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By Ezechiel Havrenne, NautaDutilh*
Luxembourg as a jurisdiction is often targeted by fund promoters and placement agents looking for institutional money. This is mainly due to the large number of Luxembourg-based fund of funds and private banks. Anyone raising capital in Luxembourg or from Luxembourg-based investors for a new alternative investment fund (the "AIF") must therefore keep in mind the concepts of "marketing" and "reverse solicitation".
When are we in the presence of a marketing activity?
This notion is better understood through its constitutive elements which can be introduced by the following questions:
- What? meaning what is being marketed, i.e. the shares or units of an AIF ...
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