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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
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.
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.
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.
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.
Luxembourg adopts modernized carried interest regime
The Luxembourg Parliament has adopted a law that substantially reforms the carried interest regime.
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.
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.
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.
Luxembourg carried interest proposal would make significant changes
In keeping with the political priorities and commitments outlined in the coalition agreement released following the 2023 elections, the Luxembourg Government, on 24 July 2025, submitted draft legislation (Draft Law) to Parliament that significantly reforms the existing carried interest regime.
The integration imperative: why infrastructure fund managers need end-to-end solutions
Infrastructure is undergoing a profound transformation, reshaped by technological progress and policy shifts. Asset managers are channeling capital into emerging sectors such as energy transition, digital assets, and security – areas marked by rapid innovation and stringent regulation.
In the context of the transition to the new UCITS/AIFM Directive, ESMA published on 16 April 2025, the final reports on its Guidelines and RTS on liquidity management tools under the AIFMD and UCITS Directive. The RTS was submitted to the Commission, which has 3-4 months to adopt it. Once published in the Official Journal, it is expected to apply on the 20th day following the publication . The Guidelines, in turn, are expected to apply for new funds from the same day as the RTS, meanwhile existing funds will be granted 12 additional months to comply with the new rules.
From legacy to leadership – the role of data in European asset management
The European asset management industry faces fee compression, rising regulatory scrutiny, and increasingly sophisticated client expectations. At the heart of its transformation lies a powerful force: data.
Fund tokenization: it’s time to unlock new opportunities for investors and fund managers
As the demand for innovative financial products and services continues to grow, fund tokenization is emerging as a transformative force in the investment landscape, creating new growth opportunities for fund managers. Two years after the Calastone report, this shift seems to be particularly relevant in Luxembourg, where the 2025 EY Global Wealth Management Research highlighted that 55% of investors prioritize a diverse selection of investment products and services when choosing a primary wealth management provider. In contrast, across Europe, the main factor influencing the choice of a primary wealth management provider is investment performance (54%), followed by the range of investment products and services (49%). Luxembourg’s stronger focus on product and service diversity may be driven by its position as a global financial hub, attracting an international clientele with complex and varied financial needs.
DORA and ICT Circulars: Navigating digital operational resilience six months post-implementation
The Digital Operational Resilience Act (DORA) has fundamentally transformed the regulatory landscape for financial institutions across the European Union since its full implementation on 17 January 2025. Six months into this new regulatory era, the financial sector continues to grapple with comprehensive compliance requirements while adapting to evolving supervisory expectations and additional regulatory clarifications through Luxembourg's Commission de Surveillance du Secteur Financier (CSSF) circulars.
How tax is reshaping the fund environment
The evolving tax regulations and compliance requirements drives the investment funds environment through significant transformation. This article explores how various tax frameworks, including Withholding Tax (WHT), Capital Gains Tax (CGT), Faster and Safer Tax Relief of Excess Withholding Taxes (FASTER), the Foreign Account Tax Compliance Act (FATCA), the Common Reporting Standard (CRS), and the 8th Directive on Administrative Cooperation (DAC8), are reshaping the landscape for investment funds.
Active ETFs and operational challenges
Over the past year, exchange traded funds (ETFs) have seen tremendous growth. As such, it’s beneficial to take a closer look on the operational challenges of active ETFs as a new contender with traditional actively managed mutual funds (“traditional funds”).
Could the EU Retail Investment Strategy contribute to a more competitive Europe?
European Union's RIS (Retail Investment Strategy) aims to reshape Europe's financial landscape, addressing the historical gap in market engagement between European retail investors and their global counterparts.
How sustainability and technology will transform CFOs into Value Architects
Sustainability imperatives and new technology are transforming CFOs from scorekeepers to Value Architects, driving long-term value creation. Read more.
Family-owned businesses: the role of private equity in succession planning
Family-owned businesses often encounter critical challenges during generational transitions, such as leadership gaps, financial constraints, and conflicting visions among stakeholders. Private equity (PE) firms are recognized as being instrumental in addressing these challenges and facilitating successful succession planning.
AI Adoption in European financial services: progress, challenges, and future directions
European financial services firms are increasingly embedding Artificial Intelligence (AI) and Generative AI (GenAI) technologies into their operations to enhance productivity and efficiency. Yet, according to our second EY European Financial Services AI Survey, only a mere 9% of these firms consider themselves ahead of the curve in AI adoption. Despite high aspirations for a more AI-driven business environment, with 28% of firms accelerating their AI adoption over the past year, the majority remain in the early, experimental stages, particularly concerning GenAI.
How can investors balance short-term demands with long-term value?
Read the EY 2024 Institutional Investor Survey, which highlights a pronounced gap between what investors say and do when considering sustainability.
Top 10 resolutions for wealth and asset management success in 2025
Our global outlook highlights 10 resolutions that wealth and asset managers should take to drive growth in 2025.
How can alternative fund managers shape new horizons of opportunity?
Alternative fund managers see growing demand from a new investor class that not only offers opportunities but challenges. Discover more.
Luxembourg - Fund taxation: Launch of updated online subscription tax return forms
The Luxembourg indirect tax authorities recently introduced updated online forms for filing subscription tax returns for Undertakings for Collective Investments (UCIs), Specialized Investment Funds (SIFs) and Reserved Alternative Investment Funds (RAIFs) on the MyGuichet.lu platform.
LONDON, 2ND DECEMBER 2024: Leaders across Europe’s financial services sector continue to integrate Artificial Intelligence (AI) and Generative AI (GenAI) technologies into their operations to achieve productivity and efficiency uplifts, according to the second EY European Financial Services AI Survey, but only 9% rank themselves ahead of the curve.
Luxembourg adopts various measures reducing individuals’ tax burden
On 11 December 2024, the Luxembourg Parliament approved two legislative proposals containing certain individual income tax, corporate income tax, net wealth tax and fund taxation measures. The proposed changes for individual taxpayers include a number of measures to alleviate the tax burden on households and to increase the attractiveness of Luxembourg as a workplace.
On 11 December 2024, the Luxembourg Parliament adopted legislation amending, among other things, the Corporate Income Tax (CIT) Law and the Net Wealth Tax (NWT) Law.
Falling interest rates: The good and bad news for private credit
Recent actions by the Fed and the European Central Bank to decrease interest rates have brought some relief and hope to the markets. While private credit has good reasons to rejoice, concerns are also rising about the future performance of this asset class.
New VAT guidelines for Directors in Luxembourg: Court rulings and Circular updates
In response to the recent Luxembourg District Court judgement regarding director's fees, the tax authorities released a new circular detailing the VAT treatment of directors' fees and offering further clarifications on the regularization process.
How EU Anti-Money Laundering laws can help spur strategic innovation
Learn how financial services firms can harness the new AML rules to shape the future of fighting financial crime and gain a competitive edge.
How will climate transition planning empower you to shape the future?
The sixth EY Climate Action Barometer shows an increase in companies reporting on climate but falling short of carbon ambitions. Learn more.
How European boards can steer sustainability reporting
Find out how boards and audit committees are responding to the EU’s Corporate Sustainability Reporting Directive.
EU details on VAT in the Digital Age (ViDA) package
Following the EU Member States' 5 November 2024 unanimous agreement on the "VAT in the Digital Age" (ViDA) package, this Global Tax Alert provides details on the package.
Sustainable Infrastructure as the backbone of the European Green Deal
In the context of the European Union's ambitious climate objectives, Infrastructure is undoubtedly the asset class that is expected to capture most of the fundraising for the energy transition.
Financing the Economy: The Future of Private Credit
The size of the global private credit market is estimated at over $3 trillion, as per latest industry research by the Alternative Credit Council (ACC), the private credit arm of the Alternative Investment Management Association (AIMA). The 10th edition of Financing the Economy report, published in collaboration with EY, looks at the industry in detail.
SFDR funds: The power of voluntary assurance
The Sustainable Finance Disclosure Regulation (SFDR) is undoubtedly considered as one of EU’s main tools in the context of its Sustainable Finance Action Plan Goals (and broader EU Green Deal), launched in May 2018 by the European Commission with the following three priorities: reorienting capital flows towards sustainable investments, managing sustainability risks, and fostering transparency.
Recent developments in withholding tax reclaims: Germany, the Netherlands and Sweden
Recent positive developments related to withholding tax (WHT) in Germany, Netherlands, and Sweden, mark a crucial advancement for foreign investment funds seeking WHT reclaims, not only reinforcing the rights of foreign investors but also highlighting the importance of equitable tax treatment within the EU framework.
How can the financial controller transform to shape the future with confidence?
The EY DNA of the Financial Controller Survey provides insights for financial controllers and senior finance leaders looking to drive success. Learn more.
EY-Parthenon CEO Survey: Quarterly CEO Outlook
Our CEO survey explores how executives lead transformation by addressing geopolitical risks, corporate strategy, M&A and AI trends. Learn more.
The impact of digital transformation and global regulatory changes on fund of funds strategies
This article explores how the FoFs sector is being reshaped by two powerful forces: the rapid pace of digital transformation and the complexities of a shifting global regulatory environment.