CASE STUDY
The client, their challenge
Our client, the European arm of a global exchange-traded fund (ETF) manager with an established venture fund in the U.S., sought to replicate their structure in Europe by launching a private assets European long-term investment fund (ELTIF) accessible to both retail and professional investors. The fund’s strategy focuses on venture-stage companies driving innovation in genomics, AI, automation, manufacturing, transportation, energy and advanced materials.
The manager viewed the ELTIF as an opportunity to democratise venture capital. Unlike traditional venture funds, this structure would enable investors to subscribe daily for units, a significant departure from standard private markets access.
The challenge was twofold: first, to navigate the operational and regulatory requirements introduced by ELTIF 2.0, and second, to ensure the fund’s infrastructure could support daily subscriptions whilst maintaining robust liquidity management for both retail and institutional investors.
Our solution
Our Ireland fund management team was appointed to deliver a fully integrated solution, assuming the roles of:
- Third-party alternative investment fund manager (AIFM)
- Pre-marketing and marketing partner
Our services included
- Structuring and onboarding support tailored to ELTIF 2.0 requirements
- Pre-marketing outreach to prospective investors across Europe, successfully securing commitments of intent ahead of the launch
- AIFMD passport applications across multiple European jurisdictions to enable ongoing cross-border distribution
- Liquidity management framework design aligned with ELTIF 2.0 Regulatory Technical Standards (RTS) for semi-liquid products
- Coordination with legal counsel, custodians and distribution networks to ensure operational and regulatory readiness
Our model provided the flexibility, regulatory robustness and market access needed to support an innovative, retail-accessible private markets vehicle.
Results
- Regulatory innovation: Successfully structured the fund to accommodate daily subscriptions, a pioneering feature for democratising venture capital, by adhering to the liquidity management frameworks set out in ELTIF 2.0 RTS
- Accelerated time-to-market: Enabled the client to launch in Ireland, a jurisdiction known for its speed-to-market and regulatory flexibility for ELTIFs
- Strong investor demand: Strategic pre-marketing generated significant commitments from prospective investors, positioning the fund strongly ahead of its official launch
- Market differentiation: Established the client as a first mover in offering retail investors daily liquidity access to private assets, aligned with ELTIF 2.0’s goal of democratising private markets
