Agefi Luxembourg - septembre 2026

Septembre 2026 31 AGEFI Luxembourg Fonds &Marchés F undmanagerswith exposure to data centre assets face a quiet but consequential shift: from 2027, a standardisedEU rating label – as proposedby draft regulation Ares(2026)3247482 –willmake sustai­ nability performance across the sector publicly comparable for the first time. For portfolios that are built before this anchor is introdu­ ced, the questionwill no longer be whether such labels are useful, but rather howcurrent holdingswill score once it applies, what that means for valuation andhow to adapt investment strategies in order to position ahead of a forced retrofit. Data centres are the physical backbone of the digital economy – and, like most industrial infrastructure, theirenergyfootprintisrisingwithdemand.Accord­ ing to the DirectorateGeneral for Energy of the Eu­ ropean Commission, by 2030, the sector alone is projected to account for 3.21%of EU electricity con­ sumption, up 28% from 2018. Whether one inter­ prets the consumption intensity or the growth trajectory as a case for or against the asset class is be­ side the point; what matters for capital allocation is that data centre sustainability now has a regulatory anchor to bemeasured against. Regulatory Framework Understanding the architecture behind theEU’smostrecentmoveisaprerequisite for credible fund design – not optional preparation. Three interlocking pillars will anchor the assessmentofthisassetclassinthefuture: 1. The Energy Efficiency Directive (EU) 2023/1791 , which requires all data centre owners and operators with an IT power demand exceeding 500 kW to report an­ nuallyonKPIs to theEuropeandatabase, first due in 2024; 2. Delegated Regulation (EU) 2024/1364 , inforcesinceJune2024,operationalisesex­ isting requirements via requiring data centres to report predefined raw data. The EU databasethenreferstothisrawdatainordertocalcu­ late anddisclose the four indicators Power Usage Ef­ fectiveness(PUE),WaterUsageEffectiveness(WUE), aswellasanEnergyReuseFactor(ERF)andaRenew­ able Energy Factor (REF); and 3. The draft regulation for an EU rating scheme (Ares(2026)3247482) ,publishedonMarch26 th 2026,is expected to be adopted later this year and shall act as convertingdataintoapubliclabelthatisfirstbeingis­ sued by 15 August 2027 and annually thereafter — combiningPUE,WUE,REFandanadditionalfourth indicator,CoolingDegreeDays(CDD),aswellasvol­ untary features as follows: Together, these three layerswill evolve froma report­ ing obligation to a sustainability comparabilitystan­ dard – a standard that is precisely what has been missing so far. FromPatchwork toAnchor ManagersrunningSFDRdisclosingfundswithdig­ italinfrastructureexposureareawareofthegap: EUlevel guidance on sustainability indi­ cators for data centres has been scarce. The result was a patchwork of proxy frameworks – theEUCode of Conduct, the Climate Neutral Data Centre Pact (CNDCP) or even national building standards. While each is useful for as­ sessingdata centreassetson their own, none has emerged as comparable across the market. However, from 2027, the EU label is to evolve into the primary, public reference point. The questionforassetmanagementistherefore rather how to integrate it and not whether to. Efficiency inContext:Where dowe stand? Size and locationboth shapewhere anasset is likely to land on the rating scale; disentangling the two is essential before drawing conclusions about a port­ folio holding. With regard to Power Usage Effectiveness, results fromUptime Institute’s Global Data Center Survey 2025 compared todisclosure on2025’s effi­ ciencymetrics bymajor hyperscalers show the following gap: This gap reflects not only scaledriven de­ sign advantages at capacityintensive facil­ ities, but also vintage effects: as Uptime Institute’s research shows, larger facilities tend tobenewer builds that disproportion­ ately benefit fromleadingedge, efficiency­ optimized designs. Inaddition,locationaddsasecond,indepen­ dent layer that is relevant for assessing data centre investments: national regulation and climateconditionsshiftthebaselineregardlessofsize. Since July 2026, Germany’s “Energieeffizienzgesetz” (EnEfG)of2023mandatesamaximumPUEof1.2for new builds (Bequivalent under the EU rating pro­ posal); the Netherlands have already restricted new capacity aroundAmsterdam based on grid conges­ tionandspatialplanninglimitations;andtheNordics benefitfromfreecoolingandrenewableenergyavail­ ability,positioningnewbuilds“naturally”forABrat­ ings in terms of power andwater efficiency. FundDesign Implications With the rating architecture and efficiency drivers in view, the practical question for fund managers shifts from understanding the label to acting on it. Inpractice, thismeans deriving investment strategy design implications from the rating regime ahead of 2027; such as: Universedefinition : targetAB ratedassets, or pur­ suetransitionstrategiesforCEratedassetswithcred­ ible capital expenditure (CapEx) pathways; Riskscreening :excludeGratedassetsandscrutinize data centres in the EF range without upgrade path­ ways ahead of the introduction of minimumperfor­ mance standards at EU level ; and Enhancerenewableprocurement :thedraftscheme tightens guarantees of origin (GO) accounting to re­ quire time and locationmatching – a compliance challenge for owners andoperators, but also adiffer­ entiationopportunity for investment strategies. Conclusion Thewayof going forwardseems clear:Digital infras­ tructure across Europe shall become more environ­ mentally friendly. In that regard, the EU label is not merely acting as a compliance exercise – it is rather to influence asset allocation in terms of eligibility, valua­ tionandfinancing.Fundmanagerswhointegratethe proposed anchor into asset selection criteria, engage­ mentordisclosureearlywillbebetterpositionedthan those whomust later react. In the end, it is structural demand, clear regulatory direction and firstmover opportunities that are precisely the foundation on which institutionalgrade sustainable infrastructure fundsmay be built upon. Fenja OLKPUDER, Head of ESG Advisory & Tax Services Philipp ENDRES, Senior Specialist ESG Advisory Hauck & Aufhäuser Fund Services S.A. R3 – Rated, Ranked and Regulated: How Infrastructure Funds will become affected by the EU’s Push for Data Centre Sustainability 2025 ȱ Data ȱ Power ȱ (PUE) ȱ EU ȱ Rating Ȭ Equivalent ȱ Global ȱ Average ȱ 1.54 ȱ E ȱ Hyperscalers ȱ (Google, ȱ Amazon ȱ Web ȱ Services ȱ (AWS), ȱ Microsoft) ȱ 1.09 Ȭ 1.17 ȱ A Ȭ B ȱ $ ื % ื & ื ) ื *! $ ื % ื & ื ) ื *! 7\SH RI GDWD FHQWUH ;;;;;;;;;; 'DWD FHQWUH ;<= 2SHUDWRU ;<= 6L]H FDWHJRU\ ;;;;;; /RFDWLRQ ;; <<<<<< 5HSRUWLQJ SHULRG ;;;; (QWU\ LQWR RSHUDWLRQ ;;;; 'DWD FHQWUH VXVWDLQDELOLW\ LQGLFDWRUV 5HQHZDEOH (QHUJ\ 5() 3RZHU 38( :DWHU :8( :8( ;;; 38( ;;; &'' ;;; 2QVLWH5(6 ; 5(633$ ; 5(6*2 ; 121 5(6 ; 9ROXQWDU\ VXVWDLQDELOLW\ IHDWXUHV )XQFWLRQV WR WKH JULG ; QR ³:DVWH KHDW UHXVH³ UHDG\ \HV QR Exemplary label for data centres based on Annex II of draft regulation Ares(2026)3247482, ©Hauck&Aufhäuser Fund Services Group A new international challenger to the world’s leading fundlawfirms F oundedby twoManaging Partners with senior track records at Goodwin Procter, Allen&Overy andBaker& McKenzie, the firmis built to compete headonwith theworld’s leading interna­ tional lawfirms—combining partnerled international expertise, speed and responsi­ veness, a true fixedfeemodel, and secure, bestinclass legaltechnology andAI. Leroy & Goldbach, a Luxembourg law firm dedi­ cated to Investment Funds &Asset Management, has launched in Luxembourg with a proposition built entirely around what fund clients actually need: bestinclass legal advice fromsenior partners on every file, deliveredwith speed and responsive­ ness, commercial and shaped around the client’s business, and available across time zones on the client’s hours. Since launching at the start of the year, the firmhas scaled at pace, serving an international client base drawn from across Europe, the US, the DACH re­ gion, theUK, LATAM,Asia and theMiddleEast on crossborderfundstructuring,transactionsandreg­ ulatorymandates. Founders with toptier pedigree ManagingPartnerVirginieLeroy istriplequalified in Luxembourg, England &Wales and France. She was previously a Partner in the Investment Funds Practice at Goodwin Procter, where she also led the Real Estate team, and earlier in her career practised atArendt&Medernach.Sheleadsthefirm’sUSDesk andFrenchDesk,drawingondeepexperienceinUS and French crossborder transactions and an unri­ valledunderstandingofwhatUSandFrenchspeak­ ingfundmanagersneedfromLuxembourgcounsel. ManagingPartnerLissieGoldbach isdualqualified in Luxembourg and in Germany ( Rechtsanwältin ). She previously practised atAllen&Overy, Baker & McKenzie and Pinsent Masons, and is coauthor of the leading KAGB commentary onGerman invest­ ment law. She heads the firm’sDACHRegion (Ger­ many,AustriaandSwitzerland)DeskanditsPrivate Wealth&FamilyOffices Practice. The founding partners are supported by a growing teamof experienced senior lawyers across thefirm’s practicesandinternationaldesks—andbyAIagents that take on the routine, administrative and classic juniorlevelwork behind everymandate. Adifferentmodel for toptier counsel Partnerledinternationalexpertise— seniorpart­ nerswith track records at theworld’s leading inter­ national firms, on every file — toptier advice, without the layers. Speed and responsiveness — working at the client’space, on the client’shours, across timezones. True fixed fees — scoped and priced up front, breaking with the traditional lawfirm habit of the openended estimate. Fixed pricing is, above all, a genuinealignmentofinterestswiththeclient—real skin in the game. Workflow Agent Systems — Specialised work­ flow agents, powered by Harvey — the legal AI platformusedby theworld’s leading lawfirms, di­ rected and validated by senior lawyers on every mandate. The grind is automated— the judgment isn’t. Secure by design: EUAIAct, GDPR and pro­ fessional secrecy. The firm advises across the full fund lifecycle — from the structuring, launch, distribution and op­ eration of regulated and unregulated Luxem­ bourg fund vehicles, securitisation platforms, coinvestment structures and club deals across all major asset classes, through to every transaction and matter arising within a fund structure over its life: corporate/M&A and capital markets, banking and finance, tax structuring, regulatory and compliance, private wealth, and fund litiga­ tion and disputes. It also acts LPside for interna­ tional investors on legal due diligence, subscription terms, investor protections and side letters. Fixed fee quotes go out within 24 hours no matter the complexity. “We built Leroy & Goldbach to compete at the top of the international fundlaw market, not to sit on its margins. The market is more than large enough — it is underserved in the way that matters most: senior attention on every file, at the client’s pace, with in­ tegrity and a true fixedfee pricing model. With that last point, we want to be part of the Luxembourg fund ecosystem — aligning our approach with that of all the other service providers involved in fund setups, who have applied a fixedfee model as standard for years.” — Virginie Leroy, Managing Partner “Clients want partners who have operated at the high­ est level internationally, who shape the advice around their business, and who are transparent by naming a fixed price from the very start. We combine that senior expertise with bestinclass legal technology and AI to work faster and more consistently than any junior team ever could — so our partners spend their time where it counts: on the structuring questions that ac­ tually determine the outcome for the client. Naturally, these time and work savings also give us the ability to offer our legal services at more competitive prices than traditional law firms — without any compromise on quality.” —Lissie Goldbach, Managing Partner The Founding Partners’ Track Record and Recognition The firm launches on the strength of its founding partners’ combined 30+ years of toptier interna­ tional experience. Across their careers, the two ManagingPartners have created100+ funds, struc­ tured 70+ coinvestments, and advised 95+ fund managers and 35+ family offices across more than 35 countries. The Managing Partners’ work is already recog­ nised by the leading legal directories: Leaders League (“HighlyRecommended”, Fund Structur­ ing &Private Equity, Luxembourg—2025; “Rec­ ommended”,WealthManagement, Luxembourg & France), The Legal 500 (“Highly Recom­ mended”, Fund Structuring, Luxembourg — 2024) and IFLR1000 (“Highly Regarded”, Invest­ ment Funds, Luxembourg— 2024 & 2025). Leroy &Goldbach launches in Luxembourg