Jurisdictions
Regions
Industry Sectors
20/08/24
From Features
Investment Funds
Europe
The Recast ELTIF: Opening Of Private Market Investments For Retail Investors In Europe
Conor Durkin
Pinsent Masons, Ireland
The European Long Term Investment Fund (ELTIF) is a specialised investment fund that provides investors with access to long-term investments such as private equity, infrastructure or real assets. An ELTIF is an alternative investment fund that is subject to the EU's Alternative Investments Fund Managers Directive (AIFMD). ELTIFs have the benefit of an EU marketing passport and they are unique as they are the only type of fund that may be marketed to both retail and professional investors.
An amending regulation to the European Long-Term Investment Funds Regulation (Revised ELTIF Regulation) applies from 10 January 2024. The aim of the Revised ELTIF Regulation is to encourage long-term investments in the real economy, which includes listed and unlisted private companies, infrastructure projects, and real estate that may require long-term capital investment. ELTIFs have the potential to address financing required for environmentally sustainable investments. The Revised ELTIF Regulation provides retail investors in the EU an opportunity to invest in private market investments and infrastructure funds, which to date was not available to the retail market.
The Rise Of NAV Lending In Asia
In recent years, the Asian private equity landscape has experienced significant growth and evolution…
Around The Jurisdictions
Venture Capital
Guernsey: The Choice For Venture Capital Funds
Andrew Tually
Carey Olsen
Guernsey has established itself as a premier jurisdiction for investment funds, offering proportionate, principle-based regulation, a neutral tax environment, speed to market, and competitive ongoing costs.
With respect to venture capital (VC) funds in particular, recent research conducted by global law firm Proskauer Rose LLP has revealed that Guernsey remains the most prevalent jurisdiction for European VC funds, with twice as many funds raised in Guernsey during 2022-2023 as compared to the next most popular jurisdiction.
As the leading legal adviser to Guernsey’s investment funds sector by both number of funds advised and by assets , we believe this trend is attributable to the following features of the Guernsey investment funds landscape:
• Easy-to-understand range of fund structures to suit closed-ended, open-ended and semi-liquid strategies.
• Reasonable and proportionate regulation.
• Neutral tax environment.
• Ease of attracting international investors via an internationally-recognised structure.
• Guernsey's competitive edge with respect to costs and timings for the establishment and regulation of fund vehicles (NB: regulatory approvals can be obtained in one business day).
