KPMG and the Association of the Luxembourg Fund Industry recently released the third edition of their Private Debt Fund Survey (Report), which focuses on funds that operate in Luxembourg. The Report analyzes the size and makeup of the private debt market; the investor base; accounting and reporting practices; management fees; fund structures and mandates; the regulatory environment; tax developments that may affect the private debt market; and prospects for the private debt space. This article distills the key findings from the Report, with additional commentary from KPMG partners Julien Bieber and Valeria Merkel. See “ALFI Panel Examines the E.U. Alternative Investing Landscape” (Oct. 22, 2020); and “How Fund Managers Can Navigate Establishing Parallel and Debt Funds in Luxembourg in the Shadow of Brexit and Proposed E.U. Delegation Rules” (Jun. 14, 2018).