BERLIN & LUXEMBOURG - 10 November 2026 - bunch, the AI-native fund operations platform for European private markets, today announced the completion of its transaction with Luxembourg Fund Services S.A. (“LFS”), following approval from the Commission de Surveillance du Secteur Financier (CSSF). bunch joins founder Massimo Longoni and CFE Finance Group (“CFE”) as a shareholder. Massimo Longoni becomes Chairman of the LFS Board, and bunch Co-Founder Levent Altunel joins the Board.

The closing of the transaction marks bunch's official arrival as a regulated fund administrator in Luxembourg. It brings together LFS' fifteen years of local expertise and long-standing client relationships with bunch's proprietary technology, which today serves more than 150 managers, 500 structures and 12,000 investors across Europe. LFS clients keep the team and service they know. Over the coming months, bunch’s technology will be introduced alongside it, starting with investor onboarding, capital calls and investor reporting, and extending to fund accounting and compliance.

Luxembourg is Europe's largest fund domicile and one of the world's most important centres for cross-border fund administration, built over four decades of trust, regulation and expertise. For bunch Co-Founder and CEO Enrico Ohnemüller, Luxembourg sits at the centre of a structural shift: “Europe needs significantly more capital, and much of it will flow through private markets rather than public ones”.

For bunch, the completed transaction establishes a meaningful long-term footprint in this instrumental market, where local relationships, regulatory expertise and operational reliability are essential, and where technology alone is not enough. The partnership with LFS adds deep fund administration, corporate services, transfer agency and domiciliation expertise to bunch's AI-native fund operations platform, making bunch Luxembourg's AI-native fund administrator: “people, software and AI working as one” said Enrico.

"Fund administration has always been a people business, and that will not change, because trust is a currency you can't buy," said Enrico. "What changes is what those people can do when software and AI work alongside them. Luxembourg built the fund product the world trusts. Now the market is asking for infrastructure that moves at its speed, and that’s what we’re here to build.”

“Today marks the beginning of the next phase of LFS’ development,” said Massimo Longoni, founder and Board Member of LFS, as well as founder of GE Lux S.A. (formerly Groupe Electa, “GE”), a corporate engineering and M&A firm with a 25-year history. Massimo affirms: “This milestone marks the beginning of the next phase, the 5.0, of LFS development. A construction that started more than a year ago, built fundamentally on the same positive values. Our partnership is rooted in a shared understanding of the relationships, service culture and local expertise that LFS has built in Luxembourg, together with its shareholders and the support of GE. With bunch’s technology and private markets capabilities, we are creating a stronger platform for our clients and positions the business well for future growth. My personal footprint to maintain assuring a legacy and continuity for the future of LFS and LFS’ stakeholders - our clients and people - to which we have been dedicating our last 15 years, is solidly grounded in this new enlarged partnership. I am proud that this partnership will secure its legacy and continuity.”

“Luxembourg doesn’t need another software vendor. It needs administrators who can take on more funds, more investors and more reporting without the error rate going up. That’s what we’re building with the LFS team,” said Levent Altunel, Co-Founder of bunch and Board Member of LFS.

Transaction Details. Under the terms of the agreement, bunch has acquired a shareholding in LFS Holding S.A., joining Mr. Massimo Longoni and CFE Finance Group in the ownership and management of LFS. The transaction has received all necessary regulatory approvals from the CSSF and closed on 23 October 2026.

bunch is the leading end-to-end infrastructure for European private markets. By combining AI-powered automation with deep domain expertise, bunch provides a single source of truth that replaces outdated, fragmented processes. Founded in 2021 and based in Berlin, London, Amsterdam and Luxembourg, the company operates across Europe, enabling fund managers and institutional investors to manage the entire fund lifecycle, from digital investor onboarding and capital calls to fund administration, fund accounting and tax reporting. Today, bunch manages over 500 investment structures for more than 150 asset managers across all major European jurisdictions.

Luxembourg Fund Services S.A. is a provider of fund administration, corporate services, transfer agency and domiciliation in Luxembourg, in partnership with bunch since October 2026. With a focus on boutique-style high-touch services, LFS has been supporting a wide range of alternative investment funds and institutional clients since its foundation in 2011.