Hedge Funds can either pursue liquid or illiquid strategies. In this regard, Luxembourg proposes a vast variety of fund vehicles (UCITS, Part II Fund, SIF, RAIF, unregulated SCSp) that can be suitable for liquid or illiquid Hedge Funds depending on the type of assets to be traded or the type of investors that are targeted. Moreover, as illiquid Hedge Funds can hold very different types of assets, either real estate assets, debt instruments (bonds, performing and non-performing loans, claims), or other kind of real assets like vessels, aircrafts etc, structuring properly the holding of these assets can be challenging due to multiple requirements to be met from a legal, regulatory, operational or tax perspectives.