Portraits of some of Luxembourg’s key private equity players. Photos: Guy Wolff

Portraits of some of Luxembourg’s key private equity players. Photos: Guy Wolff

Luxembourg has become a major centre for private equity in Europe thanks to its favourable legal framework, attractive tax environment and political and economic stability. Nearly all the ‘big houses’ have a point of presence in the grand duchy, a market that is expected to continue growing in the years ahead. Here are portrait of some of these passionate investors and entrepreneurs.

Stéphane Pesch

Stephane Pesch, CEO of the Luxembourg Private Equity and Venture Capital Association (LPEA). Photo: Guy Wolff

Stephane Pesch, CEO of the Luxembourg Private Equity and Venture Capital Association (LPEA). Photo: Guy Wolff

At the head of the Luxembourg Private Equity and Venture Capital Association (LPEA) since September 2020, represents the interests of the private equity industry. Day after day, this will facilitate the growth and evolution of the Luxembourg ecosystem with imperatives such as value creation, agility and alignment of interests. The next wave of successes is already on the way, and will please many well-informed investors, he says.


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Thomas Goergen

Thomas Goergen, managing partner of Catalpa Ventures, a venture capital fund focused on healthtech. Photo: Guy Wolff

Thomas Goergen, managing partner of Catalpa Ventures, a venture capital fund focused on healthtech. Photo: Guy Wolff

The creation of Catalpa Ventures, a venture capital fund focused on healthtech, marks a new chapter for Thomas Goergen, who was previously active in the AIFM services market. Catalpa invests in startups tackling the challenges of an ageing population, a shortage of healthcare professionals and rising healthcare costs. The aim is not so lofty given the applications that exist: to improve the health of 100m people.

Marjut Falkstedt

Marjut Falkstedt, CEO of the European Investment Fund (EIF) since 2023. Photo: Guy Wolff

Marjut Falkstedt, CEO of the European Investment Fund (EIF) since 2023. Photo: Guy Wolff

Seven years after holding the position of deputy managing director, from 2007 to 2015, Finland's Marjut Falkstedt has been at the helm of the European Investment Fund since the beginning of 2023. The EIF, which is part of the European Investment Bank, had total commitments in capital, guarantees and microfinance of more than €84bn, with strategic investments aimed at fostering innovation, growth and the development of SMEs.


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John Penning

John Penning has been managing director of Luxempart since 2020. Photo: Guy Wolff

John Penning has been managing director of Luxempart since 2020. Photo: Guy Wolff

As managing director since 2020 of Luxempart, which he joined in 2017, is focusing on medium-sized companies with a value of between €100m and €500m, especially in healthcare, education, business services, high-tech industries and software. The focus is on France, Belux, Germany and northern Italy. The aim is to help succession planning and management professionalisation.


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Laurent Hengesch

Laurent Hengesch co-founded Ilavska Vuillermoz Capital. Photo: Guy Wolff

Laurent Hengesch co-founded Ilavska Vuillermoz Capital. Photo: Guy Wolff

Ilavska Vuillermoz Capital, a Luxembourg-based VC firm established five years ago and named after the grandmothers of founders Alain Wildanger and (pictured), has focused on fintech and climatetech. Series B investments for the former and pre-seed to series A for the latter. With N26 and Qonto in its portfolio, Ilavska Vuillermoz Capital intends to play an active role in the companies in which it invests.


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This article was written for Paperjam’s  print edition, published on 19 June. Read the original French language version . Click to subscribe to the magazine.