The European Fund and Asset Management Association (Efama) and law firm Arendt have published an updated version of their European Long-Term Investment Fund (Eltif) Frequently Asked Questions (FAQ) guide.
The guide shows the latest regulatory developments following the implementation of the revised Eltif framework in 2024.
The update incorporates regulatory technical standards issued by the European Commission and aims to guide asset managers and investors on portfolio composition, eligible assets, redemptions, liquidity management and the use of Eltifs within pension and insurance products.
The revised publication comes as policymakers seek to channel more capital into European priorities such as infrastructure, defence and corporate investment, they shared.
Usually, high-net-worth individuals, banks and insurance companies have been the primary users of Eltifs. However, distributors and asset managers are adapting their partnerships and distribution models to expand access to retail investors while ensuring appropriate risk disclosures and suitability assessments, Efama shared.
According to Scope research, the number of Eltifs has doubled, with strong growth recorded in Luxembourg, France, Ireland, Italy and Spain. The reforms have also attracted 56 asset management firms launching an Eltif for the first time. Assets under management in Eltifs reached approximately €34bn at the end of 2025, up by 55% from the previous year.
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Federico Cupelli, deputy director at Efama, said: “The new Eltif regime continues to deliver, both by widening the funding base for the European economy, as well as opening the way for greater retail investor participation. Efama hopes to contribute to this progress through the publication of our FAQ and the Eltif Forum we host annually for asset managers and policymakers. To really boost success, tax-friendly wrappers in certain jurisdictions have been a good development, but local distribution channels still need to fully adapt.”
Stefan Staedter, partner at Arendt & Medernach, said: “This updated edition aims to give the industry the practical certainty required to embrace the potential of the new regime and scale the distribution of private funds to retail investors across and beyond the EU.”
