Fund Setup Costs

What Does It Cost to Set Up a Fund?

Regulator fees checked against 2026 schedules, current practitioner estimates for service providers, and a like-for-like comparison with an Actively Managed Certificate. Every figure links to its source.

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REGULATOR FEES

Sources listed at the end of this page

€10m
€0.5m€100m
RAIF cost estimate

Figures are annual running costs, excluding the investment manager's own fee. Assumptions are listed below the calculator.

iMaps AMC0.33% of AuM
€32,900 Year one: the same, with no set-up fee
Luxembourg RAIF1.56% of AuM
€156,000 Year one including set-up: €216,000

At €10m, the AMC's estimated running cost is €123,100 a year lower.

Against the low-end RAIF estimate, the AMC stays cheaper at every fund size. The RAIF's fixed costs are higher, and from about €38m, when the AIFM's 0.20% of NAV replaces its minimum, its asset-based costs of 0.21% also exceed the AMC's 0.20%.

RAIF assumptionsLow end: the AIFM's €75,000 minimum or 0.20% of AuM if higher, €80,000 for depositary, administration and audit, and the 0.01% subscription tax; €60,000 set-up. High end: €100,000 or 0.40%, €160,000 and the 0.01% tax; €160,000 set-up. Excludes legal updates and distribution.
AMC assumptions€12,000 maintenance fee, €900 reference and warehouse account fee (€75 a month) and the 0.20% issuer fee. No set-up fee; a €6,000 deposit is refunded in full if average AuM over the six NAVs after the first trading day is €300,000 or more.
Not includedThe investment manager's fee on either side, AMC warehouse custody on unsold units, payment and document-update fees, crypto accounting for AMCs holding crypto (about €490 a month), and the exchange spread investors pay (1% each side below €2.5m AuM, 0.50% each side above).

Sources: iMaps Capital Markets, blog post comparing ETFs, UCITS funds, AIFs and AMCs (2026), with RAIF fee ranges compiled from Fidus and LuxLex; iMaps ETI AG, White Label AMC Setup Overview (2026).