Linklaters has advised LBBW Asset Management Investmentgesellschaft mbH (LBBW AM) on the structuring and launch of the LBBW Private Markets Select SCA. Structured as a European Long-Term Investment Fund (ELTIF), the fund pursues a private equity strategy which shall be implemented through a multi-asset-private markets fund of funds concept. The ELTIF invests in target funds across the asset classes of private debt, infrastructure, private equity and venture capital, with a geographic focus on Europe.
The fund is structured as an evergreen ELTIF. Following its ramp-up phase, it is intended to hold a diversified private markets portfolio comprising at least 15 fund investments and more than 500 underlying portfolio investments.
The ELTIF is a European regulated fund vehicle designed for long-term investments in private markets. The ELTIF 2.0 rules, which came into effect in January 2024, make these asset classes more accessible to retail investors in particular and are intended to mobilise additional private capital for long-term investment across Europe.
Markus Wollenhaupt, Partner in Linklaters’ Investment Funds practice, comments:
“With the ELTIF 2.0 reform, the European legislator has significantly enhanced the framework for long-term private markets investment. At the same time, the successful implementation of an evergreen ELTIF continues to require the careful coordination of regulatory, tax and operational requirements across multiple jurisdictions. The launch of the LBBW Private Markets Select demonstrates how investors can gain diversified access to private markets even within a complex regulatory environment.”
The Linklaters team was led by Partner Markus Wollenhaupt and Managing Associate Nicola Zeibig (both Investment Funds). The team also included Counsel Dr Ulrich Johann (Tax, Frankfurt) and Victor Louvet (Investment Funds, Luxembourg), Managing Associate Arthur Weilert (Tax, Frankfurt), as well as Associates Dr Florian Maier and David Sandner (both Investment Funds, Frankfurt and Berlin).
Linklaters regularly advises German and international asset managers, banks and financial institutions on the structuring and launch of fund products focused on alternative asset classes. A particular area of expertise is the implementation of the ELTIF 2.0 framework and the development of innovative structures that facilitate broader access to private markets.
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