Luxembourg: Changing state
A recent amendment to Luxembourg law on investment funds for private equity and venture capital investors could lead to more work for the Grand Duchy's law firms. One significant change in the new law is that a SICAR (societe d'investissement en capital a risque) fund can now be set up with different compartments, which may have different investment policies, management fees or redemption dates. "The recent modification of SICAR legislation is indeed expected to foster promoters and investors to use SICARs at a wider level," says Claude Kremer, a partner with Arendt & Medernech, Luxembourg's largest law firm with more than 270 professionals. "By allowing the creation of multiple compartments within the same legal structure, costs will be decreased and efficiency increased."
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