Luxembourg

Details

  • Service: Audit, Audit, Financial Statement Audit, Advisory, Regulatory and tax reporting services, Tax, Financial Services, Investment Management, Private Equity, Real Estate & Infrastructure
  • Industry: Financial Services, Fund Management, Private Equity, Real Estate & Infrastructure
  • Type: Business and industry issue, KPMG information, Publication series, Survey report
  • Date: 1/8/2013

Infographic SICAR Survey 2012 KPMG Luxembourg 

Introduction

 

SICAR is dedicated to vehicles investing in risk capital. It is best fit for private equity and venture capital funds and vehicles investing in alternative assets, such as timber, ships, infrastructure, wine etc. SICAR is a relatively flexible, lightly regulated structure with the following key legal and regulatory requirements:

 

  • invest in assets representing risk capital,
  • have a registered office and a central administration based in Luxembourg,
  • the assets of the SICAR must be valued at fair value in the financial statements
  • the minimum subscribed share capital of a SICAR amounts to 1 million which may include share premium.

 

Further, the SICAR Law does not impose any diversification rules. A SICAR may thus invest into a single portfolio company, provided the risk capital criteria is met.

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Our approach


Beginning of autumn 2012, KPMG Luxembourg’s private equity practice performed an analysis of the SICAR landscape based on annual reports filed with the Registre de Commerce et des Sociétés (“RCS”), the official list of SICAR published by the Commission de Surveillance du Secteur Financier (“CSSF”) and other related data.

 

For some SICAR listed on the official CSSF list, none or incomplete information was available and, therefore, these SICAR were not included in our analysis.

 

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