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By Jeffrey KOLBET, Partner Sophie RASQUI, Associate, Elvinger Hoss Prussen
Beneficiary units (“parts bénéficiaires”), as provided for by the Luxembourg law of 10 August 1915 on commercial companies (the “Law of 1915”), have their origins in an established corporate practice dating back to the 19th century. Despite their former prominence, they have rarely been used in modern fund structuring and have largely fallen into disuse. Nevertheless, beneficiary units may offer certain advantages in the context of alternative investment funds (“AIFs”) and can accommodate a range of commercial requirements owing to their contractual flexibility.
Beneficiary units under the Law of 1915...
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