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One year following the entry into force of EU Regulation 2015/760 of the European Parliament and of the Council of 29 April 2015 (the “Regulation”) on so-called European Long Term Investment Funds (“ELTIFs”), the first Luxembourg ELTIF vehicles were recently approved by the CSSF.
As the approval of these first vehicles clearly demonstrates, the ELTIF framework constitutes an interesting add-on to the Luxembourg fund toolbox, expanding the marketing passport for professional investors that was granted by the Alternative Investment Fund Managers Directive (“AIFMD”) to qualified retail investors. The adoption of the Regulation actually marks a significant development in EU retail market policy by supporting, for the first time, a harmonised, retail oriented AIF product(1)...
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