Despite geopolitical uncertainty, Luxembourg remains a stable center from which U.S. fund managers can reach Europe. Nevertheless, U.S. managers must make difficult decisions when satisfying substance requirements and deciding how to market into the E.U. The Association of the Luxembourg Fund Industry (ALFI) recently held a seminar that looked at these issues, among others. The program featured panel discussions with representatives from financial services, asset management, legal and accounting firms. This article, the first in a two-part series, explores the structuring and marketing of private funds, as well as the establishment of fund management companies, in the E.U. The second article will analyze the impact of Brexit on cross-border investment management, available means of fund distribution and sustainable investments. For more from ALFI, see “How Fund Managers Can Navigate Establishing Parallel and Debt Funds in Luxembourg in the Shadow of Brexit and Proposed E.U. Delegation Rules” (Jun. 14, 2018).