In dealing with Luxembourg funds, questions frequently arise about whether the GP alone or together with the AIFM or IM may engage the fund in a credit line. Do these entities need to sign the documentation or provide a prior approval? What is the role of the depositary or custodian in these transactions? In this article in Chambers, Jad Nader and Fabiana Popescu from Ogier's Luxembourg fund finance team answer the question on who's at the helm in Luxembourg funds and offer an insight into the role of each player in the fund.