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The SPV approach described here starts with a defined asset, deal or existing fund. If your strategy involves selecting investments over time, explore the Sub-Threshold AIF approach.

The SPV issues ISIN-bearing notes backed by the underlying investment. The notes are designed for participating banks and brokers. Acceptance, custody and investor eligibility must be assessed for the particular issuance.

The fund manager approach uses a securitization compartment to invest in the existing fund. Investors hold the resulting notes, while the underlying fund remains in place.

The Sub-Threshold AIF approach starts with an investment mandate and allows for an evolving portfolio within the fund’s governing terms. Fund, manager and service-provider arrangements need to be established for the strategy.

It refers to the manager’s applicable assets-under-management thresholds and conditions. In Luxembourg, registration below those thresholds is distinct from full AIFM authorisation.

The SPV structure described here wraps a defined underlying investment. The AIF approach starts with a strategy and ongoing investment selection. The instrument, management and holding arrangements differ.

The SPV use cases include club deals and syndicated investments around a defined opportunity. Discuss the asset, the intended participants and their holding arrangements with the team to assess the structure.

Bring the proposed fee and carry arrangements into the structuring conversation. Their treatment and disclosure need to be worked through in the documentation for the specific investment.

Minimum tickets depend on the structure and its governing terms. Ask the team about the asset or strategy you have in mind; this website does not set a universal minimum.