Invest Europe

Retail investors / KID PRIIPS

Key policy areas

22 Dec 2025

The KID-PRIIPS (Key Information Document for Packaged Retail Investment and Insurance-based Products) Regulation requires fund managers who sell investment products to retail investors to produce a three-page document detailing the risk profile, as well as the expected performance of the product, and to disclose costs these investors would face when investing. For this purpose, retail investors are all investors that are not deemed professional under revised MiFID/MiFIR rules, which came into force in 2018.

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Policy KID PRIIPS Key policy areas

A EU Retail Strategy Investment strategy was recently approved which revised the KID framework, broadened the MiFID definition of a professional investor but steered the debates on "undue costs" imposed to retail clients.

Our opinion on this revision can be found here.

How does it affect private equity?

Because retail investors include some traditional investors in private equity, such as high-net-worth individuals or family offices, several private equity fund managers have to produce a KID for these individuals. Invest Europe has long argued that the production of a KID is not justified for investors who are sophisticated enough to invest in private equity and that changes to the MiFID definition of a professional investor were required.

MEMBER ONLY

KID PRIIPS member guide

Member guides

11 Jul 2022