Carne Global

Private market fund managers are entering 2026 with record fundraising confidence, and much of that expansion is being engineered out of Luxembourg, according to Carne Group. The Grand Duchy has become the operational nerve centre for European private capital, hosting the majority of Europe’s ELTIFs and an expanding ecosystem of third-party management companies. Yet as assets surge and semi-liquid structures multiply, Carne’s survey finds that institutional investors are sending a firm signal: growth will only be tolerated if governance, valuation discipline and liquidity management meet a significantly higher bar.

This week’s roundup highlights senior hires and partner promotions across Luxembourg and Europe, including new roles at Belasko, Innpact, Deutsche Bank, Schroders and Loyens & Loeff.

Luxembourg’s Raif market shows resilience in 2024, but Investment Officer’s data analysis shows slowing sub-fund launches, revealing growing caution in alternative fund markets.

With 29 new funds registered, last month was the best September in three years for new Raifs issuance, data analysis by Investment Officer Luxembourg shows. Raifs are Reserved Alternative Investment Funds. In Luxembourg these vehicles in recent years have gained significant international traction among those active in private assets such as credit, real estate and private equity.

When it comes to enhancing the economic value chain in terms of sustainability, net-zero and financing the energy transition, the private assets sector is well positioned as an actor that can help deliver the changes that are needed to keep growth sustainable, a Luxembourg panel on net-zero investments was told on Wednesday. 

Growth in funds registered as Reserved Alternative Investment Funds, known as Raifs, in Luxembourg has increased considerably in the first half of this year , according to an analysis of data from the Luxembourg Business Registry by Investment Officer Luxembourg.