Macau’s new Investment Funds Law – part one: private funds
dez25 Bruno Almeida and Daniel de Senna Fernandes of Riquito Advogados begin a series of insights based on the ‘watershed moment’ of Law 11/2025 coming into effect, highlighting private funds’ operational flexibility and regulatory framework As Macau modernises its financial sector, foundational finance-related legal frameworks have undergone significant yet understated reforms. While the changes appear minor at first glance, they hold transformative potential. A prime example is the unequivocal introduction of private funds. Background For nearly 25 years, Macau’s fund regulatory framework (rooted in Decree-Law 83/99/M) recognised only public investment funds. The incoming Law 11/2025 (the Investment Funds Law), effective January 1 2026, fundamentally transforms this landscape by introducing the first comprehensive private fund regime in Macau’s regulatory history. This development positions Macau as an emerging destination for institutional-grade wealth management and alternativ...