Allen & Overy in Luxembourg has advised Schelcher Prince Gestion
21 October 2022
Allen & Overy in Luxembourg has advised Schelcher Prince Gestion, an asset management firm affiliated to Arkéa Investment Services, in the structuration and establishment of Schelcher Infrastructure Debt, a Luxembourg-domiciled multi-compartment innovative infrastructure debt fund in the form of a RAIF (Reserved Alternative Investment Fund) – ELTIF (European Long-Term Investment Funds), with a first closing at EUR200m.
The compartments ”Core” (Article 8 SFDR) and “Impact” (Article 9 SFDR), backed by Schelcher Prince Gestion’s Infrastructure Transition Platform, aim to finance innovative infrastructures, for the benefit of a sustainable and digital economy promoting the transition to a low-carbon model. The two compartments will materialize their green share through their alignment with the European Taxonomy, up to 50% and 80% for the Core and Impact compartments respectively.
The selection of a RAIF-ELTIF as the vehicle of choice was driven by the flexibility offered by the RAIF-ELTIF to raise funds internationally, in particular within the European Economic Area (EEA) in reliance on the marketing passport of the AIFMD and, on the other hand, to lend on a cross-border basis within the EEA without local regulatory constraints and, in particular, those resulting from the banking monopoly rules.
The Allen & Overy Luxembourg team consisted of Yannick Arbaut (partner), Joanna Pecenik (counsel) and Coline Zimmermann (associate) regarding all legal and regulatory aspects of the project and Patrick Mischo (partner) along with Guilhèm Becvort (counsel) regarding tax aspects.