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By Vincent REMY Julien DUBAR, EY Luxembourg*
As private debt becomes essential to financing Europe’s real economy, retailization is reshaping the fund industry. New hybrid structures are opening private markets to retail investors—blurring old boundaries and raising new challenges in liquidity, governance and investor protection.
For years, the fund industry has been organized around a clear divide: closed-ended structures for illiquid private assets aimed at professional investors, and open- ended vehicles offering liquidity to retail clients. That model is now being redrawn as retail demand for higher-yielding alternatives grows. Driven by regulatory reforms (such as ELTIF II(1)), managers are turning to semi-liquid fund models to...
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