Fundraising in Europe without the complexity

Stephen McKenna

Chief Commercial Officer

Christian Hertz

Managing Director, Global Head of ManCo

Published: 2nd Nov 2026

Europe without the complexity: a practical route for US managers

Altum Group’s Stephen McKenna, Chief Commercial Officer and Managing Director – Luxembourg and Christian Hertz, Global Head of ManCo explore what it really takes for US alternative investment managers to access European capital.

For US managers, Europe continues to represent a significant pool of institutional and increasing private wealth capital. But recognising the opportunity and successfully accessing it are two very different things.

The conversations we at Altum are having with US managers often start in a similar place. There is investor interest in Europe, perhaps from one or two countries initially, and a desire to establish a structure that can support fundraising without creating an unnecessarily complex European operation. Speed to market is invariably a priority, which can make the most immediate route to market an attractive one.

"Having worked with this market for more than a decade, we've seen that managers are best served by looking beyond their first fund raise and need to work with a trust service provider who can help them scale and proactively build an infrastructure that can grow alongside their ambitions."

Christian Hertz

Managing Director, Global Head of ManCo

For the astute US alternative investment manager, Europe is rarely an unknown opportunity. Many already have European investors, established relationships and a clear view of where further demand exists.

The more pertinent question managers are asking as we head into 2027 is, how should we build or expand a European platform without introducing complexity that outweighs the commercial opportunity.

Luxembourg is a hidden gem and provides an established route. But for experienced managers, the conversation has moved beyond why Luxembourg. It is about how to use that infrastructure effectively. And creating a European platform that complements an existing US operating model, provides flexibility for future fundraising and can evolve alongside the business.
No two US managers approach Europe in quite the same way. Some arrive with established European investor relationships and a defined fundraising strategy. Others are responding to growing demand from a handful of markets. Some are launching their first Luxembourg vehicle; others already have European structures but are reconsidering whether their current model remains fit for purpose.

The starting point should therefore be the fund strategy, not a predetermined structure.

A third-party AIFM or ManCo will be able to provide the regulatory infrastructure and oversight required in Europe while integrating intelligently with the manager’s existing operating model. The objective is not to recreate a US business in Luxembourg, nor to force a manager into a European template. It is to determine what should remain with the manager, what should sit within the European platform and how those elements work together efficiently. This becomes particularly important as the platform grows.
The immediate requirement might be access to investors in one or two European markets. But structures designed solely around today’s fundraising plan can quickly become restrictive. Managers are more conscious about where capital may come from next, whether additional strategies or vehicles are likely to follow and how their distribution ambitions could develop.

Having a specialist service provider who understand those markets, rather than relying on a European operation driven primarily from the US, gives managers the ability to respond to opportunities without having to rethink their infrastructure every time the strategy develops.

The right platform should create optionality, not constrain it.

Experience matters most when things move

For managers considering a new European partner, capability is only part of the decision. Execution matters just as much. A migration touches multiple stakeholders and workstreams. The value of an experienced team is not simply knowing what needs to happen but knowing how to make it happen with minimal disruption.

“Migration is rarely about capability alone. It’s about confidence in the team you are moving with. You want people who understand the complexity of your business, can execute the transition without unnecessary disruption and will still be alongside you as the platform evolves. Our teams have spent years working with some of the industry’s largest blue-chip managers. That experience matters because there is very little substitute for having done it before. That long-term perspective is important. A provider that works for the first vehicle or first year is not necessarily the provider that can support the next stage of growth.”

Stephen McKenna

Chief Commercial Officer

A well-trodden path

US managers should not be afraid of complexity in Europe. But neither should they accept complexity simply because “that is how Europe works”. There is now a well-trodden path for sophisticated US managers establishing and expanding European platforms. The value lies in combining that experience with an approach that remains specific to the manager.

The Altum Advantage

At Altum, we have an award winning AIFM and ManCo offering. We have an established Luxembourg infrastructure, experienced local specialists and an operating model designed to win. Our advantage is knowing where the manager wants to go next and making it happen before they ask.

How can we help

Altum Management Company (Luxembourg) S.A. provides a one stop shop with a fully integrated suite of services that map directly onto your strategic, operational, governance and pre-marketing demands. Speak to our experts on how we can support you with setup and launch of your next European structure.

Christian Hertz

Managing Director, Global Head of ManCo

Stephen McKenna

Chief Commercial Officer