ALFI Survey of 65 Fund Managers Highlights Stronger Valuation Governance

The Association of the Luxembourg Fund Industry (ALFI), in partnership with Kroll, has published the Luxembourg Valuation Survey 2026, finding that valuation capabilities across the country's fund industry are becoming increasingly established, with stronger governance frameworks, growing use of independent valuers and wider adoption of technology.

Published on 2 July 2026, the report provides a snapshot of current valuation practices across Luxembourg's investment fund sector.

The survey gathered responses from 65 Luxembourg management companies (ManCos), representing around 25% of the country's authorised ManCo population and approximately €4.1 trillion in assets under management (AuM) – around half of Luxembourg's €8.4 trillion fund industry.

The report identifies five key trends shaping the sector. It concludes that valuation expertise is increasingly being carried out within Luxembourg, technology adoption is advancing, independent valuers are strengthening governance, governance frameworks are becoming more established and automation depends more on the size of firms than on the asset classes they manage.

According to the findings, 44% of respondents now conduct and perform valuations directly in Luxembourg rather than only overseeing the process, while 77% operate a local valuation committee and 80% of those committees meet at least quarterly.

The survey also highlights the growing use of technology. While 83% of respondents have implemented template standardisation, many firms are now evaluating database systems, automated testing and API integrations. The report notes that large language model (LLM)-assisted tools are creating new opportunities to automate data aggregation and reporting.

Independent valuers are also becoming more common, particularly in private markets. More than half (54%) of respondents involved in private debt reported using fully independent third-party valuers, alongside 50% in real estate, 44% in private equity and 35% in infrastructure. According to the report, this strengthens governance and provides greater confidence for investors and fund boards while management companies retain responsibility for valuations.

However, the survey found that operational challenges remain. Respondents identified manual information gathering, a lack of industry-wide data standardisation and dependence on client or group processes as the main barriers to improving scalability. The report concludes that existing software is generally adequate, with the greater opportunity lying in better data integration and standardisation across the industry.