The investment firm on 15 June announced that former KPMG managing partner Georges Bock had joined its general partnership. It also recruited an investment analyst and appointed a new advisory board member.

But the CSSF two days later said that “this entity has neither been registered or authorised as alternative investment fund manager within the meaning of the Law of 12 July 2013 on alternative investment fund managers, as amended, nor been authorised as management company subject to Chapters 15 or 16 of the Law of 17 December 2010 relating to undertakings for collective investment in or from Luxembourg, as amended.”

“We take this warning very seriously and have contacted the CSSF to assure them that we will provide them with all the information necessary to resolve the situation,” co-founders Laurent Hengesch and Alain Wildanger said.

“In order to be as transparent as possible, we have contacted our network to inform them of the warning. We will keep both the CSSF and our partners informed of all developments,” they told Paperjam.

The warning is not related to their new investment fund project Ilavska Vuillermoz PE Fintech, they said.

The company has investments in ten start-ups and companies, including N26, Investify and Element. On Thursday, it announced a new investment in fintech Finleap, in a €22m fundraising round led by SBI, a major venture capitalist in Japan.

The investment firm is the sole shareholder of five limited partnerships.

This story was first published on Paperjam. It has been translated and edited for Delano.