What is an ELTIF? — European Long-Term Investment Fund (EU)
An ELTIF is an EU fund label under Regulation (EU) 2015/760, as overhauled by Regulation (EU) 2023/606 ("ELTIF 2.0", applying since 10 January 2024). It is the only EU wrapper that carries a retail marketing passport for private assets — private equity, private credit, infrastructure, real assets — authorised once by the home regulator and marketable to retail investors across the EU/EEA.
An ELTIF is a label on top of an AIF, not a vehicle: a Luxembourg Part II UCI, RAIF or SIF (or an Irish fund) applies for the label and keeps its domicile. The label's price is a product cage: at least 55% of capital in eligible investment assets, a 20% single-asset diversification cap and 50%-of-NAV borrowing limit where retail-marketed (professional-only ELTIFs escape the diversification caps and may borrow up to 100%).
ELTIF 2.0 is what made the label commercially usable — it abolished 1.0's €10,000 retail minimum and 10%-of-portfolio cap in favour of a MiFID-style suitability test, cut the eligible-asset floor from 70% to 55%, and opened the door to open-ended, partially liquid ELTIFs. That last piece is governed by the liquidity RTS, Delegated Regulation (EU) 2024/2759 (in force 26 October 2024), which forces redemption gates calibrated to notice periods or liquid-asset floors.
The practical gotcha: sell the liquidity the RTS actually allows, not the liquidity the marketing deck wants — a quarterly-dealing ELTIF with a three-month notice period caps redemptions at roughly a third of the redeemable pool per dealing date.
Where this appears on FundRegTracker
- ELTIF 2.0 vs Luxembourg Part II UCI — the full comparison
- CSSF Circular 25/901 — ELTIFs are carved out of the Luxembourg product circular
- Regulatory calendar 2026