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Opinion piece: Opening up the unlisted market without weakening it – the Luxembourg model put to the test in Europe

The line between professional investors and high net worth clients is blurring, even as appetite for private equity, private debt, and infrastructure continues to grow.

December 2, 2025
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📌 Opening up the unlisted market without weakening it: the Luxembourg model put to the test in Europe

The line between professional investors and high net worth clients is blurring, even as appetite for private equity, private debt, and infrastructure continues to grow.

In an opinion piece published by CityWire, Yann Charraire, co-founder and Deputy CEO of AirFund, discusses several key issues:

  • How to adapt Luxembourg (RAIF, SIF, SICAV) and French (FPS, SLP, etc.) frameworks to wealth management clients 🇪🇺
  • How ELTIF 2.0 is changing the game for private investors' access to real assets
  • Specific features of the French market: compliance requirements, distribution models, Luxembourg life insurance, pure registered shares, etc.
  • Why the democratization of unlisted securities depends as much on education, technology, and compliance as it does on regulation

👉 To read the full article on CityWire:

🔗 https://citywire.com/fr/news/ouvrir-le-non-cot%C3%A9-sans-le-fragiliser-le-mod%C3%A8le-luxembourgeois-%C3%A0-l-%C3%A9preuve-europ%C3%A9enne/a2479592?re=136974&refea=2095877&link_id=2016330

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AirFund is licensed as a Financial Investment Advisor (CIF), registered with Orias under number 24004281, and is a member of ANACOFI, an association approved by the French Financial Markets Authority (AMF).

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