11.10.2017

The success of RAIFs, Casa4funds explains its next goals

What are the new developments in the pipeline for Casa4Funds?

After 12 years of successful track record on liquid funds serving an international client base, Casa4Funds is now challenging the AIFMD environment. For this purpose, since May 2017, Mr. Richard Maisse became “Head of Private Equity & Real Estate” and Conducting Officer for the Investment Management of Casa4Funds.

Maisse has a very long term experience in the Fund Industry and especially in the PE/RE business: this appointment is part of Casa4Funds’s long term strategy to develop its alternative fund service offer and reinforce its governance in an ever more demanding environment of expertise, substance and transparency.

Casa4Funds is developing and diversifying its historical activities as Independent Management Company and AIFM in Luxembourg into the Private Equity & Real Estate business.

In that respect, Casa4Funds will act as an AIFM for Private Equity & Real Estate Funds whose investment strategies fall into the following three categories: Private Equity Funds (direct) and Private Equity / Real Estate Funds investing through SPVs; Funds of Private Equity Funds and Funds of Real Estate Funds; Debt Funds (Senior and Mezzanine debts).

What do you reckon is the added value of having offices both in Luxembourg and Switzerland?

Casa4Funds has been incorporated in August 2005 in response to the growing demand for Third Party Sponsors and Management Companies following the expansion of UCITS’ investment possibilities and distribution networks.

The company, fully capitalized, relies on two different offices: Luxembourg and Lugano, Switzerland. These strategic positions in the middle of Europe allow us, through a team of 31 people, to serve many different funds and worldwide initiators.

As Management Company, it takes care of all activities related to the day-to-day operations of investment funds. As such, it ensures and allows customers to be concentrated on their core business while we take care of all regulatory, substance and governance aspects.

Moreover, Casa4Funds is purely independent from any major financial or banking group and intends to remain so, therefore clients benefit from strong independent governance.

How are non-regulated products like RAIF perceived on market?

RAIF is a new type of Luxembourg vehicle (Law adopted on July 14th 2016), subject to AIFMD requirement managed by an EU authorized AIFM which combines the structuring flexibilities of a regulated SIF – investment strategy, type of asset and investors, investment restrictions - but is not subject to CSSF supervision and do not require its prior authorization before being launched.

Indirect supervision is ensured through the authorized AIFM who is fully responsible of the governance and management of the vehicle.

This vehicle is very efficient in terms of launching time and can be a proper alternative for initiators who are pressed by investors or markets and would like to put in practice their strategy in a shorter time as for a regulated vehicle; depending on the investment policy applied, the vehicle can be transformed afterwards into a regulated UCITS or AIFMD fund.

To give a quick overview of the RAIF success on the market place, after only one year, 119 RAIFs have been launched.

 

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Why is there a perception of less regulation of AIFs versus UCITSs?

AIF products, compared to UCITS, are more flexible in terms of investment strategy and type of assets. Also, they are reserved to well-informed investors, which means institutional or professional investors. That said, the market perception of minor supervision on such instrument is wrong: the AIFMD Law of July 2013 clearly defines brackets in terms of supervision and governance targeting the protection of the market and the underlying shareholders.

AIFMD vehicles are now carrying a recognized quality label because of the increase in transparency on the European Fund market, the protection of investors towards investment risks, the management performed by authorized entities enable to offer their services through the AIFM white label passport as well as the strict supervision of the ESMA.

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