A new second-year track in the Master in Finance and Economics is now accepting candidates for September 2025. The “Private Assets” track is the product of a private-public partnership between the Luxembourg Ministry of Finance, ALFI, the Association of the Luxembourg Fund Industry and the University of Luxembourg. The track has been established within the Chair in Private Assets.
Prof. Ulf von Lilienfeld-Toal, Track Leader and Professor within the Department of Finance explains the essential role that private assets play in today’s economy and why students should consider joining the track at the University of Luxembourg.
What exactly are private assets?
Simply put, private assets are non-listed equity or debt. This can take the form of venture capital, real estate, private equity or infrastructure. Because the investment funds which structure these assets are typically not listed in the stock market, they are less liquid than products such as mutual funds or ETFs. Neither the funds nor the underlying assets can be quickly bought or sold. The timing of ownership of private assets is longer, which allows companies to engage in long-term projects. In today’s world, this might mean developing sustainable technology and infrastructure.
How did Luxembourg become a private asset powerhouse?
Over the last decade, Luxembourg has become a global leader for alternative investment fund management, which includes funds holding private assets. The alternative investment fund managers directive (AIFMD), which entered into force in 2011, was quickly transposed into Luxembourg law and gave the Grand Duchy a head start in the sector. Investment companies from all over the world manage their funds out of Luxembourg, where the regulatory framework is clear, and the established finance ecosystem supports continued growth.
Why do we need more talent in the private assets sector in Luxembourg?
Private asset investments are emerging as a key tool for economies to finance their green and digital transitions. These investments provide money, capital and assets to places where is it needed and ensure that the resources are used in the most efficient manner. Both the public and private sectors in Luxembourg recognize the potential of private assets. However, the country lacks homegrown talent and expertise in front and middle office positions. To climb the value chain in the financial sector, it is essential to cultivate a skilled workforce.
What would you say to a student who needs a little more convincing before joining the track?
Graduating from the track in Private Assets will help secure a career with a bright future in Luxembourg. You will also be contributing to an important part of the financial industry and providing a service to society. More and more, we are looking to private assets to fund the development of a carbon neutral economy through technology or large-scale infrastructure projects such wind and solar farms. You will be able to start creating your professional network on day one with the industry practitioners who will be lecturing in your classes, and you will receive support to find an internship that corresponds to your goals. This track has been specifically developed in collaboration with the Ministry of Finance and the ALFI because the industry needs skilled graduates. Maybe that means you?
For European candidates who do not require a visa to study in Luxembourg, applications are open until 30 June. Discover more about the track and apply on the programme page.