The memorandum provides an in-depth analysis of the Reserved Alternative Investment Fund (RAIF) regime in Luxembourg. It outlines the legal framework, investment rules, structuring options, and regulatory requirements for RAIFs, which are designed for sophisticated investors. The document also covers taxation, marketing, and the impact of the European Long-Term Investment Fund (ELTIF) regulations. Notably, RAIFs offer flexibility and speed in their setup since they do not require approval from the Luxembourg regulator but must be managed by an authorized Alternative Investment Fund Manager (AIFM).