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Bailey McCann, Opalesque New York: France is making a big push to be a key domicile for European Long-Term Investment Funds according to participants at the recent Opalesque France Roundtable. The funds are designed to give investors a place to put money with a private equity-like time horizon.
"France is sometimes ahead of a lot of european countries, like for the new format of European Long-Term investment Funds (ELTIF). We are the first country to domicile the first three ELTIF funds, so also here you can see that financial innovation is more than welcomed in France," says Xavier Parain, Head of the Asset Management Department and Deputy Secretary General, AMF.
In addition to being a source for long-term allocations, the ELTIF funds can be an option for investors that are interested in direct lending and private credit. According to Parain, recent guidance allows for asset managers to originate loans and do direct lending.
Parain adds that the push for ELTIF funds comes alongside a broader initiative to make the French fund industry more competitive overall. "We created a group which we called in French "FROG", headed by Didier le Menestrel who is one of the key leaders of the asset management industry in France. We are keen to have a lot of new regulatory tools or new initiatives on French funds to be sure that they are of course robust on one side and are investor protection oriented," he said.
Philippe Paquet, Managing Director, NewAlpa, an investmen...................... To view our full article Click here
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