This website (hereafter the “Site”) is subject to the laws of Luxembourg. By browsing on the Site you confirm accepting without exception the following contractual terms and conditions (the "User Conditions"). ALLEGRO S.à r.l. (“ALLEGRO”) reserves itself the right to change the User Conditions anytime, and the use of the Site will be submitted to the most recent User Conditions, available on the Site at the moment of the use. 

The information and documents on the Site are for general information purposes only and do not claim to be comprehensive, provide professional advice or be construed as a solicitation, offer, recommendation or similar of any security or investment. ALLEGRO accepts no responsibility for any loss or damage which may arise from accessing or relying on information and documents contained on the Site.

Part of the Site is for the use of authorized users only (the "Client Area"). The information contained on the Client Area is privileged, confidential and proprietary to ALLEGRO. It is intended solely for clients or contacts with whom ALLEGRO has established specific contractual arrangements. Allegro will provide such persons (“Client Area Users”) with a password to exclusively consult specific information regarding the investment fund(s) in which they are involved. Client Area Users agree to keep this password confidential and agree to immediately notify ALLEGRO if they become aware of any theft or unauthorized use of their password. Client Area Users are responsible for any unauthorized use of their password. Client Area Users agree to keep all information from the Client Area as strictly confidential and to not disclose any of this information to any third party. They further agree not to use such information for any purpose other than those expressly permitted by ALLEGRO in writing. ALLEGRO accepts no responsibility for any loss or damage suffered in respect of unauthorized or fraudulent use of the Client Area and the information and documents contained therein. ALLEGRO may cease providing access to the Client Area in general or to specific Client Area Users in particular, or certain information contained therein, at any time and at its sole discretion.

Any unauthorized attempts to defeat or circumvent security features, to use the system for other than intended purposes, to deny service to authorized users, to access, obtain, use, disseminate, alter, damage, or destroy information, or otherwise to interfere with the system or its operation are prohibited and will imply disclosure to applicable law enforcement authorities as well as consequent legal prosecution under all applicable laws. ALLEGRO monitors this system for security purposes to ensure it remains available to all users and to protect information. By accessing this Site, you are expressly consenting to these monitoring activities.

You may not create links to any part of the Site, without our prior written consent, which can be requested by contacting ALLEGRO.

This Site with all its content, including its layout, is governed by intellectual property laws. Allegro owns all rights, title and interest in the Site and the information and documents contained therein.


Your Independent
Third Party Alternative
Investment Fund Manager

Allegro S.à r.l. is an independent third party management company providing AIFM and fund administration services to AIF, RAIF, non-AIF and UCITS funds. Our clients are large-scale institutional investors, international fund promoters and investment managers.

Well-informed investors

SIFs can issue shares/units to well-informed investors only. This category of investors includes private individuals who are deemed able to understand the risks associated with investing in the SIF, invest a minimum of 125,000 EUR in the SIF, and adhere to the status of well-informed investor. The minimum investment amount may be waived if the well-informed investors receive a positive assessment from a credit institution, an investment firm or a management company confirming the ability to adequately appraise an investment in the SIF.


Undertaking for Collective Investment in Transferable Securities. The concept originally derived from the European Directive 85/611/EC as amended, which provides a single regulatory regime across the European Union for open-ended funds.

Transfer Agent

The agent that is entrusted to issue, register, and redeem shares/units of SIFs and to keep and update the share/unit register of the fund.

SIF tax regime

  • Taxation: Taxe d’Abonnement of 0.01% pa
  • Possibility to launch tax transparent or non-tax transparent SIF
  • No corporate income tax on revenue or capital gains from securities and no wealth tax
  • No capital gains tax for non resident investors
  • No withholding tax on distributions
  • SIFs may benefit from double tax treaties under certain circumstances


Société d’lnvestissement à Capital Variable, a Luxembourg investment fund often referred to as “Investment Company” with variable capital. Having a corporate form, SICAVs may either be self-governed by their board of directors/general partner or they may opt to designate a management company / AIFM to act as governing body on a day-to-day basis. SICAVs are considered non-transparent tax vehicles.

S.C.S. and S.C.Sp.

Société en Commandite Simple (S.C.S.), a Limited Partnership type corporate form, composed of a general partner and at least one limited partner. Exists also as “Société en Commandite Spéciale” (S.C.Sp.) or Special Limited Partnership, which does not have legal personality.

Luxembourg Stock Exchange

The Luxembourg Stock Exchange was created in 1927. It is a major centre for listing and trading of international bonds, equities and investment funds.

Governance/ownership models

The structure that reflects the role of Allegro within the fund’s governance. Allegro S.à r.l. is able to offer a range of different governance/ownership models to its investors, for both FCPs and SICAVs.


For further details on how to best implement your fund vehicle, please do not hesitate to contact us.

General Partner

The managing general partner of either a corporate partnership limited by shares (S.C.A.), or of a common limited partnership (S.C.S.) or of a special limited partnership (S.C.Sp.).

Fund administration

The activities and tasks required to run a fund, including the calculation of the net asset value (“NAV”) per share/unit, the calculation of fees and fund performance fees, the preparation of financial statements and the maintenance of the share register, reporting to the regulator etc.


Fonds Commun de Placement, often referred to as “Common Fund”. A Luxembourg investment fund similar to mutual funds and unit trusts, an FCP represents the undivided co-ownership of assets of its unitholders. Since it exists in contractual, not in corporate form, it needs a governing body in the form of a management company.

Custodian / Depositary

Luxembourg SIFs must appoint a credit institution as depositary bank which is responsible for both the safekeeping of assets and the supervision of the fund and its management company (FCP).


Commission de Surveillance du Secteur Financier. The CSSF is responsible in Luxembourg for the prudential supervision of credit institutions, other professionals of the financial sector, undertakings for collective investments, pension funds, SICARs, securitisation vehicles issuing securities to the public on a continuous basis, stock exchanges, payment and securities settlement systems, operators of payment or securities settlement systems.


The European directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on alternative investment fund managers and amending directive 2003/41/EC and 2009/65/EC and regulations (EC) No 1060/2009 and (EU) No 1095/2010, as amended or supplemented from time to time (the “AIFM Directive”).


Alternative Investment Fund Manager under the European directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on alternative investment fund managers and amending directive 2003/41/EC and 2009/65/EC and regulations (EC) No 1060/2009 and (EU) No 1095/2010, as amended or supplemented from time to time (the “AIFM Directive”).


Alternative Investment Fund: any collective investment undertaking, including investment compartments thereof, which raises capital from a number of investors with a view to investing it in accordance with a defined investment policy for the benefit of those investors and which does not require authorisation pursuant to the UCITS Directive.

Both open-ended and closed-ended vehicles and listed and un-listed vehicles can be AIFs for the purposes of the AIFM Directive. The definition captures a large breadth of vehicles that would be regarded as “funds”, including all non-UCITS investment funds, wherever established. The definition may also capture arrangements which are not regulated Undertakings for Collective Investments under the supervision of the CSSF (e.g. Soparfis).