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The private equity, private debt and real estate fund markets are growing strongly across the globe. Record amounts of assets are flowing into these asset classes as investors look to allocate to strategies which offer attractive returns in a global low interest rate environment.
Investors are able to avail of funds structured in a number of jurisdictions – in Europe and in North America or the Caribbean. Increasingly, though, European investors are showing a preference to invest in European structures. Funds continue to be established in the traditional jurisdictions of the Channel Islands and onshore UK, but increasingly funds are
Fund administrators are moving up the chain into middle office and portfolio management functions as they broaden their services to offer more holistic support to their asset management clients. The success of this is currently reliant on a strong human relationship between administrators and fund managers. However, as the alternatives industry moves to more standardisation, technology will play a greater role in helping fund administrators provide a superior service to their fund management clients.
“Historically, the fund administration business was very much about the back office. In the past few years, however, administrators have taken steps up the chain into
Q&A with Mark Shaw, Partner, Wildgen Investment Fund…
How would you assess the regulatory environment in Luxembourg from a PE funds perspective?
Luxembourg’s PE fund regulatory environment is framed by the fact that PE funds fall within the EU’s various directives and regulations, chief among which is the regime under the Alternative Investment Fund Managers Directive (“AIFMD”).
Within that wider framework, there are then degrees of regulation available to promoters of PE funds, from unregulated sub-threshold AIFs with a registered AIFM, reserved alternative investment funds (RAIFs) with an authorised and regulated AIFM, through to specialised investment funds (SIFs) or investment
Industry players in Luxembourg are sharpening their need for outsourced IT solutions as they scale up their operations driven by regulatory demand and growth in the jurisdiction.
“Private equity, custody and fund administration firms in Luxembourg used to have relatively small offices, with few people and are therefore not used to having any local IT service. Historically, firms have been trying to manage this function out of their US, UK or Germany headquarters,” explains George Ralph pictured), managing director, RFA.
The need for economic substance in Luxembourg has led to more people moving there. As client teams grow in the
As the private capital markets develop further and regulation continues to increase, asset servicers shoulder growing reporting and supervisory burdens on behalf of their clients. As a result, an automated technology solution to manage the sheer volume of data needed to invest in this area can provide operational efficiency and also allow for more cost effective investment by limited partners (LPs).
“The demand for deep and more granular data is much higher today than it was 10 years ago,” says Dr Daniel Schmidt, CEO, CEPRES. “In the past it was possible to invest in private capital markets by just looking
No matter who you talk to, global private equity has enjoyed a period of enormous growth in the last few years and, in Luxembourg, this has proven to be a key factor as it has looked to drive interest, globally, in regulated private equity funds.
As the Association of the Luxembourg Fund Industry (ALFI) reported at the end of 2018, although the PE fund landscape is still dominated by funds of EUR100 million or less in AUM, the number of large PE funds (EUR500 million and above) has increased to represent over 4 per cent of the total, with the
As institutional investors have been increasing allocations to real assets, driven by the persistent low yield environment, the appeal of private equity (PE) has inevitably been on the rise. Luxembourg has become the European epi-centre of this burgeoning industry as its reputation for quality and service precedes it.
According to consultancy Deloitte’s estimates, PE assets under management in Luxembourg have increased by 20 per cent year-on-year, benefiting from the USD436 billion in funds raised globally in 2018.
“We have seen a fairly sustained interest in launching new funds in Luxembourg from managers based around the globe,” confirms Mark Shaw, Partner
Dentons has continued to strengthen its Corporate team in London with the hire of M&A and private equity specialist Paul Doris, who was most recently a partner in Orrick, Herrington & Sutcliffe’s London office.
Having previously worked in Madrid, Frankfurt and Paris, Doris specialises in advising international financial sponsors (including private equity firms, infrastructure investors and pension funds) on cross border and domestic mergers, acquisitions and disposals, with a particular focus on the energy and infrastructure sectors. He has led corporate transactions involving assets and operations in locations including Spain, Latin America, Africa and India.
David Collins, partner and
UK alternative investment manager Triple Point, has appointed financial services professional Jack Rose as Strategic Sales Director.
Rose brings a wealth of experience to Triple Point having spent the last seven years working at the financial product distribution company LGBR Capital where he was head of their Tax Efficient Investment Division, LightTower Partners, and as such was responsible for creating, organising and implementing the distribution strategy for the EIS, VCT and IHT products the firm represented. Prior to this he was a Sales and Marketing Executive at Matrix Group’s Asset Management Division.
In his new role at Triple Point
Macquarie Infrastructure and Real Assets (MIRA), via Macquarie European Infrastructure Fund 6 (MEIF6), has acquired Farnborough Airport from a consortium of private investors.
Farnborough Airport is the only dedicated business aviation airport in the United Kingdom (UK”). The airport, which handles more than 30,000 air traffic movements each year, has facilities designed to maximise travel efficiency, reliability and customer experience for passengers travelling to London and the South East. Farnborough Airport was the world’s first dedicated business aviation airport to receive carbon neutral status from Airports Council International, and its facilities and services have seen it named Europe’s best Fixed-Based
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