
PRIVATE EQUITY INSIGHT/OUT #36
This issue features a cover story with Nicolas Milerioux, Head of Venture Capital, who shares how Encevo built its Corporate Venture Capital activity and leverages

This issue features a cover story with Nicolas Milerioux, Head of Venture Capital, who shares how Encevo built its Corporate Venture Capital activity and leverages

We are delighted to release the Structuring & Market Trends Paper developed by our Private Funds Committee under the leadership of its co-chairs Jérôme Mullmaier, Maria Rodriguez, and Adrian Aldinger.
This publication goes beyond technical analysis; it tells the story of why Luxembourg remains the jurisdiction of choice for private markets. In an industry built on confidence, flexibility, and innovation, Luxembourg consistently delivers on all three.

Retail interest in alternative investments is rising, yet adoption of semi-liquid products remains slower than expected. In this analysis, Norman Finster (EY Luxembourg) explores the main barriers—from low financial literacy and opaque product structures to distribution hurdles and brand dominance—and outlines what asset managers must do to effectively reach retail investors as ELTIF 2.0 and new technologies reshape the landscape.

We are pleased to share our latest publication “Private Debt: Valuations White Paper”, a collaboration between the LPEA Valuations cluster and the Luxembourg Valuation Professionals Association (the LVPA).

Discover how ELTIF 2.0 is transforming access to private markets, enabling retail participation, and reshaping Europe’s alternative investment landscape.

Tokenisation is transforming global finance today. This article explains why blockchain-based financial infrastructure is already here—and why Luxembourg must act now to stay ahead.

A call to refocus on essential, stable, long-term infrastructure assets. Explore why returning to the foundations of infrastructure investing matters today.

CLO equity sits at the intersection of debt and equity, offering investors diversification, front-ended cash flows, and potentially attractive risk-adjusted returns. Discover how active management, structural advantages, and strategic refinancing make CLO equity a compelling opportunity in today’s private credit landscape.

LPEA is pleased to share an educational initiative by Solenne Niedercorn-Desouches, founder of Finscale, podcaster, and independent board member.
Her FinTech Masterclass offers a clear and concise one-hour overview of today’s key FinTech dynamics — from business models and regulatory frameworks to identifying red and green flags before any partnership or investment.

Slower exits, tighter liquidity and changing geopolitics have made investors reassess how and where they operate in recent years. This has led to very strong growth for the secondary market for private assets. Against this backdrop, Luxembourg is emerging as a strategically important market for GPs.
The European AIF market is one of the fastest growing in the financial sector. For this reason, your AKD counsels keep up to date with developments in this dynamic industry. To help financial market participants to stay on top of current trends in the AIF space, the AKD Quarterly Update provides information on selected Luxembourg and Dutch legal, tax and regulatory matters within the AIF industry.

The Luxembourg Private Equity & Venture Capital Association (LPEA), together with Silicon Luxembourg and with the support of Luxinnovation, are proud to present the 2025 edition of the Luxembourg Venture Capital Guide.

The Luxembourg Private Equity & Venture Capital Association (LPEA) welcomes Sonja Becker as its new Head of Business Development. With extensive experience in business development at Hauck Aufhäuser Lampe and Zortify, Sonja will strengthen member engagement, sponsorship relations, and club initiatives such as the Private Equity for Women group.

This October issue features a cover story with Hind El Gaidi, Head of Luxembourg at ICG and new President of LPEA, sharing her vision for

The Luxembourg Private Equity & Venture Capital Association (LPEA) welcomes Sonja Becker as its new Head of Business Development. With extensive experience in business development at Hauck Aufhäuser Lampe and Zortify, Sonja will strengthen member engagement, sponsorship relations, and club initiatives such as the Private Equity for Women group.

The Luxembourg Private Equity & Venture Capital Association (LPEA) welcomes Sonja Becker as its new Head of Business Development. With extensive experience in business development at Hauck Aufhäuser Lampe and Zortify, Sonja will strengthen member engagement, sponsorship relations, and club initiatives such as the Private Equity for Women group.

Europe’s defence sector is undergoing a transformation, driven by rising geopolitical tensions and major EU initiatives. Luxembourg, with its fund structuring expertise and agile regulation, is positioning itself as a hub for private capital. From the European Defence Fund to NATO’s Innovation Fund, investors are finding new opportunities in dual-use and defence technologies—making defence a key pillar of Europe’s future industrial strategy.

This article explores how Artificial Intelligence (AI) can support operational excellence in ESG integration across private markets. It examines the role of AI in fund-level reporting, portfolio company management, and responsible digital transformation, highlighting how PE and VC firms can leverage AI to align sustainability goals with value creation.

Legacy replication models are slowing down private markets firms. In this article, Ian MacWilliams (SEI Luxembourg) explains why replication is costly, how it impacts investor reporting and competitiveness, and how firms can transition to a low-replication model that scales.
The European AIF market is one of the fastest growing in the financial sector. To help, the AKD Quarterly Update provides information on selected Luxembourg and Dutch legal, tax and regulatory matters within the AIF industry. Read more.

France has introduced tougher penalties for companies failing to declare or update their beneficial owners (BEs). Since June 15, 2025, failure to comply can lead to automatic deregistration from the Companies’ Register, fines, and even criminal liability for management. Businesses operating in France should ensure timely reporting and updates to avoid severe sanctions.

Alternative asset managers in Europe are facing growing operational demands driven by regulatory frameworks like AIFMD, SFDR, and AMLD. Learn how AIFMs and outsourcing partners are reshaping operational models through digitization and regulatory expertise.

With its robust regulatory framework and global distribution reach, Luxembourg remains a leading hub for cross-border fundraising. Monica Ramos da Fonseca explores the evolving landscape, the role of ManCos, retail access, and the growing importance of tech-enabled fund distribution.

Discover how PEPP 2.0 reforms could open new doors for alternative investment funds (AIFs) and fund managers across Europe. Explore regulatory barriers, fee structures, and strategic opportunities.