Publications
LPEA Annual Report 2025
The LPEA published its Annual Report 2024 at the Annual General Meeting (AGM) held on June 11th 2025.
17/06/2026
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Skip to content The LPEA published its Annual Report 2024 at the Annual General Meeting (AGM) held on June 11th 2025.
Semi liquid funds are typically evergreen or open-ended alternative funds offering periodic redemption windows, subject to gates and notice periods, while investing predominantly in illiquid private market assets.
Continuation funds have moved from niche structuring tools to mainstream instruments within private markets. What began as opportunistic solutions during periods of exit market dislocation has evolved into a structural component of the liquidity toolkit available to general partners.
he law of 18 May 2026 amending the law of 10 August 1915 on commercial companies, effective on 2 June 2026, has introduced for SARLs the possibility of a deferred payment of the statutory minimum share capital, less than six months after the introduction of the related bill (No. 8669).
Compliance burden: a term widely used since 2018 and still a relevant problem that remains unaddressed
Luxembourg’s financial institutions are navigating one of the most complex regulatory cycles in recent history. DORA, AMLA, CRD VI, MiCA, the EU AI Act and a stream of new CSSF circulars are arriving simultaneously, each with its own implementation timeline and governance obligations.
This project aims to strengthen and formalise the AIFM’s valuation framework by introducing a coherent and structured set of tools covering both governance and execution.
The LPEA proudly celebrates the winners of the inaugural LPEA PE Tech Awards sponsored by Alter Domus, held during PE Tech Day 2026 at KPMG Luxembourg.
Created to recognise the companies and solutions driving digital transformation across the Private Equity and Venture Capital industry, the awards highlighted the innovation, expertise, and technological excellence shaping the future of private markets in Luxembourg and beyond
In the Alternative closed-ended Funds space, Investor LPs seek clear and distinct communication from their GPs, in terms of their commitments during the life of the funds, that helps drive in turn their liquidity positions.
Cash Distributions, whether classified as income or return of capital, back to the LPs are a key source of LP liquidity as a return on their investments.
However, GPs may reserve the right to recall such distributions, as typically outlined in the PPM or LPA. To that end LPs would be advised of those as Recallable Distributions.
An overview of how Luxembourg is pioneering in fund tokenization for alternative investment funds, supporting broaden access in private markets.
The Luxembourg Private Equity & Venture Capital Association (LPEA) signed last week the Diversity Charter promoted by IMS Luxembourg. This signature represents a natural step in LPEA’s broader ESG commitment and reflects the association’s continued engagement in promoting sustainable and responsible practices across the private equity and venture capital industry.
The LPEA AI Lab: Training Path 2026 for PE/VC professionals is a focused educational program designed to move industry players from talking about AI to actually using it.
This program consists of two modules combining theory, use cases, and hands-on applications tailored specifically for PE/VC professionals.
On 08 May 2026, the LPEA submitted its response to the AMLA Public Consultation on the Draft Regulatory Technical Standards under Article 28(1) of Regulation (EU) 2024/1624 on Customer Due Diligence.
Luxembourg has adopted a modernised, two-track carried interest tax regime effective 1 January 2026, offering competitive and clear tax treatment for performance-related compensation applicable to a broader set of beneficiaries, reinforcing Luxembourg’s appeal for private equity and alternative fund professionals.
Luxembourg has firmly established itself as a leading hub for alternative investments, private equity, and venture capital, attracting top-tier professionals from across Europe and beyond. Its political and regulatory stability, combined with a diverse financial ecosystem, creates a strong foundation for career development and operational growth. Additionally, initiatives that support relocation, family integration, and competitive incentives make Luxembourg an increasingly attractive destination for skilled international talent. In this interview, we explore the factors that drive Luxembourg’s appeal for professionals and investors, and how the ecosystem supports long-term career growth.
On 27 April 2026, ALFI, LPEA and LuxCMA submitted their response to the European Commission consultation on Private Equity exits, highlighting opportunities to enhance the efficiency and liquidity of private markets in Europe.
The Associations emphasised the intrinsic features of private markets. They highlighted that strengthening exit environments should be built on measures that complement private market dynamics, support smoother exits and capital formation, and preserve the governance frameworks, long-term orientation that underpin private markets’ contribution to European growth.
Click on the following link to read the response to the consultation.
“Private Equity ELTIFs: Why Luxembourg?” is a joint publication by the Luxembourg Private Equity & Venture Capital Association (LPEA) and the Association of the Luxembourg Fund Industry (ALFI).
Developed through a dedicated joint working group, this brochure provides a comprehensive overview of Private Equity ELTIFs and explores why Luxembourg continues to position itself as a leading domicile in this fast-evolving segment.
Catalpa Ventures is the first Luxembourg‑based Venture Capital firm dedicated to investing in early‑stage HealthTech startups in Europe. Founded by a team of professionals with backgrounds in medicine, venture capital, and entrepreneurship, the firm recently celebrated its first closing with over €10 million and is on track to reach its total fund target of €30 million by 2027. Catalpa is driven by a mission to improve the health of 100 million people by addressing key challenges facing healthcare systems: an ageing society, a shortage of skilled labor, and rapidly rising costs.
For most of its history, the Private Equity secondary market was viewed as a niche, reactive segment of the broader alternatives ecosystem. It existed primarily to solve problems: distressed sellers, regulatory constraints, or forced portfolio rebalancing. Two decades later, that perception is obsolete. Today, the secondary market for LP interests has become a structural component of private markets, providing liquidity, price discovery, and portfolio management flexibility at scale.
Private credit has become a key asset class in Europe since the Global Financial Crisis, particularly in the upper middle market where large, well-capitalized companies offer stable lending opportunities. As borrowers increasingly shift between syndicated loans and direct lending, investors are best positioned by combining both approaches—capturing the yield premium of direct lending alongside the liquidity and deployment advantages of syndicated markets.
Private markets have become an essential component of the modern global investment landscape, offering investors an opportunity for diversification and attractive returns.
At the same time, the range of strategies within the space has expanded significantly. Investors today can diversify their portfolios across a wide range of asset classes, such as Private Equity, Private Credit, Infrastructure, Commodities, Real Estate and Venture Capital – each of which is further segmented into distinct sub-strategies.
On 16 March 2026, the LPEA submitted its feedback to the European Commission’s Market Integration and Supervision Package. The Association emphasises the importance of a well-functioning EU Single Market that enables efficient cross-border fundraising, regulatory predictability, and flexible capital deployment for PE and VC managers operating across jurisdictions.
On 12 March 2026, ALFI and LPEA submitted their feedback to the European Commission consultations on the EU venture and growth funds reform. With around 700 sub-threshold alternative investment fund managers (AIFMs) and 30 EuVECA funds/17 EuVECA managers, Luxembourg is a popular choice of domicile for small and mid-sized AIFMs in the EU.
Luxembourg’s alternative investment fund (AIF) ecosystem stands as a beacon of innovation, regulatory excellence, and operational sophistication in Europe. At the heart of this success lies a network of associations and institutions working to uphold the Grand Duchy’s reputation as a global hub for private capital. Among these, the Luxembourg Alternative Administrators Association (L3A) and the Luxembourg Private Equity & Venture Capital Association (LPEA) play pivotal roles. Their collaboration is not only timely but essential to ensuring the continued resilience, adaptability, and competitiveness of the Luxembourg AIF landscape.
This document introduces a standardized Due Diligence Questionnaire (“DDQ”) template developed by the LPEA Fund Administration Committee.
The initiative responds to the growing number of DDQ requests received by Fund Administrators and the resulting challenges caused by inconsistent formats, repetitive questions, and requests for excessive information.
The first template focuses specifically on DDQs performed by the Depositary function in relation to the Fund Administration of administered Alternative Investment Funds (AIFs). The proposed approach reflects both operational needs and practical market expectations.