The Law of 23 July 2016 created the legal framework for the Reserved Alternative Investment Fund (RAIF). This structure combines the flexibility of unregulated funds with the benefits of the Alternative Investment Fund Managers Directive (AIFMD) regime. These are not subject to direct supervision by the CSSF (unlike SIFs or SICARs); indirect regulation via the AIFM. Can adopt various forms including SICAV, SICAF, SCS, SCSp, SA, Sàrl, etc.