Bahya Bouharati Ph.D

Counsel
About

Bahya Bouharati advises fund managers and investors on the structuring and setting up of Luxembourg alternative investment funds, with a particular focus on private equity, real estate and debt strategies.

She assists clients throughout the full lifecycle of their investment structures, from initial structuring to launch and ongoing operations. Bahya provides guidance on legal and regulatory matters, helping clients navigate complex requirements and ensure efficient implementation of their investment vehicles. She also regularly advises major investors on the review of investment funds in Luxembourg and internationally, supporting them in their investment processes and negotiations with fund managers, including DFIs, institutional investors and insurance companies.

In addition, Bahya has experience in insurance law and in Islamic Finance, further broadening her ability to support clients on specialised cross-border matters. Alongside her work, Bahya is a lecturer in Business Law, at the University of Luxembourg. She is actively involved in pro bono initiatives and represents DLA Piper within the Pro Bono Luxembourg Association, supporting access to justice and legal assistance for meritorious causes.

Bar admissionsAvocat admitted to the Barreau de Luxembourg

EXPERIENCE

Bahya's relevant experience includes advising:
  • A joint venture between PATRIZIA and Mitsui on the launch of their new APAC Sustainable Infrastructure Fund, as well as ongoing support regarding the entry into ancillary agreements relating to the operation of the fund.
  • A leading global asset manager in the energy sector on the setup and downstream structuring of its new fund focused on investments fostering energy transition.
  • Energy Infrastructure Partners on the structuring, negotiation and implementation of a EUR195 million financing with Goldman Sachs Bank USA for the acquisition through a consortium of funds of a stake of 25% in Repsol Renovables, the Repsol subsidiary relating to renewable energy.
  • Fortress Investment on the financing of the USD535 million acquisition from Colony Capital by structuring the transaction and drafting the Luxembourg documentation relating to the bridge financing and waivers required in respect of the existing financings in the underlying portfolio.
  • A leading Korean global institutional investor, in connection with its investment in Apera Private Debt Fund III SCSp.
  • The European Investment Bank (EIB) on its investment in LeapFrog Climate Fund LP, a Mauritian growth equity closed-ended fund, supporting companies promoting low-carbon transitions and climate-resilient pathways in emerging markets.
  • An alternative investment fund manager in its capacity as AIFM of a Luxembourg fund on numerous legal due diligence reviews and follow-on investment matters relating to proposed and existing investments in international VC, private equity, growth, secondary and multi-fund feeder structures.
  • A Luxembourg reserved alternative investment fund structured as a multi compartment umbrella with 16 active compartments, on a complex intra fund restructuring affecting three compartments.
  • A professional services firm in connection with sensitive Luxembourg law issues arising in the context of the liquidation of an investment vehicle and the enforcement and execution of term sheet arrangements relating to its underlying US real estate investment structure.
  • An infrastructure investment manager on the structuring and implementation of a complex refinancing and bridging solution between two affiliated investment funds.
Languages
  • French
  • English

Awards and Recognitions

  • Rated by IFLR1000 as a "Rising Star" in Investment Funds since 2025.
  • What clients said to The Legal 500 EMEA 2024: "Bahya Bouharati has been our main contact on all day-to-day matters. She is very diligent and keen to deliver a high-quality output, not to mention that she is also very kind and considerate."
Education
  • University of Luxembourg, PhD in Law, 2015
  • Postgraduate diploma in Luxembourg law
  • University of Luxembourg, Master 2 / LL.M in European Banking and Finance Law, 2010

Publications

  • AIFMD 2 on its way to implementation in Luxembourg, DLA Piper, 2025
  • Change of control provisions in investment fund structures, AGEFI Luxembourg, 2024
  • Final version of RTS for ELTIFs adopted by the EU Commission, 2024
  • ELTIF amendments: a "commitment to nurturing a supportive regulatory framework", Paperjam, 2024

Seminars

  • Luxembourg Private Equity Seminar in Warsaw, Luxembourg's PE Toolbox, 2025
  • Food 4 Thought: DORA Regulation for Asset Managers - Meeting the Challenges of Compliance, 2024
  • LPEA seminar: "The Mosaic of Talent – Leveraging Visible Diversity", May 2024
  • Trainer at the House of Training for Fund Setup & Structuring – Legal Aspects – Advanced, 2024

Prior Experience

  • 2024 to date: Counsel, DLA Piper, Luxembourg
  • 2021-2024: Senior Associate, DLA Piper, Luxembourg
  • 2016-2021: Associate, DLA Piper, Luxembourg
  • 2011-2015: Research Assistant / Teaching Assistant, University of Luxembourg
  • 2010-2011: In-house Legal Counsel, Natixis Private Banking, Luxembourg