How Gimpel Private Markets built an institutional-grade private markets platformFive years of growth. One consistent foundation.
OverviewSupporting private markets growth from the outset
In five years, Gimpel Private Markets has grown from a newly established Luxembourg-based AIFM to one of the country's leading ManCos, with approximately EUR 20 billion in assets under management. Central to that growth has been a risk, reporting and analytics infrastructure built in partnership with MSCI from the outset — one that has scaled alongside the business without requiring costly redesigns along the way.
From an early-stage private markets entrant to a rapidly established player in Luxembourg’s third-party ManCo market within five years.
A long-standing relationship built from inception, not retrofitted at scale.
Designed to support robust risk oversight, reporting and governance.
ChallengeEstablishing institutional credibility in a competitive market
When Avega Capital Management (now Gimpel Private Markets) entered the Luxembourg market in 2020, its founding team faced a challenge common to new AIFMs: how to compete for institutional capital against far larger, more established players.
A central focus was transparency. Rather than building reporting and risk capabilities incrementally, Gimpel committed to delivering rigorous oversight from the start — consistent reporting across multiple private asset strategies, a risk management framework suited to illiquid assets, and governance standards that would hold up to scrutiny from the most demanding LPs and GPs.
That ambition required the right infrastructure partner from the beginning.
ActionAn integrated private assets platform built for scale
Gimpel embedded MSCI's risk and reporting tools at the foundation of its platform in 2021. From that base, the scope of the partnership has expanded steadily — encompassing private assets intelligence, benchmarking, portfolio risk analysis, risk management reporting and broader governance analytics.
As Gimpel's AUM grew, capabilities were layered on without disrupting the underlying infrastructure. Gimpel's feedback also fed directly into shaping enhancements to MSCI's private assets capabilities, reflecting a strategic collaboration rather than a standard vendor relationship.
"When we started to build out our operations, it was clear that we needed to provide added value to institutional LPs above and beyond what a typical management company provides. We put transparency at the core of our value proposition. MSCI was our go-to partner, since they put the needs of LPs above anything else, and convinced us with their combination of technology and deep understanding of private markets."
— Nic Müller, Founder & CEO, Gimpel Private Markets
What MSCI delivered
Private i Portfolio Management
Centralize and standardize private asset data in a single hub to support clearer portfolio decisions.
Transparency Data
See through to underlying holdings with a transparent look‑through dataset for analytics, forecasting and risk views.
Private Capital Intel
Benchmark performance and risk with one of the largest private capital datasets for pacing, allocation and reporting.
ImpactFive years of growth, one consistent foundation
Since 2021, Gimpel Private Markets has grown to approximately EUR 20 billion in AUM, establishing itself as one of MSCI's largest ManCo clients in Luxembourg — without ever needing to redesign its risk architecture mid-journey. That growth has been underpinned by four consistent outcomes:
Efficiency — Risk and reporting capabilities scaled alongside AUM growth, with no need to pause for infrastructure overhauls.
Clarity — Independent risk analytics and transparent reporting have given LPs the detailed, decision-relevant insights they expect from a larger institution.
Rigor — Governance standards suited to institutional clients have been in place from the outset, not bolted on after the fact.
Partnership — An ongoing exchange of ideas between Gimpel and MSCI teams has shaped the development of both the platform and MSCI's broader private assets capabilities.
“As we grew in size and complexity, MSCI was always a partner on our side — we regularly exchange ideas that might turn into further service offerings, just as we gain insights through meaningful discussions with their expert teams."
— Nic Müller, Founder & CEO, Gimpel Private Markets
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1 Gimpel Private Markets (formerly Avega Capital Management / ACM AIFM) is a client of MSCI Inc. and consented to its inclusion in this use case. Gimpel did not receive any compensation in connection with this article. Any results achieved by Gimpel are specific to its use case and are cited for informational purposes only. Other users' experience and outcomes can vary significantly.