Stéphane Pesch, CEO of LPEA;
Credit: © Nader Ghavami
The Luxembourg Private Equity & Venture Capital Association (LPEA) presented its Annual Report for 2023 at its Annual General Meeting (AGM) held on the premises of BNP Paribas on Tuesday 11 June 2024.
The industry gathered to review the achievements of 2023 and to congratulate the ten newly elected board members.
Among the key takeaways of the AGM was the fact that membership had grown by 25% to 514 members in 2023, reflecting the overall dynamic of the private equity (PE) and venture capital (VC) markets. Full Members (investors and fund managers) and Associate Members (service providers) increased by 12%, while Affiliate Members (individuals) increased by 63%. As such, the LPEA reached its 500 members goal in 2023 - a target originally set out for 2025.
Building on its ESR certification obtained at the end of 2022, the association rolled out initiatives focusing on sustainable, inclusive growth and responsible practices, including the adoption of an internal Code of Conduct and the implementation of a CO2 compensation programme.
The association also launched a mentoring programme aimed at empowering young members to drive their career in the alternative funds industry by providing support and a network of seasoned professionals.
Continuing its endeavour to promote the Luxembourg PE & VC hub abroad, the association organised fifteen international seminars in Europe, the US and (for the first time) Asia in 2023.
Ten members were elected to the LPEA Board as part of the annual renewal of this governing body. Among them, the following six Full Members (investors and fund managers) were elected: Apollo Global Management, represented by Fabrice Jeusette; Expon Capital, represented by Alain Rodermann; ICG, represented by Hind El Gaidi; Luxempart, represented by Lionel de Hemptinne; MiddleGame Ventures, represented by Pascal Bouvier; Warburg Pincus, represented by Raquel Guevara Merino.
In addition, the following four Associate Members (advisers/service providers) were elected: A&O Shearman, represented by Peter Myners; Deloitte, represented by Nick Tabone; Elvinger Hoss Prussen, represented by Jeffrey Kolbet; KPMG, represented Mickael Tabart.
Following a year marked by a decrease in fundraising, LPEA CEO Stéphane Pesch nonetheless stressed the need for continued effort to promote the PE & VC sector, stating that "during these challenging times we took the decision to further invest, expand our network and pursue our evolution with determination and serenity. The main ingredients of this smooth transformation were the systematic use of creativity, agility and deep listening of the markets and members' needs."
In his speech, Claus Mansfeldt, Chairman of SwanCap Investment Management SA and President of the LPEA, presented a few statistics and mentioned that the "Luxembourg market share is going up. The country represent[s] approximately 50% of private capital aggregate rate in Europe, compared to 7% in 2010. Luxembourg has managed to become a market leader" - a good reason to remain optimistic for the well-being of the sector in Luxembourg, noted the LPEA.
To close the AGM, the LPEA invited Hans-Jürgen Schmitz (Mangrove Capital Partners), Gilles Dusemon (Arendt) and Keith O'Donnell (ATOZ) for a panel discussion on the 20th anniversary of the Luxembourg SICAR Law. This was an occasion to reflect on its "profound" impact on the Luxembourg and European financial landscape, particularly in the realm of venture capital. Enacted on 15 June 2004, this legislation laid the foundation for what has become one of the pillars of the Luxembourg financial centre, "catalysing a remarkable transformation" over the past two decades and leading in 2010 to the creation of the LPEA.
The LPEA is the representative body of private equity and venture capital professionals in Luxembourg. With 552 members (as of 12 June 2024), the association plays a leading role in the discussions and development of the ecosystem and actively promotes the industry beyond the country's borders.
