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Cassels Brock

Mike Tallim

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Cassels Brock

Carla Potter

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Carlton Fields

Thomas F. Morante

Contributing Editor, Business Regulation & Regulated Industries
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MONTH-IN-BRIEF (May 2024)

The Luxembourg SCSp: 10 Years of Success

By Michaël Meylan and Vanessa Schmitt, Strelia SARL

In the wake of the implementation of the Alternative Investment Fund Managers Directive (AIFM Directive), significant amendments were made to Luxembourg’s commercial company law to modernize the limited partnership regime. Luxembourg introduced a new limited partnership structure: the special limited partnership (société en commandite spéciale or SCSp). This innovation aimed to attract the US and UK fund industries by offering a flexible, largely contractual, and lightly regulated partnership model familiar to them.

A decade later, the SCSp has proven to be a resounding success. It is now the second-most utilized company form in Luxembourg, following the well-known SARL. This success has cemented Luxembourg’s position as the European leader and the world’s second-largest hub for domiciled funds, with EUR 5,200 billion in assets under management. In comparison, the US, with EUR 31,800 billion, holds 49.4 percent of the global market, while Luxembourg accounts for 8.1 percent.

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