CASE STUDY
The client, their challenge
Our client, a top European insurer-affiliated asset manager with over €500 billion in assets under management, was preparing to launch an evergreen private debt fund under the new ELTIF 2.0 framework. The fund was designed to serve the long-term investment needs of French life insurers and wealth management advisors, offering exposure to both fund-of-funds and direct private debt strategies.
The challenge was twofold: first, to navigate the operational and regulatory complexity introduced by ELTIF 2.0, and second, to ensure the fund’s infrastructure could support an open-ended structure with institutional-grade governance, valuation and reporting. The client needed a trusted partner to assume key regulatory and operational roles while maintaining the high standards expected by French regulators and insurance investors.
Our solution
In August 2024, IQ-EQ France was appointed to deliver a fully integrated solution, assuming the roles of:
- Third-party alternative investment fund manager (AIFM)
- Central administrator
- Independent valuer
Our services included:
- Structuring and onboarding support tailored to ELTIF 2.0 requirements
- Ongoing NAV calculation and fund accounting for an evergreen private debt strategy
- Independent valuation of both fund and direct investments
- Regulatory reporting and investor servicing aligned with French insurance and wealth management standards
- Embedded risk and compliance oversight through our AIFM platform
- Coordination with custodians, legal counsel and distribution networks to ensure operational readiness
Our model provided the flexibility, scalability and regulatory robustness needed to support a long-term, open-ended private markets vehicle.
Results
- Accelerated time-to-market: Enabled the client to be among the first to launch an ELTIF 2-compliant evergreen private debt fund in France
- Regulatory confidence: Delivered a structure that met AMF expectations and institutional due diligence standards
- Operational continuity: Ensured seamless administration, valuation, and compliance from day one
