Carta, the private capital platform, has received authorisation as a fully licensed Specialised Professional of the Financial Sector (PSF) from Luxembourg’s financial regulator, the Commission de Surveillance du Secteur Financier (CSSF). The licence covers five statutory functions: registrar agent, corporate domiciliation agent, company incorporation and management services, administrative agent of the financial sector, and client communication agent.
The authorisation means Carta can now offer licensed fund administration and transfer agency services directly within its platform for Luxembourg-domiciled fund structures, completing what the company describes as the final gap in its Luxembourg proposition. Existing clients running parallel or feeder funds through Luxembourg can now consolidate onto a single system of record across jurisdictions, replacing the fragmented arrangements that have long been a friction point in cross-border fund administration.
Why Luxembourg matters
Luxembourg is the second-largest fund domicile in the world, home to around 5,000 alternative investment fund entities managing in excess of €1 trillion in assets. The jurisdiction also serves as the preferred hub for more than 1,000 US and Asia-Pacific fund managers running parallel or feeder structures, with those vehicles representing more than $333 billion in assets under management. That combination of scale and structural complexity makes fund administration there operationally demanding: managers have historically had to maintain separate systems and counterparty relationships for each function and jurisdiction, with manual reconciliation to bridge the gaps.
Yves Cheret, authorised manager at Carta, framed the authorisation in operational rather than marketing terms. “Parallel funds, feeder structures, multi-jurisdictional reporting, complex KYC flows: this is exactly the environment where having everything on one connected system of record makes the difference,” he said.
Alongside the licence, Carta has made several platform capabilities live. Lux Closings supports compliant closings across RAIF, SIF and SICAR structures and applicable entity types. A unified KYC form with real-time status tracking gives general partners visibility into limited partner onboarding inside the same system. The company says 90% of cash transactions auto-reconcile within 24 hours and 90% of capital calls are set up within 24 hours, with AI-assisted workflows subject to human verification in line with CSSF requirements.
Competitive and regulatory context
Carta’s move into licensed Luxembourg fund administration places it in direct competition with specialist administrators, many of which have operated under PSF licences for decades and maintain deep depositary bank relationships. The company has framed its differentiation around platform consolidation: the argument that a single system for fund accounting, KYC, closings, LP portfolio analytics and loan operations reduces reconciliation cost and data error, rather than competing on price or local relationship networks.
Four acquisitions over the past year, covering LP Portfolio Analytics, Loan Operations, Carta CRM and Carta Law, have extended the platform into what Carta positions as a full enterprise resource planning suite for private markets. That breadth carries a regulatory overhead: each function within a PSF licence sits under its own CSSF supervisory expectation, and expanding the product footprint within the licence will require ongoing compliance governance.
The regulatory backdrop is also relevant beyond Luxembourg. The EU’s Alternative Investment Fund Managers Directive and its forthcoming revision continue to shape the compliance obligations of administrators servicing European fund structures. Managers using a single-platform administrator will want assurance that the provider can keep pace with regulatory change across jurisdictions simultaneously, rather than prioritising product development at the expense of compliance depth.
Carta says it serves 10,000 funds and SPVs representing $250 billion in assets under management globally. The Luxembourg PSF authorisation is assigned authorisation number 10199274/0.
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