Global fundraising trends: US managers look to Europe and Middle East

While Europe is still centre stage for overseas fundraising, US and Canadian asset managers are increasingly eyeing opportunities in the Middle East. Ocorian’s Thomas Fahl, Lynne Westbrook, and Gerry Warwick look at geographical fundraising trends, the drivers, and how Ocorian can help whether you’ve just set up or are scaling and looking to raise funds overseas.

As macroeconomic pressures intensify across North America, Europe remains attractive for asset managers seeking to raise capital, even while jurisdictions such as the Middle East rise in favour. For many private equity and venture capital managers, it’s no longer a question of if they should include European fundraising, but how fast they can mobilise.

According to Ocorian’s latest survey^[1], 93% of mid-market North American private equity and venture capital executives expect to attract capital from new geographic regions over the next two to five years. The clear leader remains Europe, with 85% of US and Canadian fund managers expecting to increase fundraising from Europe over the next five years, while the Middle East is on the rise, with 57% expecting first-time interest from the Middle East over the next five years.

Europe is host to strong consumer bases and mature institutional investment pools. The European Union alone accounted for approximately 14% of global GDP in 2024^[2], making it a critical market for global capital allocation.

“No one should ignore Europe when it comes to fundraising,” remarks Thomas Fahl, Global Head of AIFM Services at Ocorian. “Europe is home to sophisticated LPs and institutional investment frameworks that support long-term commitments, as well as deeply experienced service provider partners, like Ocorian.

“What’s interesting is that we’re talking about a significant time horizon here, with 93% of mid-market North American asset managers expecting to attract capital from new geographic regions over the next two to five years, mostly in Europe, and this is driven by several factors. The fundraising cycle for private equity fund managers is continuous, with brief pauses between closing funds and starting new ones. Europe is an attractive fundraising landscape due to its significant economic size and the presence of institutional investors with deep pockets.

“Recent market shifts, such as changes in interest rates and the valuation of public assets, have led to increased exposure to illiquid assets like private equity and real estate. This has caused some discomfort among fund managers, prompting them to diversify their investor base and look beyond domestic US markets.

“Additionally, the importance of risk diversification and the desire of some managers to find investors who are easier to do business with, given the increasing demands from large domestic investors, cannot be overstated.”

Diversification meets demand

Fundraising pressures are pushing many North American GPs to be innovative about their capital-raising strategies and growth paths.

• Diversification demands: 61% asset managers see the benefit of broadening their investor base, with 43% highlighting European institutional dry powder as a key incentive for fundraising in the region.

• US investor demands: Investors want granular forecasts and intensified reporting so managers fundraising in Europe need experienced, technology-led partners who can partner with them as they scale.

• Global uncertainty: Recent political and economic volatility in the US makes Europe’s regulatory rigour and comparative political stability attractive.

“Getting into foreign capital can be a game changer for North American asset managers needing to bring their funds to market faster,” says Lynne Westbrook, Head of Fund Services, at Ocorian. 

“Managers are finding that diversifying their investor base is both an attractive and often essential strategy and one we are well placed to support.

“This diversification not only provides access to a broader pool of capital but also helps mitigate risks associated with market volatility. For instance, many managers are looking to Europe, particularly Luxembourg, due to its robust legal and regulatory framework, which offers a favorable tax environment and well-defined due diligence processes.

“Moreover, the speed of setting up structures in Luxembourg, such as SPVs and AIFs, is a significant advantage, allowing managers to quickly raise capital and enter the market. Additionally, the familiarity and compatibility of Luxembourg's practices with those in the US make it an attractive entry point for US managers.

“In the Middle East, having boots on the ground is becoming increasingly important as it demonstrates commitment and provides better connectivity with local investors. This region, along with Europe and Asia, is seeing a significant increase in capital raising activities, highlighting the global nature of today's investment landscape.

“At Ocorian, we are well-equipped to support managers in navigating these diverse markets, providing the necessary expertise and infrastructure to ensure a seamless entry and ongoing success in foreign jurisdictions.”

Infrastructure for international fundraising

The European fund administration landscape offers flexible, scalable, and compliant solutions tailored to North American needs.

Parallel fund structures in Luxembourg and Ireland mirror Delaware and Cayman vehicles, supporting smooth onboarding and capital raising across jurisdictions.

Fund documentation can remain in English even in non-English-speaking countries, greatly simplifying operations for North American managers.

Hybrid operational models allow firms to retain core functions in the US and Canada while meeting European regulatory obligations, enabling continuity, efficiency, and control.

“You can operate in a fully compliant environment, in English, without losing control,” explains Fahl. “There’s real flexibility for managers entering Europe for the first time.”

Fund administration services: Jurisdictional highlights

Luxembourg:

The leading hub for private equity, infrastructure, and real estate, Luxembourg offers:

1. Compatibility with North American-style fund terms (e.g., waterfalls, cap counts, carried interest)

2. Scalability and regulatory certainty

3. A deep pool of institutional investors and advisers

Ireland:

Dublin remains a stronghold for:

1. Hedge funds, ETFs, and open-ended debt strategies

2. Niche or continuation strategies

3. Experienced hedge fund administrators and robust compliance frameworks

Jersey:

Jersey is especially attractive to:

1. Emerging managers raising smaller funds (€15m–€40m)

2. Sponsors focused on real estate or Islamic finance

3. GPs seeking a cost-effective entry point with excellent regulation

“Jersey offers world-class service providers and a straightforward regulatory regime offering great quality, value, and agility,” says Gerry Warwick,  Director, Fund Services UK and Channel Islands at Ocorian. “The Ocorian team in Jersey comprises specialists in structuring for real estate investment as well as Islamic finance expertise.

“Jersey is a very stable jurisdiction with excellent regulation. What’s unique is that the regulators here are not just rigid rule enforcers; they’re flexible and engage constructively with service providers on the island, of which there are many high-quality firms.

“There’s a great cadre of professional advisors: lawyers, trust specialists, fund administrators like ourselves, and accountants, all operating at a very high level. The combination of regulatory stability, legislative consistency, and the strong working relationship between regulators and service providers makes Jersey an attractive place for fund managers and investors seeking a full-service offering.

“At Ocorian, we engage regularly with the Jersey Financial Services Commission (JFSC) and with Jersey Finance to keep abreast of their thinking and keep them tuned in with ours; the intimate and collaborative environment of professional excellence really makes for unique opportunities for asset managers looking to diversify their investment book.”

Ocorian recently announced its appointment to administer Apache Capital Partners’ UK build-to-rent funds and the team were praised for their expertise, technology-enabled approach, and scale across jurisdictions.

Pre-marketing: Insights for asset managers

The 2021 EU pre-marketing directive formalised a once-grey area. Asset managers from the US and Canada raising funds in Europe require structured processes and must work with a regulated partner to conduct compliant pre-marketing.

1. “Chaperoning” by a regulated entity – such as Ocorian – is best practice

2. Campaigns, even if unsuccessful, provide critical investor insight to the asset manager

3. The risks of mis-selling or regulatory oversight are too high to ignore

In 2024, 73% of North American fund managers said^[3] they found pre-marketing “more” or “much more” attractive than fully setting up at the outset, citing lower cost and faster feedback loops. In Ocorian’s 2024 survey, 66% of managers indicated they use pre-marketing to test European interest before full setup, and 69% say their pre-marketing will increase.

“We front-load much of the work because that’s where reputational and legal risk is highest,” says Fahl. “Compliance gives managers peace of mind, and investors, confidence.”

A changed fundraising landscape

The path to fundraising success is now slower but more strategic – and it’s now truly global. Ocorian’s survey found:

1. 93% of North American GPs expect to attract capital from new regions

2. 57% anticipate first-time interest from the Middle East

3. Only 7% say they are not planning to raise capital abroad

Many managers now report 18-month fundraising cycles as standard.

“Capital hates uncertainty; in such a market environment, careful preparation, guided and supported by an experienced partner such as Ocorian is a key element of success for any asset manager looking to raise funds in Europe when investor appetite resurges,” says Fahl.

How Ocorian can support your cross-border success

With deep experience in delivering fund administration services across Europe, Ocorian provides:

1. Fully integrated solutions for asset managers spanning fund and SPV administration, domiciliation, directorships, accounting, FATCA compliance, AIFM services, plus pre-marketing & marketing services for alternative investment funds  

2. Local insight and regulatory expertise across Luxembourg, Ireland, Jersey, the Middle East, and beyond

3. Technology-enabled efficiency and hybrid operations tailored to your needs

“We work with North American managers who are both launching their first European fund and those already scaling globally,” says Westbrook. “Our role is to help them grow confidently, compliantly, quickly, and successfully.”

Ocorian is your partner in cross-border fund expansion. Explore our full suite of fund administration services and discover how we help North American asset managers succeed in Europe and beyond.

^[1] In May 2025 Ocorian commissioned independent research company PureProfile to interview 100 senior venture capital and mid-market private equity professionals in the US and Canada working for firms with $335.25 billion assets under management

^[2] EU Economic Data | 2025 | Data | World Economics

^[3] Ocorian commissioned independent research company PureProfile to conduct research with 100 senior executives at alternative fund managers focusing on private equity, private debt, real estate, venture capital and infrastructure in the US and Canada, collectively responsible for $1.591 trillion assets under management during April 2024.