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By Foteini BILOROGLOU, Associate and Matthias KERBUSCH (portrait), Partner, Dechert (Luxembourg) LLP
The European long-term investment fund (ELTIF) which was first introduced in Regulation (EU) 2015/760 (the ELTIF 1.0) constitutes the sole non-sector specific European-wide fund product which can be marketed to retail investors in Europe under a unique marketing passport regime. It therefore serves as a key tool in the “retailisation” of private funds in the European Economic Area.
During the past years, however, the attractiveness of ELTIFs has been very limited. Among the several disincentives under ELTIF 1.0, the lack of a flexible liquidity mechanism has to a certain extent discouraged stakeholders to engage with the ELTIF.
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