Agefi Luxembourg - mars 2026

Mars 2026 21 AGEFI Luxembourg Fonds d’investissement L aCommissionde Sur- veillance duSecteur Financier (CSSF) a pu- blié ses dernières statis- tiquesmensuelles sur la situation globale des orga- nismes de placement collec- tif (OPC) au 31 janvier 2026, confirmant une dynamique positive du secteur des fonds d’investissement do- miciliés auLuxembourg. Selon les données officielles, la valeur totale des actifs nets des organismes de placement collectif –comprenantlesOPCsoumisàla loi de 2010, les fonds d’investisse- mentspécialisés(SIF)etlesSICAR –s’établità6.294,473milliardsd’eu- rosàlafindumoisdejanvier2026. Cette somme marque une pro- gression de 1,53 % par rapport à fin décembre 2025, où les actifs nets s’élevaient à 6.199,370 mil- liards d’euros. Sur une base annuelle, le volume des actifs a augmenté de 6,16 %. Cette crois- sance trouve son origine dans deux principaux facteurs : des investissements nets positifs à hauteur de 31,223 milliards d’eu- ros (soit +0,50 %) et un dévelop- pement favorable des marchés financiers représentant une haussede63,880milliardsd’euros (soit +1,03%). Peudemouvements sur le nombre de fonds Le nombre total d’organismes de placementcollectifprisencompte s’établit à 3.013, en légère baisse par rapport aux 3.036 enregistrés le mois précédent. Parmi eux, 2.027 adoptent une structure dite “umbrella”, représentant 12.300 sous-fonds, tandis que les 986 autres utilisent une structureUCI traditionnelle. Au total, 13.286 unités de fonds étaient actives dans le centre financier luxem- bourgeois à fin janvier. Tendancedesmarchés Le mois de janvier a été marqué parunclimatmondialdetensions géopolitiques, notamment des incertitudes liées à des interven- tions américaines en Amérique latineetdesperspectivesdeconflit auMoyen-Orient.Malgré ces fac- teurs, l’appétit pour le risque des investisseurs a augmenté, stimulé par des indicateurs économiques encourageants et une inflation plus maîtrisée. Cette conjoncture a soutenu les marchés actions, avec de fortes hausses notam- ment en Asie et en Amérique latine, tandis que les actions amé- ricaines ont affiché des perfor- mances plus mitigées, affectées par des mouvements de change. La plupart des catégories d’OPC actions ont, en conséquence, connu des investissements nets positifs, à l’exception des fonds axés sur les actions américaines. Sur les marchés obligataires, une baissegénéraledesspreadsdecré- ditapermisdesrendementsmen- suels positifs pour la plupart des segments obligataires, même si certaines catégories, notamment les obligations et les marchés monétaires libellés en dollar, ont été pénalisées par l’impact des variations de change. Un secteur toujours résilient et attractif Ces chiffresmontrent une indus- trie des OPC solide et en crois- sance, reflétant l’importance du centre financier luxembourgeois dans le paysage européen des fonds d’investissement. La pro- gression des actifs nets et l’acti- vité soutenue du marché témoi- gnent d’un secteur capable de garder sa dynamique, même dans un contexte de marchés mondiaux complexes. Source : CSSF Le secteur des fonds luxembourgeois reste solide Kirchberg© LuxembourgCity F or decades, the universe of private markets, includingprivate equity, private debt, and infrastructure funds, was dominated exclusivelyby institutional investors. Today, a combi- nationof innovation andnewEuropean regulations is opening thesemarkets to amuchbroader investor popu- lation. Themovement toward “retailization” is underway, withLuxembourg emerging as a keyplayer. The expansion of the alternativemarket in Europe and inLuxembourg The Alternative Investment Funds (AIFs) market in Europe has seen robust growth, with assets under management (AUM) reaching new highs. Luxembourg, in particular, has outpaced broader European growth, attracting significant alternative fund business. Back in 2015,AIFs in the EuropeanUnion (EU) held about 5.1 trillion € in AUM (1) . Despite a dip during 2022’s downturn, AIF assets rebounded to roughly 8.2 trillion € by 2024 (1) , a 61%rise from2015. By 2024, AIFs represented about one-third of Europe’s total fund industrybyassets, underscoring their growing importance. Luxembourg has capitalized on this trend, solidify- ing its role as a European alternative funds hub. In 2020, Luxembourg-domiciled AIFs managed around 1.04 trillion € inAUM (1) . By 2024, this figure surgedtoroughly2.56trillion€ (1) ,anincreaseof146% in four years. AIFs now account for one-third of Luxembourg’s investment fund industry. Thenum- ber of LuxembourgAIFs also expanded fromabout 6,000 in 2020 to over 10,000 in 2024 (2) , as fund man- agersworldwidechooseLuxembourgvehicles,rein- forcing its status as Europe’s top investment fund center. But why? This expansion is mainly driven by investors’ desire for diversification and long-term performance offered by privatemarket investments. Both sophis- ticated and retail investors are eager to participate in the value creation of private markets, especially as public markets become more volatile and less pre- dictable.Thedemocratizationtrend,wideningaccess to private markets, is set to continue fueling AUM growthwell into the decade. Global alternative assets are on track to nearlydou- ble by 2030, driven byprivate equity, private credit, infrastructure, and other privatemarket strategies. A Preqin study forecasts 32 trillion US$ globally by 2030 (3) in alternative AUM, up from 16 trillion US$ in 2021. The numbers speak for themselves, underscoring the significant growth potential in Europe and Luxembourg, now established as a preferred domicile for private asset funds and an ELTIF hotspot. Key factors that fueled the expansion, and the rising demand for access among retail investors Demandisshiftingasretailinvestorsseektodiversify beyondtraditionalassetslikeequitiesandbonds.The privatemarket,includingprivateequity(PE),private debt(PD),andinfrastructure,offersopportunitiesfor enhanced returns, diversification, and exposure to sectors not available on public exchanges. These assets are known for their long-term value creation, lowercorrelationwithpublicmarkets,andthechance to participate in the growth of innovative businesses and essential infrastructure. Historically, these markets were largely inaccessible due to highminimum investment* thresholds and a lackof transparency. Today, the riseof digital invest- ment platforms and newdistributionmodels play a key role in expanding access to private markets. These platforms have simplified onboarding, reduced operational friction, and enabled smaller investment tickets, making alternative funds more accessible to a broader retail population. Amajorcatalystforthistransformationistherevision of the European Long-Term Investment Fund (ELTIF) regulation, knownasELTIF2.0,whichcame into effect in 2024. ELTIFs are EU-authorized AIFs designed for long-horizon investments, including infrastructure, PE, and real assets, that can be mar- keted to retail investors. The original ELTIF framework, introduced in 2015, aimed to channel investment into long-termprojects across the EUbut was hampered by restrictive rules and high entry thresholds for retail investors. ELTIF 2.0 addresses these shortcomings by introducing greater flexibility in eligible assets, portfolio compo- sition,anddistribution,aswellasremovingthe10,000 € minimum investment requirement for retail investors. These changes make ELTIFs 2.0 more attractive to assetmanagers andmuchmore accessi- ble to retail investors. Luxembourghas longpioneeredproducts favorable to alternative structures, such as SIF (Specialized Investment Fund), RAIF (Reserved Alternative Investment Fund), SICAR (Société d’Investissement en Capital à Risque) and Limited Partnerships (SCS/SCSp), combining regulatory flexibility with legalcertaintyandaglobalfundservicingecosystem. ThesestructuresarecompatiblewithELTIFandfully compliant with the Alternative Investment Fund Managers Directive (AIFMD) framework, ensuring investor protection anddistribution across the EU. In parallel, the EUcompleted in 2024 a reviewof the AIFMD II, updating the regulatory framework for AIFs and their managers, with an eye toward both investor protection and market development— strengthening liquidity management tools and increasing transparency and risk management. The new regulatory landscape, ELTIF 2.0 andAIFMD II, enables fundmanagers to launchhybrid, semi-open vehicleswithperiodicliquidity,makingprivatemar- ketsmoreaccessibletoretailinvestorswhileensuring growth ismanaged safely. Goingforward,ELTIFsareexpectedtochannel more retail capital into PE, PD, infrastructure, and other alternative assets, complementing the institutional dominance in these funds. These changes inevitably comewith challenges and limits to accessibility While the democratization of pri- vate markets presents exciting opportunities, retail investors enter a space traditionally reserved for professionals. Private market assets, such as PE, PD, and infrastructure, are inherently illiquid. Unlike publicly traded secu- rities, their valuation often relies on complex models and periodic appraisals rather than transparent market prices. This challenge becomes even more significant in semi-open-ended funds,whichare tradedat aNAV largely based on unrealized positions. Valuations for illiquid assets depend on models rather than observable market data, meaning that any inaccu- racy or bias in thosemodels can creatematerial val- uation risk for investors. This lackof liquiditymeans investors may need to commit capital for extended periods, sometimes several years, with limited opportunities for early exit. Retail investors may face difficulties accessing clear, comprehensiveinformationaboutunderlyingassets, risks, and fee structures. The complexity of these products can lead to information asymmetry, where fund managers possess far more knowledge than individual investors. Thismakes financial education and transparent communication essential to ensure that retail investors fully understand what they are investingin.Thisincludescleardisclosureofthetotal expense ratio, the real liquidity constraints of the fund, and the layered nature of private investments, whichofteninvolvemultiplespecialpurposevehicles betweenthefundandtheunderlyingassets.Without a proper understanding of these elements, investors mayunderestimatecosts,liquidityrisk,andthecom- plexityof privatedeals embeddedwithinalternative fund structures. Fund managers must maintain robust oversight, ensure accurate valuations, and educate investors about the long-term and sometimes closed-ended nature of these products. Suitability checks and responsible marketing are essential to protect less experienced investors. The expansion of retail access to private markets is a positive development, but it demands a heightened focus on transparency, edu- cation, governance, and investor protection. Only by addressing these challenges can the industry ensure thatdemocratizationleadstosustainablegrowthand genuine benefits for all participants. Luxembourg as a Europeanhub for the democratization of the privatemarket Luxembourg’s AIF sector has grown far faster than Europe overall, reflecting its emergence as a “European hub” for alternative funds. Luxembourg nowhosts about 25% (1) of all European fundassets in AUM (including UCITS and AIF), with AIFs con- tributingheavily to recent gains. Luxembourg boasts 2.455 trillion € (4) in alternative funds NAV in 2025, with PE and PD accounting for 1.088 trillion € and 550 billion € (4) , respectively. This represents a 45% average growth rate in PE assets from2019 to 2024, anda 23%growth rate for alterna- tive funds overall. Alternative funds now make up 30.7%ofLuxembourg’s totalNAV, underscoring the sector’s increasing significance. The total number of AIFs reported in Luxembourg reached 10,084 in 2024 (4) , highlighting the country’s role as a preferred domicile for fundmanagers. Luxembourg’s dominance is further illustrated by its 44% (4) share of European PE and venture capital funds, far surpassing other EU jurisdictions. The countryishometooperationsof18outoftheworld’s 20 largest PE fundmanagers. The country’s expertise in structuring alternative funds, combined with its innovative approach to governance and compliance,makes it the preferred platform for launching new products, especially those targeting retail investors under the evolving ELTIF 2.0 regime. The number of ELTIFs domiciled in Luxembourg compared to the European total also confirms Luxembourg’s leadership as the premier European hub for private markets. As a popular ELTIF domi- cile, Luxembourg has seen the number of ELTIF funds rise from just 23 in 2021 to 148 by 2025. At the end of December 2025, the ESMA Register lists 249 ELTIFs (5)(6) in the EU, with 148 domiciled in Luxembourg (5)(6) ,representing60%ofallELTIFsmar- keted inmultiple EU countries. The above figures indicate that fund managers are leveraging the Grand Duchy to distribute long-term alternative funds to retail investors across the EU. Luxembourg’s leadership is further evidenced by its ability to offer semi-liquid and evergreen structures, catering to the growing demand for flexible invest- ment options. The country’s regulatory framework andstability,AAArating,combinedwithitsfinancial infrastructure and expertise, make it the preferred domicile for global fund sponsors seeking to tap into the retailmarket. Conclusion Thedemocratizationofprivatemarketsmarksamajor turning point for the alternative universe. The surge in ELTIF activity is a direct sign of private markets openinguptoabroaderinvestorbase.Itenablesport- foliodiversificationandchannelsprivatesavingsinto therealeconomy.However,italsodemandsrigorous oversightandresponsiblecommunicationfromfund managers, to balance genuine access to private mar- kets with transparency, liquidity management, and investorprotection.Thankstoitsregulatoryflexibility, stability, and mature financial ecosystem, Luxem- bourg is well positioned to become the EU’s leading platformfor the retailizationof alternative funds. LaurentCAPOLAGHI, EYLuxembourg,ManagedServicesandPrivateEquityLeader LouisLeROUX, EYLuxembourg,SeniorManager,PrivateEquity-AuditServices 1) EFAMA/ALFI 2) CSSF 3) Prequin study - PrivateMarkets in 2030 4)LPEA(LuxembourgPrivateEquityDataDashboard-January2026) 5)ESMA(RegisterofauthorisedEuropeanlong-terminvestmentfunds (ELTIFs)) 5)CSSF(ListoffundunitssubjecttoRegulation2015/760onEuropean Long-Term Investment Funds (ELTIFs) as amended by Regulation 2023/606 – CSSF) *AIF investor = well-informed investors or any investor meeting the twocriteria:(a)qualifyingasa‘well-informedinvestor’;(b)investingat least 100,000 €; and ELTIF retail investor (before ELTIF 2.0) = retail investors with aminimum initial investment of 10,000 €. Democratization of private markets: When alternative funds open up to retail investors