Registration levels of new Reserved Alternative Investment Funds have continued their recovery from the slowdowns in activity seen earlier this year. In October, a total of 35 new Raifs were created, according to Investment Officer’s analysis of the latest Raif registration date made available in mid-November by the Luxembourg Business Registers.
It is a clear increase from the 32 recorded for September, which turned out to be in line with the rest of the year apart from August. New Raif creation came almost to a standstill in August, but was lower than usual in recent years during April to August, with monthly totals from as low as 23 to 26. This is far below the over 50 new funds counted in July and August 2022 and the 62 in July 2021.
A look at the historical data suggests there has been a pattern of a yearly post-summer dip, but the variations over the rest of the year can be seen in our bar chart, with the golden-yellow bars being 2023.
Majors all represented
Some of the funds created in October come from major investment houses, such as AXA IM, DWS, Blackstone, HSBC, Azimut, Partners Group and Carne Global.
Carne Global fund Managers’ Ireland firm launched 5 Raifs, while its Luxembourg office registered two. Partners Group (Luxembourg) launched four Raifs.
The Luxembourg Business Registers also sometimes retroactively update its Raif registry. This happened in September, about which Investment Officer reported in late October there were 29 new funds. Data released in mid-November increased that count to 32.
Observers have commented that Raif registrations are affected by economic and geopolitical developments. Others have said there has been a lack of innovation in the application of the vehicle. However, there has been constant faith in the promise of this Luxembourg investment vehicle.
The following new Raifs were registered in October.
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CVC Credit Partners Global Yield SCA SICAV-RAIF |
CVC Europe Fund Management S.à.r.l. |
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CIREP V AIV IV, S.C.A., SICAV-RAIF |
Carne Global Fund Managers (Ireland) Limited |
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CIREP IV AIV 3b, S.C.A., SICAV-RAIF |
Carne Global Fund Managers (Ireland) Limited |
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CEE Renewable Fund 8 S.C.S., SICAV-RAIF |
CEE Kapitalverwaltungsgesellschaft mbH |
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CIF IV Co-Invetment SCA SICAV-RAIF |
Vauban Infrastructure Partners |
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AXA IM Prime Capital Partners SCSp SICAV-RAIF |
AXA Investment Managers Paris |
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DWS European Direct Lending Fund II SCSp SICAV-RAIF |
DWS Investment S.A. |
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Blackstone Senior Direct Lending Fund (LUX) |
Blackstone Europe Fund Management S.à r.l. |
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Blackstone Senior Direct Lending Feeder Fund (LUX) SICAV-RAIF SCSp |
Blackstone Europe Fund Management S.à r.l. |
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AQUILA CAPITAL RENEWABLE ENERGY DEBT FUND S.A. SICAV-RAIF |
Aquila Capital Investmentgesellschaft mbH |
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responsAbility Asia Climate Fund, SICAV-RAIF |
MultiConcept Fund Management S.A. |
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Colesco Private Debt Opportunities Fund I SCSp SICAV-RAIF S.A. |
Carne Global Fund Managers (Luxembourg) |
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HSBC Global Transition Infrastructure Debt Fund RAIF SICAV-SA |
HSBC Investment Funds (Luxembourg) S.A. |
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Marina Investment SCSp-RAIF S.à r.l. |
Intertrust Fund Management (Luxembourg) |
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Arini Credit Opportunities Feeder Fund I, S.C.A. SICAV-RAIF |
Carne Global Fund Managers (Ireland) Limited |
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Arini Credit Opportunities Fund I, SCSp SICAV-RAIF |
Carne Global Fund Managers (Ireland) Limited |
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Arini European Debt Vehicle, S.à r.l. SICAV-RAIF |
Carne Global Fund Managers (Ireland) Limited |
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Mars Growth Capital Europe Fund, FCP-RAIF S.A. |
Carne Global Fund Managers (Luxembourg) |
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Atruvi Invest II SCS SICAV-RAIF |
LRI Invest S.A. |
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Azimut Digital Enterprises RAIF SCSp |
Azimut Investments S.A. |
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Sienna Sustainable Infra Debt III S.C.A. SICAV-RAIF |
Sienna AM Luxembourg |
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BlackRock Asia Property Fund VI A Feeder S.A. SICAV-RAIF |
BlackRock France SAS |
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SWEN INFRA MULTI-SELECT 5 |
Swen Capital Partners |
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SWEN INFRASTRUCTURE SUSTAINABLE CO-INVEST FUND 5 |
Swen Capital Partners |
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BlueBay Emerging Market Illiquid Credit Fund II Investments SCA SICAV-RAIF |
BlueBay Funds Management Company S.A. |
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BlueEarth Developed Markets Impact Fund I |
Alter Domus Management Company S.A. |
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BlueEarth Impact Fund III |
Alter Domus Management Company S.A. |
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OEL Risk Capital SCA SICAV-RAIF |
NS Partners Europe SA |
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Lloyd’s Private Credit Fund SCSp, SICAV-RAIF |
Waystone Management Company (Lux) S.A. |
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2PERFORM SICAV-RAIF |
Degroof Petercam Asset Services S.A. |
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Partners Group DPB Infra EQ Core S.C.A. SICAV-RAIF |
Partners Group (Luxembourg) S.A. |
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Ambienta Sustainable Credit Opportunities S.C.A. SICAV-RAIF |
Ambienta SGR S.p.A. |
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Partners Group HHS S.C.A., SICAV-RAIF |
Partners Group (Luxembourg) S.A. |
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PG STRIPE Joint Initiative S.C.A., SICAV-RAIF |
Partners Group (Luxembourg) S.A. |
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Partners Group NAEV Private Infrastructure, L.P S.C.S., SICAV-RAIF |
Partners Group (Luxembourg) S.A. |