L-QIF: a new Swiss investment vehicle for qualified investors

a. Introduction

As the world’s largest offshore financial centre 1 Switzerland is a key market for the distribution of investment funds. Additionally Switzerland is home to Europe’s third largest asset management sector by assets under management. 2 However one part of the fund value chain is barely represented in Switzerland: the production and administration of funds. The L-QIF should help to strengthen Switzerland’s role in this regard by creating a fund type that can be launched fast and cheaply without prior authorisation from the Swiss authorities. The L-QIF is inspired by similar fund types in EU countries such as the Reserved Alternative Investment Fund (RAIF) in Luxembourg and the Notified Alternative Investment Fund (NAIF) in Malta as the government’s message to Parliament openly states.3

The concept of the L-QIF is simple.4 It is not a new...