Private assets funds, defined as those that are not publicly listed and are not readily available to retail investors, typically are made up of long-term investments in Private Equity, Real Estate, Infrastructure, Debt, Loans, and more esoteric investments. Growth in private asset investments is a global phenomenon but, driven in part by the convergence of AIF rules with the UCITS framework, Luxembourg stands out amongst the key fund centre domiciles and private assets now represent between 12% and 15% of the total Luxembourg fund market.