Two new major players in the private markets have appeared in the latest fund registrations with the Financial Sector Supervisory Commission (CSSF). Thoma Bravo Private Equity (Lux) Fund SCA-Sicav and Wellington Management Funds (Luxembourg) Private Markets SCA-Sicav are among the collective investment schemes added to the official register during June.

Both vehicles fall under Part II of the Luxembourg Act of 17 December 2010 on undertakings for collective investment. This is a regulated category that offers greater investment flexibility than the Ucits regime and can, in particular, be used to accommodate strategies involving less liquid assets.

These registrations therefore provide further evidence that major international asset managers are using Luxembourg to structure their private market offerings.

However, they do not indicate that capital has been raised. The CSSF does not publish, in its statistics, either the value of the assets of these new vehicles or their launch schedule. Their inclusion on the official list confirms that they have entered the regulated framework, but provides no information on any initial closing or on the amounts already raised.

A new vehicle for Thoma Bravo

The first of the two funds is named directly after Thoma Bravo, one of the world’s leading private equity firms, specialising in particular in investments in technology and software companies.

Publicly available information on the Luxembourg-based vehicle indicates that Thoma Bravo Private Equity (Lux) Fund SCA-Sicav was incorporated in March 2026. It is registered at 2 Rue Jean Monnet in Luxembourg and is listed as an open-ended investment company. Its operational address is registered with One Fund Management in Howald.

The fund’s registration with the CSSF thus adds a regulated Luxembourg entity to the US fund manager’s European structure.

Opting for a ‘Part II’ vehicle is particularly attractive in the current climate of widening access to private assets. Alongside alternative structures reserved for professional or sophisticated investors, asset managers are increasingly seeking to build portfolios that enable them to offer strategies traditionally reserved for institutional investors to a broader base of high-net-worth clients.

However, regulatory registration alone is not sufficient to determine precisely which client base the Thoma Bravo fund is targeting.

Wellington is already expanding its private markets offering

The registration of Wellington Management Funds (Luxembourg) Private Markets SCA-Sicav, meanwhile, forms part of an already well-established framework in Luxembourg.

Wellington has, in particular, a vehicle known as Wellington Management Funds (Luxembourg) Private Markets Feeder Sicav. One of its sub-funds, dedicated to venture growth, had already been the subject of a pre-marketing notification in Sweden in October 2025, according to the Swedish Financial Supervisory Authority’s register.

At the same time, the US asset manager is expanding its range of private markets products aimed at the wealth management sector. Wellington has, in particular, indicated its intention to expand its ‘evergreen’ investment capabilities for private wealth clients. The group is also working with Vanguard and Blackstone to develop solutions combining listed and unlisted investments.

The new Luxembourg-based vehicle will therefore strengthen an infrastructure already used by Wellington for its alternative and private markets activities.

Luxembourg assets under management hit a new record high

These new registrations come at a time when assets under management in the Luxembourg fund industry have risen sharply in the second quarter. According to the CSSF, the net assets of Ucits established in Luxembourg stood at €6,731.3 billion as at 30 June 2026, compared with €6,207.8 billion three months earlier. At the same time, the number of Ucits fell from 3,002 to 2,968.

However, this statistic covers the entire sector of collective investment schemes and should not be interpreted as a measure of growth in the private markets alone.

The simultaneous entry of the two vehicles from Thoma Bravo and Wellington, on the other hand, is more targeted: it shows that, alongside alternative structures not directly supervised – such as Raif – major international firms also continue to use regulated Luxembourg funds to develop their private markets architectures.