Luxembourg is not only at the forefront in implementing new EU directives into national law, as was the case with UCITS in 1988 and AIFMD in 2013, but also in creating new, innovative structures that respond to market demand. The SICAR and the SIF, two entities introduced in 2004 and 2007 respectively, were the first regulated PE fund structures with oversight from a depositary. While many promoters shied away from this regulation, AIFMD introduced certain features that SICAR and SIF had already applied well before the arrival of the AIFMD. Similarly, the need for a limited partnership structure lead to the introduction of the Luxembourg unincorporated Special Limited Partnership (“SCSp”) and the revamping of the existing incorporated limited partnership in 2013, removing all inconvenient features inherent in other limited partnership structures existing in the market. In line with AIFMD requirements, Luxembourg was one of the first financial centres to have a considerable number of regulated and highly qualified Alternative Investment Fund Managers (“AIFM”) providing third party management services to PE funds. Last but not least, 2016 saw the introduction of the Reserved Alternative Investment Fund (“RAIF”), a fund structure with the legal and tax features of the well-established SICAR and SIF, without those being subject to direct regulation from the Luxembourg financial supervisory authority but requiring the appointment of an AIFM, itself a regulated entity.