Private market funds

‘Local market seen as too humble’

Deloitte’s Laura Delpey speaks at the Association of the Luxembourg Fund Industry’s upcoming private assets conference. Photo: Deloitte Luxembourg

Deloitte’s Laura Delpey speaks at the Association of the Luxembourg Fund Industry’s upcoming private assets conference. Photo: Deloitte Luxembourg

The Association of the Luxembourg Fund Industry holds its Private Assets Conference 22-23 November 2022.

In advance of the event, Delano spoke with Laura Delpey, audit and assurance partner at Deloitte in Luxembourg. She moderates the “New to Luxembourg: recent additions to the AM space” panel, Wednesday 23 November at 10am.

Aaron Grunwald: What do you want the audience to get most from the “New to Luxembourg: recent additions to the AM space” session?

Laura Delpey: Luxembourg is known as a domicile of choice among European AM players, but what are the international perspectives and expectations? How to position the regulatory framework, investors’ appetite and market practices in comparison to the rest of the world? This session will be a great opportunity to sharpen our lens.

From your point of view, how could Luxembourg be more attractive to private market fund firms?

Luxembourg has demonstrated over the years that it can be a precursor to adapt to market needs: the Reserved Alternative Investment Fund (Raif) regime and the special limited partnership (SCSp) are good examples, but the local market might be perceived as too humble in its positioning as a centre of excellence for private market fund management.

Luxembourg is well equipped to guide newcomers into the pan-European landscape in an innovative way through technology and sustainable solutions. I believe it is our collective responsibility to flip the coin to demonstrate our expertise in private market funds, stemming from the past decade of AIFMD regulation and our agility for the future--albeit investor demands, new and changing regulation or during periods of economic downturn.

Do you expect to see a large number of private market fund firms to set up operations in Luxembourg in the coming year?

Definitely, yes. Despite turbulent times, it is important that the private market fund industry continues to offer broader investment strategies to investors--and this is visible in the new fund launches that we currently observe. With the revision of the Eltif regulation, the expectation is that the revised regulation will result in “the right fit” to deliver new products to the retail investor base while providing access to alternative asset classes. I am excited to see how this will shape more sustainable long-term development of the European market as a whole.

Aside from your own talk at the Alfi event, which session are you most looking forward to hearing, and why?

The agenda for the two days and the panellists are so distinguished, that it is really hard to answer the question. The full two-day programme is not to be missed! On my priority list, though, are the sessions covering the changing regulatory landscape--and specifically regarding sustainability as it fits my personal appetite and role within Deloitte Luxembourg, where I accompany asset managers on their journey to adapt their fund products to comprise sustainable goals and objectives through their investment strategies.

Laura Delpey is on Linkedin