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Alternative Market Briefing

European Union launches long term investment fund type and guidelines for infrastructure projects

Friday, June 28, 2013

Bailey McCann, Opalesque New York:

The European Union wants to get more investors interested in long term investments as it prepares to build out its infrastructure project pipeline. In order to do this, the European Commission is proposing the creation of private European Long-Term Investment Funds (ELTIFs) which would only invest in businesses that need money to be committed to them for long periods of time. The proposal will be presented to the Heads of State and Government at the upcoming European Council where long-term financing of the real economy is on the agenda.

The new Funds would be available to all types of investor across Europe subject to certain requirements set out in EU law. These requirements include the types of long-term assets and firms that the ELTIFs are allowed to invest in, for example infrastructure, transport and sustainable energy projects, how they have to spread their money to reduce risks and the information they have to give to investors. Any ELTIF manager would also have to comply with all of the stringent requirements of the Alternative Investment Fund Managers Directive to provide adequate protection for its investors.

The retail investor demand for infrastructure funds is uncertain although the EU could invest as much as €2tn, according to the Financial Times. The Commission has ......................

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