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"Reserved Alternative Investment Funds" or "RAIFs" have conquered the market since their “birth” in the summer 2016. They are a specific type of unregulated alternative investment funds similar in its attributes to the renown Luxembourg regulated specialised investment funds (the “SIFs”) and risk capital investment companies (the “SICARs”). RAIFs are therefore not subject to the direct supervision of the Luxembourg financial supervisory authority (Commission de Surveillance du Secteur Financier or "CSSF"). This allows for fund promoters using RAIFs to improve substantially the time-to-market of their new fund products while reducing their set-up and running costs and benefitting from umbrella structures with tax efficient features.