Fundamentals S.a.
Fundamentals S.A. is a Luxembourg-headquartered, CSSF-regulated Professional of the Financial Sector providing fund administration, corporate, capital market, and regulatory compliance services to asset managers, fund promoters, family offices, and high-net-worth clients across Europe, the US, and the Middle East.
- Company typePrivate
- Founded2016
- HeadquartersLuxembourg, Luxembourg
- Headcount1–10
- GTM typeB2B
- OfferingServices
What Fundamentals S.a. does
Fundamentals S.A. is a Luxembourg-headquartered, privately held, owner-operated provider of administrative, corporate, fund, and regulatory services to private, corporate, and institutional investors. The firm was incorporated in November 2016 as GH Services S.à r.l., rebranded to 'Fundamentals' in February 2020, and obtained specialized PSF (Professional of the Financial Sector) authorization from the CSSF in October 2022. Its offering is structured around four core service lines — Fund Services, Corporate Services, Capital Market Services, and Regulatory & Compliance Services — overlaid by seven sector practices covering private equity, venture capital, real estate, private debt, infrastructure, family offices, and private clients. The corporate structure includes a wholly-owned Luxembourg accounting subsidiary (Fundamentals Corporate Services S.à r.l.) and a US operating entity (Fundamentals Miami FJVA LLC).
The platform relies on the eFront investor portal for client reporting and statements, augmented by bespoke engagement models covering NAV calculation, audit support, SPV administration, securitization, CLO and direct-lending support, and ESG compliance (SFDR/CSRD). Cross-border coverage is delivered through offices in Luxembourg (headquarters), Milan (December 2023), Miami (January 2024), Dubai (December 2024), and a partner office in Malta (FJVA), with additional jurisdictional expertise across the Cayman Islands, Ireland, the UK, and Delaware. Senior staff are largely chartered accountants or qualified lawyers previously employed at IQEQ, Intertrust, Alter Domus, EY, KPMG Luxembourg, Waystone, Arendt & Medernach, CSC, and RSM Luxembourg.
Revenue is generated through subscription-based, à la carte fee schedules that are quote-driven per engagement and typically invoiced annually, with inflation-linked adjustments, a three-month termination notice, and 3% monthly late-payment interest. Go-to-market is direct, sales-led B2B targeting asset managers, fund promoters, management companies, family offices, and high-net-worth individuals; lead generation is supported by content marketing, LinkedIn, an Instagram channel launched June 2025, and earned media (Paperjam 'Inflight'). The company is privately held with no disclosed external funding rounds, has approximately 120 employees as of April 2026, and reports onboarding 80 investment funds over the trailing two-year window — up from an original team of 15 at founding.
Fundamentals S.a. firmographics
Firmographics- Name
- Fundamentals S.a.
- Legal name
- Fundamentals S.A.
- Website
- https://fundamentals.lu
- Company type
- Private
- Founded year
- 2016
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Fundamentals S.A. is a Luxembourg-headquartered, CSSF-regulated Professional of the Financial Sector providing fund administration, corporate, capital market, and regulatory compliance services to asset managers, fund promoters, family offices, and high-net-worth clients across Europe, the US, and the Middle East.
- Ownership category
- akta.pro rank
Fundamentals S.a. industry classification
Industry- Product category
- Fund Administration Services
- NAICS
- Other Financial Vehicles (52599)
- SIC
- Security Brokers, Dealers & Flotation Companies (6211), Asset-Backed Securities (6189)
- akta.pro primary industry
- Unit Registry & Transfer Agency for Alternatives (Private Funds, SPVs, Closed-End) (FSAAAMAK)
- akta.pro secondary industry
- AML/KYC, Investor Onboarding & Compliance Services (FSAAAMAE)
Keywords
Where Fundamentals S.a. is headquartered
LocationHeadquarters
- HQ city
- Luxembourg
- HQ country
- Luxembourg
- HQ region
- Europe
Offices5 records
Markets served
Fundamentals S.a. business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others
Revenue model
- Fund Administration Services: Comprehensive fund administration services including NAV calculations, audit support, regulatory reporting, and investor services. Billed on annual basis according to fee schedule, with fees adjusted annually for inflation.
- Corporate Services: Corporate secretarial, domiciliation, directorship, and compliance services. Includes incorporation, administration, accounting, tax compliance, and liquidation services.
- Capital Market Services: Securitization, SPV administration, direct lending support, project financing, CLO management, and paying agent services.
- Regulatory & Compliance Services: AML compliance, ESG reporting (SFDR/CSRD), risk management, and ongoing regulatory compliance support.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Annual | Customized service packages tailored to client needs |
Go-to-market motion1 record
Distribution channels1 record
Marketing channels5 records
Fundamentals S.a. product offering
Product offeringCore offering
Fundamentals S.A. provides administrative, corporate, fund, and regulatory services to private, corporate, and institutional investors active in alternative investment vehicles. Its service portfolio covers fund administration, fund accounting, depositary lite oversight, transfer agency and investor reporting, corporate domiciliation, directorship and governance, AIFM support, capital market transactions, KYC/AML compliance, and CSSF regulatory reporting. The firm delivers these services across five specialization sectors — Private Equity, Venture Capital, Private Debt, Real Estate, and Family Offices — to Luxembourg-based and cross-border fund structures.
Product overview
Fundamentals S.A. is a Professional of the Financial Sector (PSF) regulated by the CSSF, offering a comprehensive suite of financial administration and investment services. Its offering consists of four core service lines — Fund Services, Corporate Services, Capital Market Services, and Regulatory & Compliance Services — supplemented by seven sector-specific practices covering Private Equity, Venture Capital, Real Estate, Private Debt, Infrastructure, Family Offices, and Private Clients. Fund Services provides fund formation, directorship, investor services, secretarial, accounting, tax compliance, and governance. Corporate Services covers entity incorporation, administration, accounting, tax and reporting, liquidation, treasury, and governance. Capital Market Services handles securitisation, SPV administration, direct lending, project financing, CLOs, and paying agent services. Regulatory & Compliance Services provides outsourced compliance, AML, and ESG advisory (SFDR/CSRD). The four core services and seven sector practices are interlinked, with sector teams drawing on the core service infrastructure to deliver tailored solutions to clients in each vertical.
Differentiator
Problem solved
Functional benefit
Products and services
- Fund Services End-to-end fund administration, fund accounting, depositary lite oversight, transfer agency, and investor reporting services for Luxembourg-based and cross-border alternative investment funds. Designed for fund managers and institutional clients who require outsourced middle- and back-office fund operations.
- Corporate Services Corporate domiciliation, directorship, governance, and ongoing corporate administrative support for Luxembourg-based companies, holding structures, and special purpose vehicles. Designed for corporate clients and high net worth individuals maintaining Luxembourg entities.
- Capital Market Services Capital market-related services including AIFM-related support, KYC/AML execution, and marketing passport support for alternative investment fund managers distributing across European jurisdictions. Targeted at fund managers seeking cross-border distribution and regulatory execution support.
- Regulatory & Compliance Services Regulatory reporting, AML/CFT controls, compliance framework design, and ongoing compliance officer support services for Luxembourg regulated entities. Designed for fund managers, corporate entities, and family offices that need outsourced compliance leadership and CSSF reporting execution.
- Private Equity Sector Services Specialized alternative investment fund services tailored to Private Equity fund structures, covering fund administration, fund accounting, transfer agency, depositary lite oversight, AIFM support, and regulatory reporting for PE managers.
- Venture Capital Sector Services Specialized alternative investment fund services tailored to Venture Capital fund structures, including fund administration, fund accounting, transfer agency, depositary lite oversight, AIFM support, and regulatory reporting for VC managers.
- Private Debt Sector Services Specialized alternative investment fund services tailored to Private Debt fund structures, including fund administration, NAV calculation, depositary lite oversight, transfer agency, AIFM support, and regulatory reporting for private debt managers.
- Real Estate Sector Services Specialized alternative investment fund services tailored to Real Estate fund structures, including fund administration, SPV domiciliation, fund accounting, depositary lite oversight, and regulatory reporting for real estate managers.
- Family Office Sector Services Specialized integrated services tailored to Family Office investment structures, covering fund administration, corporate domiciliation, directorship and governance, transfer agency, depositary lite oversight, and regulatory reporting for single- and multi-family offices.
Quantifiable outcome
- Grown from 40 to 120 employees in two years, demonstrating client trust and market demand
- +2 more outcomes
Companies that use Fundamentals S.a.
Customer profileNamed customers3 records
Segments7 records
Ideal customer profiles5 records
Fundamentals S.a. technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature1 record
Fundamentals S.a. partnerships and signals
Strategic signalScale indicators4 records
Recent moves11 records
Expansion highlights6 records
Fundamentals S.a. competitors and assessment
Company assessmentDirect peers
- Ocorian: Specialist provider of fund administration, corporate services, fiduciary and trust services to alternative investment managers and high-net-worth clients, with operations across Europe, the Americas and Asia-Pacific. Matches Fundamentals' combination of fund administration and family office / private client focus.
- Vistra: Global corporate services and fund administration firm with significant Luxembourg and alternative-investment presence. Direct overlap with Fundamentals in SPV administration, corporate secretarial and fund administration for alternatives.
- Waystone: Provider of governance, fund administration, regulatory and compliance services tailored to the alternative investment industry, with strong Luxembourg and Irish presence. Overlapping service lines with Fundamentals across AIFMD ManCo, depositary oversight and compliance.
- JTC Group: Provider of fund administration, corporate services, private wealth and fiduciary services with strong Luxembourg and cross-border capabilities. Comparable in targeting alternative asset managers and family offices for fund and corporate administration mandates.
- IQ-EQ: Global specialist fund administrator and corporate services firm headquartered in Jersey with deep Luxembourg presence. Direct competitor across private equity, venture capital, real estate and debt fund administration, and former employer of multiple Fundamentals leaders (CEO Sylvain Jacquet, CFO Anne-Marie Lutz, Head of Transfer Agency Carole Dalla Valeria).
- Alter Domus: Luxembourg-headquartered specialist fund and corporate services provider focused on alternative investment funds (PE, VC, real estate, debt, infrastructure) and high-net-worth clients. Closest direct competitor by jurisdiction, service mix and target client base, and former employer of Fundamentals Senior Accounting Manager Arnauld Lambert.
- CSC (Corporate Services Company): Global corporate services, fund administration and trust provider following its 2022 acquisition of Intertrust. Competes directly with Fundamentals across fund administration, corporate secretarial, SPV formation and Luxembourg-domiciled services, and former employer of Fundamentals Head of Client Accounting Antonin Verschave.
Broad incumbents
- Apex Group: One of the largest global fund administration and financial services platforms, formed through aggressive roll-up of legacy providers including Sanne Group. Significantly larger than Fundamentals but operates in the same fund administration, corporate services, SPV and depositary categories.
- Citco Group of Companies (Citco Fund Services): Global provider of asset servicing, fund administration, custodial and corporate services with strong specialisation in alternative assets (hedge funds, private equity, real estate). Overlaps with Fundamentals on PE/RE fund administration while operating at significantly larger scale.
- TMF Group: Global corporate services and fund administration provider with broad jurisdictional coverage including Luxembourg and the UAE. Provides similar SPV, corporate secretarial and fund administration services at much larger scale than Fundamentals.
Market position
Strengths5 records
Weaknesses4 records
Competitive moat4 records
Key risks6 records
Key highlights6 records
Customer concentration
Fundamentals S.a. social profiles
Digital presenceFundamentals S.a. compliance and trust
Trust signalCompliance3 records
Fundamentals S.a. financial estimates
Financial estimateRevenue estimate
Valuation estimate
Fundamentals S.a. leadership team
Management profileNumber of profiles
Profiles7 records
Fundamentals S.a. subsidiaries and ownership
Company hierarchySubsidiaries2 records
Fundamentals S.a. funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Fundamentals S.a. M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Fundamentals S.a.
What does Fundamentals S.a. do?
Fundamentals S.A. provides administrative, corporate, fund, and regulatory services to private, corporate, and institutional investors active in alternative investment vehicles. Its service portfolio covers fund administration, fund accounting, depositary lite oversight, transfer agency and investor reporting, corporate domiciliation, directorship and governance, AIFM support, capital market transactions, KYC/AML compliance, and CSSF regulatory reporting. The firm delivers these services across five specialization sectors — Private Equity, Venture Capital, Private Debt, Real Estate, and Family Offices — to Luxembourg-based and cross-border fund structures.
Is Fundamentals S.a. a public or private company?
Fundamentals S.a. is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Fundamentals S.a. founded?
Fundamentals S.a. was founded in 2016. It employs 1 to 10 people.
Where is Fundamentals S.a. based?
Fundamentals S.a. is headquartered in Luxembourg, Luxembourg, in the Europe region.
How does Fundamentals S.a. make money?
Four revenue lines are on record. Fund Administration Services are the primary driver. The others are corporate Services, capital Market Services and regulatory & Compliance Services.
Who are Fundamentals S.a.'s main competitors?
Direct peers on record are Ocorian, Vistra, Waystone, JTC Group, IQ-EQ, Alter Domus and CSC (Corporate Services Company). Broad incumbents are Apex Group, Citco Group of Companies (Citco Fund Services) and TMF Group.
Does Fundamentals S.a. have an API?
No public API is recorded for Fundamentals S.a..
What industry is Fundamentals S.a. in?
Fundamentals S.a.'s product category is Fund Administration Services. Its primary akta.pro industry code is FSAAAMAK, Unit Registry & Transfer Agency for Alternatives (Private Funds, SPVs, Closed-End), with a secondary code of FSAAAMAE, AML/KYC, Investor Onboarding & Compliance Services. Its NAICS code is 52599 and its SIC code is 6211.