Agefi Luxembourg - septembre 2026

Septembre 2026 33 AGEFI Luxembourg Fonds &Marchés S emiliquid alternative in­ vestment funds combine in­ vestments in illiquid assets with investor liquidity. Tomanage liquidity tensions, redemptions may be restricted once they exceed a certain level. Restrictions may take the formof redemption caps or redemption gates. Acap applies automaticallywhen a pre­ set threshold is exceeded. If the cap is hard, it cannot be switched off by the manager. If it is soft, it can be switched off when there is sufficient liquidity, allowing the manager to satisfy redemption requests above the set level. Gates, by contrast, can be switched on by the manager once a relevant preset threshold is exceeded, thereby limiting the volume of redemptions. The key difference between a gate and a hard cap is that a gate involves discretion, whereas a cap applies systematically. The difference between a gate and a soft cap is that a gate can be switched on to restrict redemptions, whereas a soft cap can be switched off to allow redemptions. All three tools pursue to avoid fire sales of assets to meet accumulated redemption requests. Fire sales are usually not made on the best economic terms and may cause a drop in net asset value (NAV) borne solely by remaining investors, while leavers are redeemed at a higher NAVdetermined before the fire sale. Following AIFMD II openended funds managed by EU­ authorized private fund managers must hardwire at least two predeter­ mined liquidity management tools (LMTs) in their constitutional docu­ ments, and gates are on that menu. A key aspect of a qualifying LMT is that it must be suitable and available for possible use in the best interests of investors. As a hard cap applies automatically, it does not satisfy the principle of possi­ ble use, and automatic application rules out an assessment of whether its effects are in the best interests of investors.As such, it should not qualify as an LMT under AIFMD II. A soft cap is much closer to a gate but does not require a decision to activate; rather, it requires a decision to deacti­ vate the cap, thereby allowing redemp­ tions beyond the relevant threshold. Hardwiring a gate and redemption cap in parallel and setting themat the same threshold risks undermining the gate’s effectiveness and, with it, its availabil­ ity as a tool to act in the best interests of investors. However, if the gate is set at a reasonable level (e.g., 5%) and below a soft or hard redemption cap (e.g., 10%), this ensures that the gate remains effective within the band­ width between the two. The distinction between a gate, a hard cap and a soft cap also carries opera­ tional consequences. Gates require for example activation and deactivation procedures. Preset limitations gener­ ally do not trigger these requirements, since they are not exercised as man­ agerial powers. When launching openended struc­ tures, careful consideration must be given to the designation of redemption restrictions, their economic character­ ization and whether they can be used in parallel. Frank van KUIJK, Marc MEYERS, Christophe BOYER, Benjamin HITZGES Sebastiaan HOOGHIEMSTRA, Loyens & Loeff Luxembourg Redemption Gates or Redemption Caps: Why the Difference Matters ©magnific By Didier BOROWSKI, Head of Macro Policy Research, Amundi Investment Institute S ix weeks after Chancellor Friedrich Merzʹs coalition sealed a package of 34 structural reforms, investors are starting to ask whether Germany is finally shedding the stagnation of the past decade. A new report from the Amundi Investment Insti­ tute argues the answer is cau­ tiously encouraging, though improvement in 20272028 is likely to be gradual. A €500 billion bet, paired with reform On 2 July, the CDU/CSUSPD coalition agreed on measures spanning taxation, pensions, the labour market, red tape, housing, energy and technology. This is ʺthe most ambitious plan since Schröderʹs Agenda 2010,ʺ the 2003 overhaul that reshaped Germanyʹs labour market. What sets this attempt apart is timing: the reforms arrive alongside an exceptional fiscal push, a €500 billion infrastructure and climate transition pro­ gramme spread over twelve years, plus defence spending above 1%of GDPnow exempt from the debt brake. Structural reformand fiscal stim­ ulus are moving together rather than in sequence, addressing a structural problem: labour shortages, administrative sluggish­ ness, thin productive investment, high ener­ gy costs and a fading exportled model. Why the nearterm payoff will be modest Amundi expects the growth impact to stay limited through 2027. Supplyside reforms typically follow a ʺJshapedʺ path: businesses, households and public administrations need time to adjust before gains show up, and parlia­ ment still has to pass the measures. Agenda 2010 followed the same pattern: its effects only became visible from 2006 onwards, three years after it was introduced. Confidence as the wildcard Where we see room for a positive surprise is sen­ timent. Even before implementation, the announcement itself could lift confidence and investment plans, and Ifo survey data already point that way, with expectations and business­ climate readings recovering since 2024. This con­ fidence channel could add around 0.2 percentage points toGermanGDPby 2027, on top of a rough­ ly 0.5 point boost some German think tanks attribute to the extra borrowing headroom. Certain sectors should feel it sooner than the broader economy: defense, infrastructure, energy, housing, electrical equipment, semiconductors, batteries and publicinvestmentlinked services as most likely to see faster order books, margins or valuations. Four channels, one test: execution The report traces four channels throughwhich the reforms are meant to work. Labour supply, via pension changes and efforts to ease shortages in an ageingworkforce. Productivity, through lighter regulation and faster project approvals. Public investment, where the real test is whether the money reaches projects rather than stalling in red tape. And sectoral competitiveness, as Berlin tries to support energyintensive and technologydriv­ en industries facing competition from China. Execution will matter as much as the announce­ ment itself. If bottlenecks genuinely ease and cap­ ital shifts toward more productive sectors through the early 2030s, some economists cited in the report see German trend growth nearly doubling, from around 0.4% to 0.7% a year — modest in absolute terms, but ameaningful break from recent stagnation. Part of a wider European push Germanyʹs push Is part of a broader European reform effort. TheDraghi andLetta reportshave evolved into con­ crete legislative steps in the first half of 2026: a 28th legal regime for companies, the Savings and Investments Union package, securitisation reform, and an Industrial Accelerator Act, alongside the ʺOne Europe, One Marketʺ initiative and its 2027­ 28deadlines for capital, energy anddigitalmarkets. European sovereignty is becoming ʺa capital expen­ diture programme, not just a political slogan.ʺ The investor takeaway For investors, the reportʹs message is direct: defense contractors, grid operators, energy stor­ age providers, criticalmaterials processors and consolidators of fragmented industrial supply chains stand to benefit from a multiyear wave of subsidised, procurementbacked investment. Yet, there is no economic miracle on the horizon and 2027 growth gains will likely be modest. But for an economy that still holds a strong industrial base and considerable technological capacity, a credible recovery — with the state acting as investor once again — now looks more plausible than it did a fewmonths ago. Germany's reform gamble: can Berlin finally break its growth ceiling? ParNellyDAVIES, FundManager, LFDE S i la Bourse constitue un levier es­ sentiel de financement et de croissance pour les entreprises européennes, lemarché des introduc­ tions enbourse (IPO) a connu ces der­ nières années une contraction historique particulièrementmar­ quée pour les petites etmoyennes entreprises. Or un changement de dynamique semble se profi­ ler favorisé par des évolutions réglementaires européennes et le support des investisseurs. Aujourdʹhui le nombre dʹIPOde small et mid caps en Europe est environ deux fois infé­ rieur à celui observé avant la crise financière de 20082009. En parallèle, le financement privé a capté une part plus importante des entreprises en phase de croissance. Cette raréfaction des nouvelles cotations a pro­ gressivement réduit lʹunivers dʹinvestissement coté et contribué à la décote observée sur de nom­ breuses petites et moyennes valeurs. Or une cote dynamique est vitale : elle favorise le renouvelle­ ment du marché, améliore sa visibilité auprès des investisseurs et permet dʹaccompagner les futurs leaders européens dès les premières phases de leur développement. Sans ce renouvellement, lesmarchés ris­ quent de perdre leur capacité à financer lʹinnovation et la croissance. Changement de dynamique Investisseurs en entreprises depuis 35 ans, nous observons actuelle­ ment un changement de dynamique qui pourrait marquer un tournant pour les petites et moyennes capitali­ sations européennes. Les initiatives européennes issues du règle­ ment européen Listing Act [1] , dont les dernières évolutions sont entrées en application en juin der­ nier, constituent, selon nous, une avancée impor­ tante pour relancer lʹattractivité des marchés financiers. En simplifiant les procédures de cotation, en allé­ geant la charge administrative et en facilitant la transition des marchés de croissance vers les mar­ chés réglementés, ces mesures contribuent à ren­ dre la cotation à nouveau attractive pour les petites et moyennes entreprises. Ces évolutions, qui pourraient générer près de 100 millions dʹeuros dʹéconomies annuelles pour les entreprises cotées par la seule simplification des exigences réglementaires [2] , sont particulièrement importantes dans le contexte actuel : la souverai­ neté économique européenne passe par notre capacité à financer nos entreprises de croissance, quʹil sʹagisse de technologies, dʹindustrie, de cyber­ sécurité, de santé ou de transition énergétique. Ce sont précisément les petites et moyennes entre­ prises qui constituent le principal vivier dʹinno­ vation et les futurs champions européens. Pour les investisseurs, il sʹagit également dʹun enjeu majeur. Historiquement, les périodes de réouverture du marché primaire ont souvent coïncidé avec un regain dʹintérêt pour les petites valeurs. Après plusieurs années de désaffection, les small et mid caps européennes affichent encore des niveaux de valorisation historiquement attractifs par rapport aux grandes capitalisations, lʹécart de valorisation étant à son plus bas niveau depuis 20 ans [3] , alors même que leurs perspectives béné­ ficiaires sont portées par des thèmes structurels puissants. Au cœur des grandes thématiques de croissance liées à la réindustrialisation, à la transition énergé­ tique, à la défense ou à la souveraineté technolo­ gique, le segment des small et mid caps soutient lʹéconomie réelle et représente un formidable vivier pour la gestion de conviction. Si la gestion active offre aux entreprises un accès durable aux financements, elle permet aux inves­ tisseurs de prendre part à la création de valeur sur le long terme. Le retour dʹunmarché primaire plus dynamique aurait un double effet vertueux : il per­ mettrait aux entreprises de financer leur crois­ sance tout en attirant de nouveau lʹattention des investisseurs vers une classe dʹactifs souvent négli­ gée ces dernières années. Nous en sommes convaincus, investir dans les petites et moyennes entreprises européennes contribue à la dynamique économique euro­ péenne en construisant un écosystème industriel robuste, capable de faire émerger les champions européens de demain. [1] Publié au Journal officiel de lʹUnion européenne en novembre 2024 et finalisé en juin 2026, le Listing Act vise à assurer aux entreprises européennes,notammentlessmalletmdicaps,lʹaccèsauxfinancements en particulier via les marchés boursiers. [2] Commission Européenne, 2024 [3] MSCI 2025, écart entre lʹindice MSCI Europe SMID Cap et le MSCI Europe Large Cap Le retour des IPO : vers un nouvel élan pour les small et mid caps européennes ?