Fundcraft Teams with Stella to Bring Alternative Assets to European Wealth Advisers

Luxembourg and France-regulated digital fund operations provider fundcraft has struck a partnership with Stella, a Paris-based private markets distribution specialist established in April 2026. The arrangement aims to help alternative asset managers launch and expand private markets strategies through wealth management channels across France and broader Europe.

The collaboration connects fundcraft's regulated infrastructure — it holds a CSSF licence as an AIFM and central administrator in Luxembourg and runs an AMF-authorised portfolio management company in France — with Stella's network of roughly 500 wealth advisers, private banks and family offices. That network includes CGPs, independent financial advisers, and single and multi-family offices. Stella's platform is being integrated with fundcraft's fund operations systems ahead of the first launch, scheduled for January 2027.

The strategic rationale centres on a structural shift in private markets distribution. According to BlackRock figures referenced in the announcement, more than two-thirds of EMEA wealth investors currently allocate only 0–5% of their portfolios to private markets. Allocations from high-net-worth and affluent investors are forecast to more than double by 2030, with over 70% of EMEA wealth investors expected to hold 5–20% in the asset class by that point.

That growth creates a meaningful operational challenge. Institutional private markets strategies were designed for a relatively small number of large investors, concentrated reporting relationships and a single domicile. Routing the same strategies through wealth channels means accommodating higher investor volumes, smaller ticket sizes, multiple distribution partners, unit-linked life insurance wrappers and differing regulatory requirements across markets.

Thomas Ibanez, country head France at fundcraft, said: "More investors, more distribution relationships and more jurisdictions quickly multiply the operational complexity. Stella understands that channel and has built a strong network around it, while fundcraft provides the regulated and digital infrastructure behind the funds. By connecting the two, we can support managers with a model that is not only suitable for one launch, but can be reused as they bring new strategies and vehicles to market."

The partnership is structured to avoid rebuilding the operating model for each new fund or market entry. Wealth-management partners already onboarded through Stella will be able to access successive fund launches through a consistent environment covering documentation, information and subscription workflows, while fundcraft handles regulated management, administration, investor operations and reporting.

The broader competitive landscape for private markets access infrastructure in Europe has grown significantly busier over the past two years. Several fund administration and fund-as-a-service providers are competing for the ELTIF 2.0 and semi-liquid fund buildout, and distribution-technology firms are also targeting the CGP and family office segment in France and the Benelux.

The ELTIF 2.0 framework, which came into force in January 2024, has materially lowered the minimum denomination threshold and expanded eligible assets, making the French and Luxembourg domiciles more attractive for retail-accessible alternatives. fundcraft already has live ELTIF 2.0 experience, having supported MIMCO's Makers fund and the Openstone Infraworld evergreen infrastructure vehicle.

Stella is a newly formed firm, incorporated in April 2026, and its network of 500 wealth advisers represents relationships under development rather than a fully contracted distribution book. Managers evaluating the partnership will want to track conversion of that network into committed subscription capacity as the January 2027 first launch approaches.

The structure of individual funds under the model, the specific managers involved and the ticket-size economics have not yet been disclosed. fundcraft currently supports nearly 300 funds, representing more than 20,000 LP subscriptions and close to €20 billion in commitments and subscription targets, across clients including Moonfare, Stableton and Rocket Internet.