The Luxembourg funds market is steadily growing and offers numerous options for U.S. managers looking to access European investors. In addition to Undertakings for Collective Investments in Transferable Securities vehicles and specialized investment funds, Luxembourg has recently unveiled a new structure – the Reserved Alternative Investment Fund (RAIF) – that will provide a flexible new avenue for U.S. managers to market their funds into the E.U. At a recent presentation, the Association of the Luxembourg Fund Industry (ALFI) provided a comprehensive overview of the business, tax and regulatory ramifications of the RAIF. This article, the first in a two-part series, summarizes the panel’s discussion of the Luxembourg funds landscape and the key features of RAIFs. The second article will explore opportunities presented by RAIFs for U.S. managers – including hedge fund, real estate and private equity managers – as well as tax considerations of the new fund structure. For additional insights from ALFI, see “Luxembourg Funds Offer Options for Hedge Fund Managers to Access European and Global Investors” (Feb. 11, 2016); and “NICSA/ALFI Program Considers Impact of AIFMD on U.S. Fund Managers” (Sep. 25, 2014).