The US-headquartered business said the fund is designed to offer evergreen features and the ELTIF structure gives an added level of investor protection and simple administration. Evergreen funds, sometimes also known as perpetual structures, are open-ended funds that offer monthly or quarterly liquidity, subject to caps. Advisors particularly like clients' ability to invest monthly rather than commit episodically, based on private market fund closings – making the process smoother and more predictable, so advocates say.

The firm launched what it said was one of the industry’s first evergreen funds in 2001.

The fund is available to individual investors exclusively through the firm's select network of distribution partners across markets in Europe, including Germany, France, Spain, Italy, and the Benelux region, among others. It has a minimum investment level of €10,000 ($10,741) and $10,000 and offers freedom to raise or cut the investment monthly, the firm said in a statement.

Partners Group, which has more than $40 billion in assets, said fund clients will invest strictly in parallel with institutional investors. The fund will invest under the organisation's private equity strategy.

Partners Group's previous launched ELTIF-compliant funds include:

Partners Group Private Markets ELTIF SICAV-SIF; Partners Group Direct Equity ELTIF SICAV; Partners Group Direct Equity II ELTIF SICAV; and Partners Group Private Markets II SICAV.

The evergreen model, as advocates such as Blackstone say (see see here), may help square the circle for regulators seeking ways of widening access to these asset classes without the worry that people will be caught in illiquid assets which they don’t understand, and where demands for cash can suddenly spike.

In the UK in March 2023, the  said it had authorised the Long Term Asset Fund structure. Work continues on tweaking the fine print of how they work and who can access them. At the heart of the matter is that while more firms are staying private or de-listing from public markets, rules about investment suitability for retail clients mean that areas such as private equity, private credit, and venture capital, for example, are largely deemed off-limits.

In the US, the Accredited Investor regime is being tweaked. Jurisdictions such as Singapore and Hong Kong are pushing their attractions for types of funds and associated structures, such as Singapore's Variable Capital Company entities. Some of these changes dovetail with moves to encourage family offices to set up in these places, as in Hong Kong.

This news service recently spoke to the Luxembourg funds industry about trends, including the use of ELTIFs and recent changes to the structure.