• US fund managers look to raise more capital in Europe 

• Majority of fund managers looking to raise capital overseas  

• Ireland, Luxembourg, Jersey and Guernsey expected to see strong growth in their fund 

New research* from Carne Group, a leader in fund regulation and governance solutions for the asset management industry, reveals that fund managers plan to place a greater focus on overseas markets to raise capital. 

Some 96% of alternative asset, equity and fixed income fund managers surveyed across 10 countries that collectively manage $1.6trillion said they will do this in 2024. 

Nearly one in five (18%) US fund managers surveyed said this year they intended to raise capital in Europe for the first time, and 30% of UK fund managers said this.  

In terms of other regions US fund managers surveyed intend to focus on regarding their fund-raising, 34% said this year they would do this for the first time in the UK, followed by 30% who said this about Switzerland.  

For the UK based fund managers surveyed, 28% said they planned to raise capital in Switzerland for the first time. Of the European fund managers (excluding UK) surveyed, 33% said that over the next 12 months they planned to raise capital in the UK for the first time. This will be made easier by the recent announcement from the UK Government that EU states are now deemed equivalent to the UK under its Overseas Funds Regime. This enables EU UCITS funds to be marketed to UK retail investors. 

Overall, 83% of the fund managers interviewed expect the level of fundraising by real estate fund managers in 2024 to increase when compared to 2023.  Some 78% of fund managers surveyed expect private equity funds to raise more capital this year than in 2023, and the corresponding figures for private debt and hedge funds are 66% and 56% respectively. 

Carne Group said: “2024 looks like it will be a very busy year for fund managers raising capital. Our research shows that many are looking to focus on new markets to do this, and they will use a variety of tactics to help raise capital. 

“The fund managers we surveyed reveal that they believe all the main fund administration jurisdictions are set to benefit from this, such as Luxembourg and Ireland which are already well-established fund hubs for UCITS and AIF structures. UK is also popular – and this is a trend since Brexit as way for investors to access capital in this region.” 

*Carne Group commissioned the market research company Pureprofile to interview 201 senior executives working for fund managers in the UK, Germany, Switzerland, Italy, France, the Netherlands, Norway, Finland and Denmark with a total of $1.577 trillion assets under management. The fund management sectors covered include hedge funds, private equity, real estate, infrastructure, private debt, equity, fixed income ad multi asset classes.  

Those interviewed included COOs, CFOs CROs, Heads of Product, Heads of Compliance, Head of Legal and senior fund managers.  

The survey was conducted in December 2023 and January 2024. 

About Carne Group 

Founded in 2004, Carne Group is an international company that has established itself as an expert and pioneer in fund regulation and governance solutions, allowing it to become Europe’s leading third-party management company and trusted partner to the fund management industry. 

Carne works with more than 650 clients – from boutique fund managers to global institutional investors –  supporting funds distributed in over 160 countries and overseeing more than $2 trillion assets under management. Carne employs more than 700 employees worldwide. https://www.carnegroup.com/ 

This publication has been prepared for general guidance on matters of interest only and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. 

For further information, please contact: 

Phil Anderson 

phil@perceptiona.com 

+44 (0)7767 491519 

– or –  

Noreen Biddle Shah 

noreen.biddleshah@carnegroup.com 

+44 (0)7391 055521