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As the Chairwoman of the AIF Club, I am excited to welcome you to our community, where we navigate the dynamic landscape of alternative investments together. In recent years our sector has experienced significant transformation, driven by evolving market conditions, technological advancements, and a heightened focus on Environmental, Social, and Governance (ESG) criteria.
In the current economic climate, characterized by declining inflation (but above pre-pandemic levels) and shifting investor priorities, we are witnessing a notable trend: investors in traditional asset classes are increasingly turning to alternative investments in search of higher returns and enhanced portfolio diversification. AIFs have emerged as a vital component of this strategy, offering unique opportunities for growth and resilience.
The AIF Club serves as a unique platform for market participants, fostering dialogue and collaboration among asset managers, investors, and service providers. Our mission is to promote networking, share thought leadership and facilitate knowledge exchange within the alternative investment community.
Our goals are to:
- Provide insights into the latest developments across various alternative sectors, including private equity, real estate, infrastructure, hedge funds, and private debt.
- Offer educational resources and training programs to empower industry practitioners with the knowledge and skills necessary to thrive in this evolving landscape.
- Create opportunities for practitioners to connect, share perspectives, and build valuable relationships.
The AIF Club has been and will continue to be active in helping asset managers, investors, and service providers establish new connections, gain insights into market trends, and stimulate innovative ideas and opportunities.
Join us as we explore the future of alternative investments and work together to shape the industry's trajectory.
Patricia Gudiño Jonas, Chairwoman, AIF Club
Our programme 2026/2027
Our latest thinking
Beyond fund management: New revenue streams for Luxembourg IFMs
AIFMD II and UCITS VI have broadened the strategic positioning of investment fund managers (IFMs). Beyond expanding the list of permissible ancillary services, these frameworks now explicitly allow IFMs to provide services to third parties, creating new avenues for operational scalability and revenue diversification.
Reinventing securitization: how Luxembourg’s draft law could reshape private debt structuring
On 8 June 2026 June, the Chamber of Deputies introduced a draft law (Draft Law No 8761) amending the 2004 Securitization Law, with the objective of enhancing flexibility and aligning Luxembourg’s regime more closely with evolving market practices across jurisdictions.
Private credit’s liquidity reckoning: the real economy’s favorite financier meets market reality
Private credit has become one of Europe’s most important conduits of funding to the real economy, providing companies with loans, structuring bespoke facilities for growth and acquisition, and financing assets that rarely fit a public-market template.
Luxembourg’s fund industry has rarely lacked scale or sophistication. A world of persistent inflation surprises, fragmented liquidity, and geopolitics‑driven price gaps is colliding with supervisory expectations more and more focused on demonstrable risk governance.
ELTIF’s moment: why Europe’s long‑term fund is becoming a strategic must‑have
For most of its first decade, the European Long‑Term Investment Fund (ELTIF) looked like a good idea trapped in a tight suit: a retail‑friendly wrapper for private markets but constrained by rigid portfolio rules and an unhelpful approach to liquidity. That chapter has now definitely closed.
ESMA CSA on compliance and internal audit functions: key takeaways for fund managers
On 11 May 2026, ESMA published its final report on the 2025 Common Supervisory Action (CSA) assessing the effectiveness of compliance and internal audit functions across UCITS management companies and AIFMs.
CSSF 2026: Why operational resilience is the new supervisory standard
The CSSF has set out its supervisory priority agenda for 2026, signalling a year of intensified scrutiny for fund managers operating in Europe’s largest cross‑border fund domicile and pointing to a clear regulatory direction: supervision is moving decisively from policy design to operational reality.
On 4 June 2046, the CSSF published a feedback report setting out its supervisory expectations regarding the valuation of less liquid and illiquid assets by IFMs. The report provides guidance, based on the applicable regulatory framework, on the implementation and maintenance of robust valuation policies, procedures and controls for the AIFs and UCITS managed by IFMs.
How tax incentives are accelerating digital transformation in fund management
How tax incentives are accelerating digital transformation in fund management
On 28 April 2026, the European Parliament’s Committee on Economic and Monetary Affairs (ECON) published a draft report proposing amendments to the European Commission’s SFDR 2.0 proposal.
Luxembourg: the new command center for private equity value creation
For two decades, private equity has expanded with near inevitability, buoyed by cheap capital, rising valuations and an ever-growing universe of managers convinced there was always room for one more fund.
ESMA sets direction for the future of AIFMD II and UCITS VI reporting
On 4 May 2026, ESMA published its Final Report on the integrated collection of funds' data. This report, asked by the Commission under the revised AIFMD and UCITS Directive, sets out how supervisory and statistical reporting for AIFs, UCITS, MMFs and ECB statistics will eventually collapse into one framework.
Beyond market entry: Luxembourg as the growth engine for US investment platforms
For decades, the US and Luxembourg have built one of the strongest partnerships in global asset management. Today, this relationship is more strategic than ever.
Retailization and liquidity pressure: a new chapter for fund managers
As private debt becomes essential to financing Europe’s real economy, retailization is reshaping the fund industry. New hybrid structures are opening private markets to retail investors—blurring old boundaries and raising new challenges in liquidity, governance and investor protection.
Liquidity risk management has long been a core pillar of fund governance in Luxembourg. On 18 March, the CSSF took a further step in strengthening supervisory oversight by introducing a new Liquidity Management Tool (LMT) procedure in eDesk, with immediate and practical implications for UCITS and alternative fund managers.
AML Package and regulatory crossroads: how fund managers should navigate among AMLA, CSSF and AED?
As Europe moves toward its most ambitious overhaul of anti‑money laundering rules (the AML Package), Luxembourg’s fund industry finds itself navigating an increasingly intricate regulatory triangle.
Retail Investment Strategy: Anticipating new requirements and their impact on fund management
The EU’s Retail Investment Strategy marks an important regulatory shift aimed at strengthening investor protection, increasing transparency, and ensuring better value for money across retail investment products.
Luxembourg funds and crypto assets: understanding the CSSF’s latest clarifications
UCITS may invest indirectly in crypto-assets for a maximum of up to 10% of their net asset value (NAV) as long as these investments (indirect investments in financial instruments with crypto-assets as an underlying asset) qualify , at all times, as transferable securities that do not embed any derivatives.
Navigating the new regulatory landscape: how the EU AI Act is transforming asset management
Artificial Intelligence (AI) has rapidly become a strategic pillar for the asset management industry. From portfolio optimization and risk modelling to client servicing, regulatory reporting and operational automation, AI is reshaping how fund managers operate and compete.
Turning regulation into opportunity: how fund managers can thrive under the SIU framework
The final quarter of 2025 has been marked by a series of pivotal initiatives from the European Commission, signaling a decisive push to reshape the EU’s financial landscape. Luxembourg stands at the crossroads of these regulatory changes set to shape the industry in 2026 and beyond.
Preparing for SFDR 2.0: A practical roadmap for fund managers
Published on 20 November 2025, SFDR 2.0 represents a major shift in the EU’s sustainable finance framework by replacing entity-level disclosures with a simplified, product-focused approach.
Family offices evolving into professional private equity investors
In recent years, Family Offices have undergone a profound transformation in the way they allocate capital, manage risk and pursue long‑term value creation. Once discreet and conservative structures focused primarily on safeguarding wealth, they have now emerged as strategic and influential actors within private markets.
On 20 January 2026, the Commission de Surveillance du Secteur Financier (CSSF) published Circular 26/906, consolidating in a single document the requirements related to governance and risk management framework applicable to payment institutions and electronic money institutions. The circular applies from 30 June 2026, and repeals and amends multiple legacy texts.
From legacy to liquidity: valuations and Intergenerational contracts for family offices
In many families, significant wealth originates with a first-generation entrepreneur or founder whose vision, risk taking, and long-term commitment created the initial capital base. Once this wealth transitions into a family office structure, the challenge shifts from building value to preserving it across generations.
New reforms : Start 2026 with the right information, and take the right direction
Luxembourg has a proven track record of turning regulatory challenges into growth opportunities and fund managers know it well. In 2026, the Grand Duchy will face a new wave of reforms set to redefine the European investment fund landscape.
Loan origination under AIFMD II: What fund managers need to know
Luxembourg has firmly established itself as Europe’s leading hub for private debt funds, including loan origination strategies, driven by regulatory flexibility, investor appetite, and its reputation as a cross-border fund domicile.
Luxembourg adopts modernized carried interest regime
The Luxembourg Parliament has adopted a law that substantially reforms the carried interest regime.
The evolving landscape of valuation and the role Managed Services will play in the future.
Luxembourg is Europe’s largest investment fund center and second in the world only to the US. The country is hosting a regulated but dynamic ecosystem of asset managers, advisors, auditors, lawyers, and fund administrators.
Luxembourg: the new command center for private equity value creation
Long seen as a fund domicile, Luxembourg has evolved into Europe’s operational command center for value creation and is becoming the place where that transformation is engineered, monitored, and proven.
In keeping with what has become an almost seasonal pattern in the Luxembourg’s fund industry, the Commission de Surveillance du Secteur Financier (CSSF) closed the year with the issuance of the Circular 25/901, bringing substantial consolidation and modernization of the supervisory framework applicable to Part II UCIs, SIFs and SICARs.
AIFMD 2.0: what it means for annex IV reporting
Executive summary. AIFMD 2.0 introduces – amongst others - significant changes to supervisory reporting under Article 24, reshaping the Annex IV content, format, and even reporting frequency and timing through new EU level technical standards. These changes will require AIFMs to manage more granular data, implement stronger governance, and adapt to harmonized processes