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Francesca Raffa
Co-Head of Luxembourg and Director, Private Equity

Fran is Co-Head of Luxembourg and a member of the Luxembourg leadership team at Aztec Group. In this capacity, she plays a leading role in the evolution of the Group’s Private Equity and Private Credit strategy, driving system enhancements, advising on policies and supporting business development both in the Luxembourg market and globally.

In addition to her leadership responsibilities, Fran is also a highly effective Client Relationship Lead, overseeing key client relationships across both Private Equity and Private Credit accounts. In this role she manages a broad range of the Group’s core outsourcing activities, including fund launches, investor onboarding and client communications.

Background and experience

Prior to being appointed Co-Head of Luxembourg and Client Relationship Lead in April 2026, Fran had served as Head of the Luxembourg Private Credit team since 2022, and before that as Associate Director, responsible for managing a portfolio of Private Credit clients. Fran has been part of the Aztec team since 2014 developing and enhancing the Group’s profile across the European market. Prior to joining the Group, Fran spent several years working as a tax consultant, advising a portfolio of clients on international tax issues.

Qualifications

  • Master’s in Advanced European Studies from the European College of Parma.
  • Bachelor’s degree in Law from the University of Bologna.

Outside of the office

Fluent in Italian, German, French and English, Fran loves to travel and enjoys exploring the historic sights of Europe and Asia. She is also a keen writer, publishing an Italian blog and indulging her passion for photography to illustrate her travels around the world.

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