Survey Reveals Strong Interest in European Markets Among US and UK Fund Managers

Discover the latest findings from a survey by Carne Group showing a near-consensus among fund managers to raise capital abroad in 2024.

In a recent survey conducted by Carne Group, it was revealed that 19 out of 20 fund managers are looking abroad to raise capital, indicating a strong interest in European markets among US and UK fund managers. The findings suggest that 2024 is poised to be a pivotal year for international fund management, with a near-consensus among fund managers across various asset classes planning to significantly increase their efforts to secure capital in overseas markets by 2024.

The survey highlighted that 96% of fund managers managing alternative assets, equity, and fixed income are planning to ramp up their capital-raising activities in international markets. Particularly noteworthy is the intention of US fund managers, with 18% expressing their plans to tap into continental Europe for capital raising purposes for the first time this year. Additionally, 30% of UK fund managers and 34% of US fund managers are eyeing the UK market as a new avenue for fundraising efforts.

European fund managers, excluding the UK, are also looking towards Britain, with 33% planning to raise capital there for the first time in the next 12 months. This shift has been facilitated by a recent announcement from the UK government, which has deemed EU states equivalent under its overseas funds regime, allowing EU Ucits funds to be marketed to UK retail investors.

The optimism among fund managers regarding fundraising activities extends across various fund types, with expectations for increased capital raising particularly high among real estate fund managers (83%), private equity funds (78%), private debt (66%), and hedge funds (56%). The survey also predicts that major fund domiciles, such as Luxembourg and Ireland, will experience strong growth as established hubs for Ucits and alternative investment fund structures, attracting capital from investors in the UK, Asia-Pacific, and the Middle East.

The survey, which collected data from over 200 senior executives overseeing assets worth $1.6 trillion across ten countries, was conducted between December 2023 and January 2024. The results indicate a significant shift towards international fund management and a positive outlook for fundraising activities in the coming year.