Academy GlossaryStructures

What is an ELTIF?

An ELTIF, a European long-term investment fund, is an EU fund label for long-term investments such as private companies, infrastructure and real assets, which can be marketed across the EU and, under conditions, to retail investors.

In practice

ELTIFs were created by Regulation (EU) 2015/760, which has applied since December 9, 2015, and reformed by Regulation (EU) 2023/606, which applies from January 10, 2024. Investors generally cannot redeem before the end of the fund’s life, though fund rules may allow early redemptions under conditions. Selling to a retail investor requires a suitability assessment, and a written warning where the fund’s life exceeds 10 years.

An example

Round numbers, not a real fund

Say an ELTIF raises €100 million. At least 55%, or €55 million, must go into eligible long-term assets such as qualifying private companies or real assets. Simple example. Terms vary by fund.

Why it matters

It is a way to offer private-markets funds to individual investors across the EU, so its rules shape what those investors can buy.

In practice

An example

Why it matters

In the news