles for alternative investments with a quick time-to-market.

In this workshop participants will have the chance to learn more about the diverse structuring options, see practical examples and possibilities of converting existing vehicles into RAIFs.

This workshop will also discuss the consequences Brexit may have on Luxembourg as a financial hub and what this could mean for Swiss Fund promoters. Luxembourg AIFMs, together with AIFM service providers, will report how this topic has evolved in recent months and what they expect for the medium and long run.

As in previous years Swiss fund managers that are familiar with Luxembourg structures will participate in the discussion panel and share their experience with the audience.

This will also be the occasion to take stock of the progress made regarding ESMA’s decision to allow Swiss AIFMs to benefit of the third country regime in fund distribution.

Swiss and Luxembourg lawyers, tax experts, service providers and fund distributors will point out relevant trends in the field of taxation. Some of the topics that will be discussed include among others Transfer Pricing, BEPS, the application of the Parent-Subsidiary-Directive, all of which impact the structuring of PE and VC Funds already.

This workshop gives participants the chance to engage with experts from Luxembourg and Switzerland on the changing parameters in the field of fund structuring and distribution.

Speakers


 

LPEA Roadshow Sponsors


 

Venue


Meet us at the Au Premier

Zürich HB
Bahnhofpl. 15
8001 Zürich


Quilvest is the first to benefit from the new Luxembourg Reserved Alternative Investment Fund (RAIF)

Quilvest is the first to benefit from the new Luxembourg Reserved Alternative Investment Fund (RAIF)


On the same day the new Luxembourg law on reserved alternative investment funds (RAIF) came into force (28/07/2016), Elvinger Hoss Prussen assisted Quilvest Private Equity (the Private Equity arm of the Quilvest Group) in setting up QS RE Investment Programs SCA SICAV-RAIF (“QS RE IP”) and QS PE Fund SCA SICAV-RAIF (“QS PE Fund”) as reserved alternative investment funds (“RAIFs”) pursuant to this new regime.

The two RAIFs will be managed by Quilvest Asset Management S.A. (“QAM”) acting as authorised alternative investment fund manager and RBC Investor & Treasury Services will act as Depositary.

According to Bernard Charpentier from Quilvest, the company has decided to set its new vehicles as RAIFs as it “ideally combines flexibility, short time-to-market, protection of investors by the AIFMD framework and the possibility for marketing with the EU passport”.

Read full press release by EHP.



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 #7

Capital V #7

The magazine of LPEA – 1H 2016


Summary



YO! Sushi: Quilvest Exits The Conveyor Belt

Roundtable: Third party AIFMs are here to stay

RAIF, the new AIFMD-compliant vehicle

Private Equity, what’s next for 2016

Solvency II: Challenges and opportunities for the private equity industry

Enhancing Investor’s Professional Standards

Capital MArkets Union: from the shadows to market based finance – a real opportunity for Private Equity?

Feedback from the US: “Use an AIFM platform to accelerate your growth in Europe!”

Private Equity in China: waiting out the storm?

ATOZ Tax Trends – a 360 viewpoint on tax in Luxembourg

Luxembourg’s growing art scene


CONSULT


DOWNLOAD (PDF)

LPEA & SECA Breakfast Event in Zurich (4/02/2016)

February 4th : LPEA / SECA Breakfast Conference

Structuring and distribution of PE/ VC funds in the EU by Swiss investment fund managers.

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Structuring and distribution of PE/ VC funds in the EU by Swiss investment fund managers.

LPEA, the Luxembourg Private Equity and Venture Capital Association, in partnership with SECA, the Swiss Private Equity & Corporate Finance Association, organised the 3rd Zurich lecture and discussion on February 4th 2016.

After the introduction of the special limited partnership (“SPLP”), the European Venture Capital Funds (“EuVECA”) and more recently the European Long Term Fund “ELTIF”, Luxembourg continues to innovate. The year 2016 will welcome the Reserved Alternative Investment Fund (“RAIF”) which is expected to have the advantages of the known fund structures for private equity (SIF and SICAR) with those of the successful “Spezial-Kommanditgesellschaft”. Since the RAIF is not approved by the regulatory authority but by a regulated Alternative Investment Fund Managers (“AIFM”), it can therefore obtain a marketing authorization in the EU and feature further advantages with respect to timing and placement options.

These and further trends/ hot topics were on discussion in a roundtable and Q&A hosted by LPEA and SECA. To obtain the slides of the presentation send a request to lpea-office@lpea.lu.

Overall, the event aimed at:

• Updating participants on the latest Luxembourg market trends and news, notably those which are more often used by Swiss-based investors;
• Showcase Luxembourg as a leading financial centre and home to a growing PE industry in which most of the bigger PE firms worldwide are already present and operating;
• Present Luxembourg as boosting excellent conditions to be a preferred location for Zurich-based investors willing to enhance their cross-border options, both in Europe as abroad.

LPEA & SECA thank the participation of the speakers and moderator:

          • Moderator: Anja Grenner, SGG Group
          • Paul Junck, Managing Director, LPEA
          • Jürgen Habichler, Founder and Managing Partner, Mountain Cleantech AG
          • Max Welbes, Partner & Head of Investment Funds, MNKS
          • Günther Dobrauz, Partner – Regulatory/Tax, PWC Schweiz
          • Oliver Schachinger, Partner – Regulatory/Tax, PwC Luxemburg
          • Dirk Richter, Partner und Rechtsanwalt, Elvinger, Hoss & Prussen

The session concluded with a networking reception. If you wish to be invited to the next session in 2017, please subscribe to LPEA’s newsletter here.

LPEA ROADSHOW SPONSORS

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Guest article: RAIF – a new type of AIF is coming soon

Guest article:

RAIF: a new type of AIF is coming soon

Jacques Elvinger EHP

Jacques Elvinger, Member of LPEA

Over the last 12 months, Luxembourg industry practitioners, with the support of the Luxembourg government, have been designing the legal framework for a new type of Luxembourg alternative investment fund (“AIF“) managed by an authorised AIFM, and this project is nearing completion so that the legislative process can start imminently.

This new type of AIF, referred to in the working documents as reserved alternative investment fund (“RAIF“), has substantially the same characteristics (and flexibilities) as a SIF (1) -AIF, the main difference being that the RAIF will not be subject to the supervision of the Luxembourg supervisory authority (the “CSSF“).

Contrary to a SIF, there will be no need for CSSF approval for the creation and launch of a RAIF and, similarly, no authorisation will be required from any supervisory authority in the event of changes to a RAIF’s constitutional documents, information documents or other documents governing the functioning of the RAIF. Investors in a RAIF will thus not have the benefit of the increased investor protection which the supervision by a supervisory authority entails, as is the case with the SIF, but the timeframe within which a RAIF can be set up and launched will be more attractive from a time-to-market perspective.

Because the RAIF is an AIF managed by an authorised AIFM (based in Luxembourg or in another EU Member State), the AIFM will ensure that the RAIF complies with all requirements of the AIFMD. Indirect supervision of the RAIF is therefore ensured through the supervision performed on its AIFM by the latter’s supervisory authority.

In all other respects, the RAIF will have the same characteristics as a SIF-AIF, notably as regards the various different legal forms (corporate and contractual) which are available, no limitation as regards eligible assets or investment policies, the possibility to have multiple compartments and multiple classes, flexible subscription, redemption and distribution features and the tax regime of the taxe d’abonnement at the 0.01% rate (or nil rate in certain circumstances).

If a RAIF restricts its investment policy in its constitutive documents to investments in risk capital, it is not required to operate under the principle of risk spreading and it will be subject to the same tax regime that currently applies to SICARs. (2)

As the RAIF is an AIF managed by an authorised AIFM, it will have the benefit of the European passport granted by the AIFM Directive for marketing to professional investors in the EU.

Assuming the legislative process will take approximately six months, it can be expected that this new type of AIF will be available over the course of Q2 in 2016.

* Jacques Elvinger, Partner of Elvinger Hoss Prussen