Yves Cheret (Carta): the connective tissue of private capital
Yves Cheret, conducting officer at Carta, explains why private fund managers in Luxembourg still lack a single system of record, and how that gap gets closed.
What infrastructure is missing in Luxembourg's private capital market?
Luxembourg has long been the operational backbone of European private capital, but the infrastructure underneath the market has not kept pace with its ambition. Managers running multiple entities across venture, private equity and private credit typically do so across a patchwork of disconnected systems: one tool for fund administration, another for investor onboarding, another for loan operations and reporting, with different service providers holding different pieces of the same fund's data. Unlike large corporations that have relied on ERP systems for decades, private fund CFOs have never had a true system of record. Carta's ambition in Luxembourg is to fill that gap, providing the connected operational layer that sits across the AIFMs, depositaries and advisers managers already trust, built on a PSF specialised licence granted by the CSSF.
Private fund CFOs have never had a true system of record.
How is the rise of private credit changing fund operations?
Few trends are reshaping Luxembourg's fund landscape more visibly than the growth of private credit. Managers increasingly run credit strategies alongside equity funds within the same structure, and the operational consequences are significant. Loan repayments, interest accruals and credit facility movements need to flow cleanly into NAV calculations, investor reporting and fund accounting. Most administrators still treat loan operations and fund administration as separate functions, with separate reconciliation cycles. As credit strategies move down-market to second and third-fund managers, the manual effort of bridging separate systems becomes genuinely unsustainable. Carta's Loan Operations capability sits on the same platform as its fund administration, so data flows from one part of the operation to the next on a single ledger instead of being reconciled across systems. That connectivity increasingly separates a scalable operation from one held together by spreadsheets.
What do regulators actually expect from AI in fund operations?
AIFMD II and DORA have raised the bar for what Luxembourg regulators expect from fund operations across the full administrator and technology stack. The ability to reconstruct decisions, demonstrate data integrity and provide a clear audit trail is becoming a baseline requirement rather than a best practice. Meanwhile the broader conversation about AI in financial services has focused largely on cost reduction, a framing that misses the point in a market like ours. The question regulators and managers are actually asking is whether AI can make operations more reliable, not just cheaper. Carta's approach stays AI-assisted and human-verified: AI agents work within the platform to reconcile data, flag exceptions and support operational workflows, each step leaving a full audit trail and requiring human sign-off. The governing design principle is explainability and accountability: AI embedded in a system of record that can withstand regulatory scrutiny, rather than a capability added from outside the core platform.
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