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Purpose of the SICAR

A société d’investissement en capital à risque (SICAR) is a corporate investment vehicle governed by the Luxembourg law of 15 June 2004. Its defining feature is investment in risk capital, rather than unrestricted access to every asset class.

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Investor eligibility

The regime is reserved for well-informed investors as defined by law. Additional individual conditions may apply. Investors should not infer from the Luxembourg domicile that a SICAR has liquidity, diversification or risk characteristics comparable to a UCITS.

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CSSF authorisation

Unlike a RAIF, a SICAR is subject to prior CSSF authorisation and ongoing regulatory obligations. Many SICARs also qualify as alternative investment funds and must comply with applicable AIFM requirements.

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Questions before establishment

  • Do the intended investments qualify as risk capital?
  • Which corporate form and governance model fit the strategy?
  • What investor eligibility, documentation and marketing restrictions apply?
  • Which AIFM, depositary, auditor and service providers are needed?
Primary sources & further readingSources checked · 2026-10-20
  1. ALFI — SICAR regime
  2. CSSF — Authorisation of a UCI