Substance Survey 2019: Private Equity - KPMG Luxembourg
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Private Equity

Private Equity

Private Equity

Key figures at a glance

  • 27 GPs interviewed
  • 16 regulated AIFMs, 7 in Luxembourg
  • 290 employees in Luxembourg
  • 2,150 entities in Luxembourg
  • 235 investment funds in Luxembourg
  • €870 billion of global assets under management

PE Luxembourg offices – employees and entities managed

The below chart illustrates the correlation between the number of employees and the number of entities managed by the PE firms surveyed.

On average, the GPs surveyed employ 12 people and manage 87 entities (represented by the red dot in the below chart).

Private Equity

Half of those surveyed has less than 7 employees, and half of those surveyed manages less than 60 entities in Luxembourg.

Internal organization of a PE office

The below chart illustrates the team composition of the PE offices surveyed.

internal organization of a Luxembourg office

PE offices have a team composition comparable to the entire population analyzed. However, since the number of people employed by a PE office is generally smaller, the weight of the director function is generally bigger.

External organization of a Luxembourg office

External organization of a Luxembourg office

Overall, 82% of Luxembourg investment fund offices outsource back office functions, primarily tax, legal and accounting.

How do Private Equity funds consider their substance?

investment funds

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