Introduction
KPMG Luxembourg, in collaboration with ALFI, are pleased to present the seventh edition of the Private Debt Fund Survey.
This year's publication provides unique insights into the thriving private debt market from a Luxembourgish perspective. Despite global economic challenges, the private debt asset class has continued to grow, becoming an essential part of investors' portfolios.
- 404.4
EUR billion total AuM* - + 51%
average growth of AuM compared to last year** - + 8%
growth of the RAIF***
(compared to 2022)
*Based on data provided by depositaries surveyed. This does not cover all the market and only includes regulated funds and indirectly supervised investment vehicles, such as RAIF, SIF or SCSp AIF.
**Average growth between June 2022 and June 2023 based on data provided by the depositaries surveyed.
***RAIFs now dominate Luxembourg’ debt fund market at 53% as of June 2023.
Further reading
Previous editions
About this research
Objectives
This study has two main objectives:
- Interpret current behaviors and structuring trends in private debt funds in Luxembourg and predict where they are headed.
- Provide qualitative insights based on numerical data.
Methodology
We received data from 12 depositaries acting on the market and representing 1,495 funds (or sub-funds) investing in private debt. We sent a pre-defined questionnaire to each depositary surveyed to gather data on the various debt funds they are in charge of.
This questionnaire of 38 closed-ended questions covered various topics, such as the fund category, their regulatory regimes, legal forms, sizes, geographical investment targets, investors’ origins, and even data regarding the financial statements.
The following depositaries/depositary banks were surveyed:
- Alter Domus
- Brown Brothers Harriman Luxembourg
- BNP Paribas, Succursale de Luxembourg
- The Bank of New York Mellon
- Citco Fund Services
- Citibank Europe
- Edmond De Rothschild Asset Management
- J.P. Morgan Bank
- HSBC Continental Europe
- UBS Europe
- State Street Bank
- Banque de Luxembourg
Content
The survey’s key findings are disclosed in this report on a no-name basis. Research for this survey was carried out from July 2023.
Meet our team
Valeria Merkel
Partner Audit,
Public and Private Asset Management
& Co-Head of Private Debt,
KPMG Luxembourg
Julien Bieber
Partner Tax,
Alternative Investments
& Co-Head of Private Debt,
KPMG Luxembourg