Guillaume Brousse & Muhammad Aamir Kalim (Forvis Mazars): Luxembourg’s platform for growth
Guillaume Brousse and Muhammad Aamir Kalim (Audit Partners) explore how Luxembourg has become a €2.6 trillion gateway for emerging markets. They discuss its role in sustainable finance, private equity, and infrastructure—highlighting its unique mix of flexibility, regulation, and trust. Interview.
Why is Luxembourg a gateway for emerging markets?
Guillaume Brousse: Luxembourg has become a trusted gateway for investing in emerging markets. It stands out because it blends flexibility with strong EU regulation. Investors get efficient tools like the RAIF and SCSp, and the reassurance of solid oversight. That mix is rare, and it’s why Luxembourg now manages over 2.6 trillion euros in alternative assets. You can see it in real deals. The Emerging Africa & Asia Infrastructure Fund raised about 300 million dollars through a Luxembourg structure. That capital is powering renewable energy and core infrastructure in frontier markets. Luxembourg isn’t just a fund hub; it’s the bridge connecting global capital to fast-growing economies.
"Luxembourg’s edge is about being the trusted operating system for global capital and emerging growth." - Guillaume Brousse
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Which emerging-market investments benefit most?
Muhammad Aamir: The investments that benefit most from Luxembourg’s structures… are the ones with more complexity — mainly private equity, infrastructure, and private debt. Private equity is the largest category… and managers often use Luxembourg to invest in fast-growing markets like Vietnam or Brazil — because it handles different investor rights and exit models smoothly. Infrastructure funds rely on Luxembourg when backing renewable or industrial projects in developing countries. A good example is the Luxembourg-domiciled Global Climate Partnership Fund which financed commercial rooftop solar infrastructure across Kenya. And private debt is the fastest-growing segment-up about 25% in 2024 vs 2023. So, across all three strategies, investors get something valuable: the flexibility to build cross-border deals… and the governance to manage risk. That’s why so much emerging-market capital flows through Luxembourg.
How Luxembourg is becoming a leader in sustainable finance?
Muhammad Aamir: Luxembourg is becoming a leader in sustainable finance. It’s not just hosting ESG funds — it’s helping make sure sustainability is done properly. The regulator is asking for stronger checks and clearer reporting. That gives investors confidence that ESG claims are real. Luxembourg is also building platforms that send money to real climate projects. The Luxembourg–EIB Climate Finance Platform supports early-stage projects in Africa and Asia. And the Luxembourg Green Exchange now lists over one trillion euros in green bonds. So, Luxembourg is becoming a true builder of sustainable finance, connecting global investors to projects that make a real impact.
What is Luxembourg’s Formula for the Next Decade of Growth?
Guillaume Brousse: In a multipolar world, trust and transparency are the new currency. Luxembourg’s edge is no longer just about efficiency—it’s about being the trusted operating system for global capital targeting emerging growth. We have moved beyond simple facilitation to provide the essential architecture: a platform where robust EU regulation meets digital agility, and where sustainability is hardwired into profitability.
This is what allows institutional capital to navigate the complexity of emerging markets with confidence. As private capital and sustainable finance become the dominant forces of our time, Luxembourg’s infrastructure is not just a partner; it is the critical link that unlocks transformative projects from Nairobi to Jakarta. The future of growth is being built, and it is being funded through this trusted, transparent bridge.
Key references & sources
1. ALFI Annual Report 2025
2. ALFI / Luxembourg for Finance: “Leader in responsible and impact funds”, 2023
3. European Investment Bank (EIB) – Luxembourg Climate Finance Platform
4. International Monetary Fund (IMF), Emerging Market Infrastructure Outlook 2025
5. CSSF Annual Report 2025