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By Frank VAN KUIJK, Guillaume Benoit and Megane Lindecker, Loyens Loeff Luxembourg
Many US fund sponsors wish to tap into the European professional investor market, but they are reluctant to incur material upfront costs before it’s known whether a fundraising effort in Europe will be successful. Hence, testing investor appetite through pre-marketing efforts is key.
Since August 2021, there is a uniform definition of ‘pre-marketing’ across the EU and an EU pre-marketing passport can be obtained. The EU definition of pre-marketing is detailed, but broadly boils down to the effort of testing EU investor interest for an investment idea or strategy, whereby prospective EU investors cannot be presented with (nearly) final documents.
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