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By Dr. Marcel BARTNIK, Partner Olivier AMREIN, Counsel, Bonn Schmitt
The European long-term investment fund (“ELTIF”) is a fund regime that was initially introduced in 2015 by the EU Regulation 2015/760. It was intended to fill the gap that existed between the retail world of UCITS and alternative investment funds (“AIFs”) in the sense that, under certain conditions, it allowed retail investors to invest into certain types of alternative assets – and to market such fund in the EU by way of a passport similar to the UCITS and AIFMD passport.
While that was a good idea in theory and also greeted with some enthusiasm at first, the provisions of the initial ELTIF regime revealed themselves to be so restrictive that it was entirely...
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