Key Takeaways
- • Paperjam's alternative investment event at the Kinepolis in Luxembourg on 28 April 2026 featured ten speakers, each allotted six minutes, with six key quotes selected by the publication.
- • Micaela Forelli, CEO of M&G Luxembourg, argued that Europe holds nearly €14trn in idle savings and that the challenge is channelling this capital into the real economy through structured access to alternatives.
- • Adelaide Cracco of the European Investment Fund framed green finance as an economic and strategic imperative, with private capital mobilised through alternative funds needed to address energy security and industrial resilience.
- • Claus Mansfeldt of SwanCap Investment Management promoted secondaries as a lower-risk, more predictable route to entry, trading limited outperformance potential for greater visibility and shorter return timeframes.
- • Michael Maldener of Clearlake Capital described the recent private credit tensions as a transitional phase tied to retail access, and Hind El Gaidi of ICG Luxembourg highlighted Luxembourg's ecosystem density as a competitive advantage.
Summary
Paperjam hosted an evening on the future of alternative investment at the Kinepolis on Tuesday 28 April, presented by Alfi CEO Serge Weyland. The format featured ten speakers with six minutes each, and Paperjam distilled the discussion into six quotes.
Micaela Forelli, CEO of M&G Luxembourg, argued that the central issue is not a shortage of capital but how it is deployed. Citing nearly €14trn in savings still idle, she said alternative investments, which have become a key channel since banks withdrew following the 2008 crisis, must be made accessible within a structured framework to serve as a genuine lever for growth.
Adelaide Cracco, Head of Greentech and Social Impact at the European Investment Fund, presented the green transition as an economic and strategic necessity rather than an ideological choice. She tied sustainable finance to energy security, industrial resilience and technological sovereignty, warning that without large-scale mobilisation of private capital, particularly through alternative funds, Europe risks enduring rather than financing its own future.
Claus Mansfeldt, chairman of SwanCap Investment Management, focused on risk-adjusted returns and promoted the secondaries market, which he compared to a matured wine. Secondaries involve buying stakes in funds already partially deployed, offering clearer visibility into asset quality and performance. He acknowledged the trade-off: more limited outperformance potential in exchange for greater predictability and shorter return horizons, with investors paying more upfront.
Michael Maldener, who oversees portfolio management, distribution and marketing at Clearlake Capital, said private credit has not collapsed despite tensions observed particularly in the United States. He attributed the strains to a growing mismatch between liquidity expectations and the illiquid nature of the asset class as it opens to retail investors, and called for greater education, transparency and discipline in Europe.
Raphaël Eber, partner and global head of corporate services at Stonehage Fleming Luxembourg, described family offices evolving into global management hubs with a strategic shift toward alternative assets within long-term wealth transfer planning. Hind El Gaidi, Head of ICG Luxembourg and Chair of the LPEA, closed the evening by describing Luxembourg's concentration of structuring, legal, tax and management expertise as a rare competitive advantage, while warning that the country must enhance its appeal to talent and integrate technology to maintain its position.
Micaela Forelli, CEO of M&G Luxembourg, argued that the central issue is not a shortage of capital but how it is deployed. Citing nearly €14trn in savings still idle, she said alternative investments, which have become a key channel since banks withdrew following the 2008 crisis, must be made accessible within a structured framework to serve as a genuine lever for growth.
Adelaide Cracco, Head of Greentech and Social Impact at the European Investment Fund, presented the green transition as an economic and strategic necessity rather than an ideological choice. She tied sustainable finance to energy security, industrial resilience and technological sovereignty, warning that without large-scale mobilisation of private capital, particularly through alternative funds, Europe risks enduring rather than financing its own future.
Claus Mansfeldt, chairman of SwanCap Investment Management, focused on risk-adjusted returns and promoted the secondaries market, which he compared to a matured wine. Secondaries involve buying stakes in funds already partially deployed, offering clearer visibility into asset quality and performance. He acknowledged the trade-off: more limited outperformance potential in exchange for greater predictability and shorter return horizons, with investors paying more upfront.
Michael Maldener, who oversees portfolio management, distribution and marketing at Clearlake Capital, said private credit has not collapsed despite tensions observed particularly in the United States. He attributed the strains to a growing mismatch between liquidity expectations and the illiquid nature of the asset class as it opens to retail investors, and called for greater education, transparency and discipline in Europe.
Raphaël Eber, partner and global head of corporate services at Stonehage Fleming Luxembourg, described family offices evolving into global management hubs with a strategic shift toward alternative assets within long-term wealth transfer planning. Hind El Gaidi, Head of ICG Luxembourg and Chair of the LPEA, closed the evening by describing Luxembourg's concentration of structuring, legal, tax and management expertise as a rare competitive advantage, while warning that the country must enhance its appeal to talent and integrate technology to maintain its position.
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