New Luxembourg limited partnerships

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In July 2013, Luxembourg legislation came into force specifically tailored to the needs of private-equity/real-estate investment managers providing for (a) significant amendments to the existing Luxembourg simple limited partnership (société en commandite simple) and (b) the introduction of a new limited partnership (société en commandite spéciale).

Luxembourg limited partnerships derive from the same ultimate source as limited partnerships of the Anglo-American, common-law type. However, until now a number of tax and corporate matters have made the Luxembourg models materially less attractive for private-equity/real-estate investment managers than the models available in other jurisdictions.

The purpose of this modernising Luxembourg legislation is to specifically remedy each of these individual points of corporate or tax law disadvantage, deliberately seeking to adopt a best-in-class solution in each case from the other models available internationally. Comparative review confirms that this has been successfully achieved…

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