Pascal Hernalsteen

Background

About Pascal Hernalsteen

Most value destruction in fund services M&A comes from risks that look manageable during diligence and become unfixable after close.I work with PE deal teams and operating partners acquiring fund services businesses, AIFMs, and private capital platforms across the Luxembourg–US corridor — from diligence through integration and commercial execution.Four things I focus on:1⃣ Commercial assumptions that don't survive operating reality.2⃣ Cross-sell stories that collapse post-integration.3⃣ Delivery capacity misaligned with the growth case.4⃣ People, governance, and regulatory risks that erode value before the first quarterly review: I stress-test positioning, margins, delivery quality, people risk, and regulatory constraints, then turn findings into a clear risk register and Day-1 prioritiesNot a deck that gets filed: I set governance, stabilize BAU, retain critical talent, and align operating standards across jurisdictions before value leakage takes hold: build growth plans that match real delivery capacity: 3 AIFMs built from license application to commercial operations. 30+ years across fund administration, custody, depositary, and post-acquisition integration in Luxembourg and the US, spanning open-ended mutual funds (UCITS), hedge funds, private equity, private debt, real assets, and OTC derivatives.If you're running diligence on a fund services asset or managing the first 100 days of an integration, let's talk.