BERLIN & LUXEMBOURG - 2 July 2026 - bunch, the AI-native fund operations platform for private markets, today announced it has entered into a strategic partnership with founder Massimo Longoni and CFE Finance Group (“CFE”), joint owners of Luxembourg Fund Services S.A. ("LFS"), under which bunch will join Mr. Longoni and CFE as shareholders in LFS.

The transaction is subject to customary closing conditions and the receipt of all necessary prior regulatory approvals.

This is a positive and transformative step for both businesses. In a first of its kind transaction for Europe, the partnership combines LFS’ local service model with bunch’s AI-native private market platform. LFS’ leadership and existing shareholders Mr. Longoni and CFE will remain in place, to ensure full continuity in service for LFS’ long-standing client base, spanning institutional and alternative investment managers, private international groups, financial institutions, family offices and individuals. For LFS clients, the partnership therefore has the potential to provide access to infrastructure purpose-built for complexity — without foregoing the local expertise of LFS, Mr. Longoni and CFE and the relationships they rely on.

Luxembourg is Europe's largest fund domicile and one of the world's most important centres for cross-border fund administration. It also sits at the centre of a structural shift in private markets. New vehicles such as ELTIF 2.0 are giving a new class of private wealth investors access to funds. AUM across alternatives is forecast to reach $32 trillion by 2030 and, combined with increased access for private wealth investors, means that fund managers will be asked to serve more investors, deliver more reporting, and manage greater complexity on legacy systems. 

For bunch, the partnership establishes a meaningful long-term footprint in this instrumental market, where local relationships, regulatory expertise, and operational reliability are essential. The partnership also adds deep fund administration, corporate services and domiciliation expertise to bunch's private markets operating platform in Luxembourg. Meanwhile, LFS will have the opportunity, subject to any applicable prior regulatory approvals, to access AI-native software and proprietary technical capabilities and to serve their existing customers across onboarding, compliance, capital calls, reporting, fund accounting, investor communications and the complete funds lifecycle.

This one-of-a-kind partnership, between an AI-native private markets platform and an established Luxembourg fund administrator, brings together LFS' expertise and bunch's private markets operating platform. It ultimately aims to give clients exclusive access to the best of both models: high-touch local support and a scalable, technology-enabled operating environment. bunch aims to fully roll out its technology across LFS over time.

“Luxembourg is a cornerstone of European private markets, but the industry’s operating infrastructure has not kept pace with the complexity now facing fund managers," said Enrico Ohnemüller, CEO and Co-Founder of bunch. “That is what makes this partnership so compelling. LFS has built a highly respected Luxembourg business with deep client relationships and specialist local knowledge. By combining that foundation with bunch’s AI-native private markets platform, we strive to give clients the best of both worlds: continuity of high-touch local service, and a modern operating infrastructure built for the complexity of cross-border private markets. This is an important step in our ambition to build the leading operating platform for private markets in Europe.”.

"We are excited about and looking forward to our partnership with bunch in 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. " A journey that started more than a year ago is built fundamentally on the same positive values – it is rooted in a common understanding in the value of the relationships, service culture and local expertise that LFS has built in Luxembourg, together with its shareholders and the support of GE. With its proprietary technology, investment capacity and broader private markets capabilities, we believe this partnership, through customised continuity of services and the combination of our dedicated, skilled teams, creates a stronger platform for our clients and positions the business well for future growth. My personal footprint to leave a legacy and continuity for the future of LFS and LFS’ stakeholders — our clients and people — to which I have dedicated my last 15 years, is solidly grounded in this new enlarged partnership.".

“RiverRock has been a client of LFS for the last few years and we have appreciated the professional services provided by LFS," added Luca Di Rico, CEO of RiverRock. “The combination of LFS's trusted, high-touch service model and bunch's AI-native platform would further strengthen the quality of the support that an institutional grade private market player such as RiverRock would require to satisfy the increasing demand for robust and reliable infrastructure that institutional allocators are seeking.".

bunch is disrupting legacy fund operations by giving PE and VC fund managers one integrated, digital operating layer across the fund lifecycle. Built in Europe for complex, multi-jurisdictional private markets operations, the platform combines specialist expertise, proprietary software and AI-native infrastructure to help managers scale across jurisdictions, entities, investor groups and regulatory requirements. bunch’s platform can ingest unstructured fund documentation, extract and structure key data, and retain traceability to source documents while keeping human oversight in critical workflows, reducing manual processes while preserving auditability and control.

Transaction Details. Under the terms of the agreement, bunch will acquire ownership stake in LFS Holding S.A., joining Mr. Massimo Longoni and CFE Finance Group in the ownership and management of LFS. Completion of the transaction as well as the future combined offering of LFS and bunch is subject to the receipt of all necessary prior regulatory approvals from the relevant authorities. The transaction, which is pending completion of customary closing conditions, is expected to close in H2 2026. Until completion, bunch and LFS will continue to operate as separate businesses, while preparing for a careful transition following approval.

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. With a focus on boutique-style high-touch services, LFS supports a wide range of alternative investment funds and institutional clients, since its foundation in 2011.

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