European Semi-Liquid Funds: at an Inflection Point
Private markets investing is moving from being primarily the preserve of institutional investors towards broader participation – driven by economic growth imperatives, regulatory reform, product innovation, and changing investor appetite.
Semi-liquid or evergreen funds look set to play key roles in this evolution. But successfully extending access at scale will depend on effective execution, platform readiness and investor education among other priorities.
Our Semi-Liquid Funds Summit: Evolution for Wealth Management held in London on 24 February 2026, convened leaders from across the European funds’ ecosystem to discuss the role of semi-liquid and evergreen funds in this transition.
This whitepaper summarizes viewpoints of participants including trade associations, regulators, asset managers and platforms from discussions and live audience polling.
We examine how European fund structures such as LTAFs and ELTIFs may reshape institutional, wealth, and retail investment opportunities – and what comes next.
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Asset managers' use of semi-liquid funds for private markets investing is opening-up investor access across Europe for these strategies – but also poses challenges across areas including fund design, investment operations and investor servicing.
Summarising factors driving European interest in semi-liquid funds, use of the ELTIF and LTAF vehicles, and operating model challenges of establishing new funds.
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