Almost twice as many new ELTIFs launched in 2025 compared to 2024, with 113 new products launched last year by 80 managers, up from 61 new products during the previous year.
The number of asset managers entering the market also increased last year, with 56 firms launching their first ELTIF in 2025. In 2024, the 61 new ELTIFs were launched by 45 asset managers, with 33 launching them for the first time.
Read more: ELTIF boom gathers pace following EU reg changes
Assets under management (AUM) in ELTIFsjumped by around €12bn last year to reach approximately €34bn by the end of 2025 – an increase of around 55 per cent, according to a report by Scope.
The report found this expansion has been largely driven by the introduction of the updated ELTIF 2.0 regulatory framework in late 2024, designed to make private market investments more accessible to retail investors.
Providers now anticipate around 100 ELTIFs will be launched this year, meaning average growth of 25 per cent to 30 per cent for the sector.
Read more: Private credit ELTIF launches outpace private equity
The report, which studied 268 authorised ELTIFs offered by 129 different asset managers, found that 231 had raised capital by the end of 2025, while the remaining 37 had not yet raised capital – 31 of which were launched in 2025.
Of the 231 ELTIFs that had raised capital, 97 were closed. Three ELTIFs have already reached maturity and have been re-
turned to investors, launched several years earlier.
The three largest funds – klimaVest, Meridiam Infrastructure Europe III SLP and M&G Corporate Credit Opportunities ELTIF 2 -currently account for 12.0 per cent of the total market, the study found.
While the sector has experienced continued growth, the report highlighted that it has not all been good news.
Read more: Morgan Stanley eyes UK LTAF after ELTIF launch
“There were setbacks. The private markets platform Moonfare wound up its private equity ELTIF in August 2025 after just more than a year on the market. Demand for the closed-end ELTIF (10-year maturity with no option to terminate) had been lower than hoped for. In December 2025, the first gating of an ELTIF caused some concern,” it said.
“Greenman OPEN, which invests in German grocery retail property, temporarily suspended the re-demption of its shares. The reason was a high volume of redemption requests, which had exceeded the contractually stipulated threshold in the third quarter of 2025.”
Going forward, a survey found that asset managers primarily aim to use their ELTIFs to provide private and semi-professional investors with access to unlisted investments.
