Investment Fund Director in Luxembourg

I am an independent director in several Luxembourg-based managing limited partner entities of Copenhagen Infrastructure Partners. CIP was founded in 2012 and has become the world's largest dedicated fund manager within greenfield energy investments and a global leader in offshore wind. By early 2025 it had raised approximately EUR 32 billion from more than 180 international institutional investors and was active in more than 30 countries.

Until my resignation on 20 October 2026, I was also a non-executive director and manager of Henderson Park Advisors (Luxembourg) Sàrl. Henderson Park is a private equity real estate manager headquartered in London, with further offices in Germany, Ireland, Luxembourg and New York, investing exclusively in real estate, primarily in Western European capital and gateway cities.

A third group of mandates concerns Aedifica, the listed Belgian healthcare real estate company investing in sustainable care properties and elderly housing across Europe. I am a director in seven Luxembourg entities that joined the group through its merger with Cofinimmo.

A fund board spends much of its time on documents produced by others: valuation reports, investment memoranda, financial statements, risk reports and auditors' letters. My value lies in being able to read them critically. I know how a financial model is built, which assumptions drive the result and where optimism tends to hide, because building and challenging such models has been my professional occupation since the mid-1990s.

That skill set was formed at HEC Paris, where I studied corporate and market finance in depth, and sharpened over close to a decade as the corporate finance partner of Deloitte Luxembourg, where I was responsible for M&A, capital raising, due diligence and financial modelling for institutional and private clients from Luxembourg and abroad. Since 2011 I have continued this work through Value Associates, my own consulting company.

Independent directors in fund structures exist to protect the interests of investors and to make sure that conflicts between the manager, the fund and its investors are identified and handled properly. That requires independence of mind, sound preparation and the willingness to voice an inconvenient view without turning the boardroom into a battleground. These are the qualities I describe in more detail on my page about corporate governance in Luxembourg.

Real assets have been a recurring theme in my career. Beyond the CIP mandates in offshore wind and greenfield energy, I advised the private reference shareholder of a €200 million energy project in buying back the shares of his co-investor in a climate of dispute. The assignment involved restructuring the financing with the development banks involved and assisting in the negotiations with a private investment partner who replaced the initial co-investor.

In real estate, I provided financial modelling and project management assistance from 2011 to 2019 on a complex £100m property development near Trafalgar Square in London, and I was a director of the property holding company that carried out and financed the project from 2014 to 2020. Together with the Henderson Park and Aedifica mandates, this gives me a practical understanding of development risk, financing structures and the long-horizon governance that real assets demand.

Whether a board sits at the level of the fund, the general partner or the alternative investment fund manager, its core tasks are similar: approve investments and valuations within the agreed policy, oversee risk management and compliance, monitor delegates and service providers, and ensure that the interests of investors are served. Luxembourg's regulatory framework is demanding, and rightly so.

INSEAD's International Directors Programme, which I completed in 2020, is one of the most reputable certifications for professional board directors and underpins the way I approach these responsibilities. Just as important is temperament: the discipline to prepare, the curiosity to ask one more question, and the judgement to know when a matter deserves the board's full attention.

My exposure to alternative investors goes back to my advisory years. After coordinating a broad due diligence, I helped secure the first Luxembourg licence ever granted to a non-insurance shareholder, allowing a private equity fund managed by J.C. Flowers to acquire and operate one of Luxembourg's largest life insurance companies.

I have also worked on the public side of the investment ecosystem. I advised the Luxembourg Ministry of the Economy in connection with the set-up and launch of the Digital Fund, aimed at strengthening the ICT start-up ecosystem in the country. An overview of all my mandates is available on my page as an independent director in Luxembourg; my banking board experience is described separately.