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Long-term investment funds



The ELTIF Regulation came into force in 2015 and created a new European product framework for both professional and retail investors looking to invest in long-term assets. To qualify as an ELTIF, a fund must first be an Alternative Investment Fund and then meet certain other conditions. Eligible investments include debt and equity instruments in all unlisted companies, as well as real assets such as infrastructure. 

A review of the ELTIF framework was introduced on 25th November 2021, introducing important changes to the framework at the request of the industry:

• Broadening of eligible assets and of eligible investors
• Amendments making it easier for ELTIF Fund-of-funds to be set up
• Eased diversification and concentration requirements (and removal of some of these requirements for professional-only ELTIFs)
• Increased borrowing limits (and exclusion of borrowings backed by uncalled commitments from the calculation)
• New rules on conflicts of interest favorable to co-investments
• New redemption facilities at managers’ discretion

How does it affect private equity?

The Regulation provides opportunities for private equity managers to establish a new product under the ELTIF label. While this involves complying with both the AIFMD and the ELTIF Regulation, it may be attractive for some AIFMs to use the strength of the ELTIF brand to attract a wider pool of backers, particularly retail investors.

Interested in the ELTIF?

ELTIFs member guides

Invest Europe offers its members exclusive guides to policy, compliance, and many current issues affecting the industry.

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ELTIF library

Positions & consultation responses

Joint EFA/Invest Europe letter on ELTIF & fintechs

09 Feb 2022
Download PDF 168.09 KB
Position paper

ELTIF Position Paper

23 Jan 2022
Download PDF 334.92 KB

Speech by Eric de Montgolfier at the ECMI Annual Conference 2021

02 Dec 2021
Download PDF 198.47 KB
Positions & consultation responses

Response to EC Consultation on the ELTIF Review

19 Jan 2021
Download PDF 625.94 KB

Capital Markets Union Key Performance Indicators - Third Edition 2020

28 Oct 2020
Download PDF 5.12 MB
Positions & consultation responses

Comments on the Capital Markets Union

30 Jun 2020
Download PDF 283 KB
Positions & consultation responses

Position Paper on the cross-border distribution of funds legislation

07 May 2018
Download PDF 473.57 KB
Positions & consultation responses

Response to Commission Consultation on "Reducing barriers to cross-border distribution of investment funds”

14 Jul 2017
Download PDF 394.9 KB
Positions & consultation responses

Response to Capital Markets Union Mid-Term Consultation

17 Mar 2017
Download PDF 446.9 KB
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