Key takeaways:

• The ELTIF II reform triggered renewed interest both for managers and investors, with a growing volume of ELTIFs being launched and offered to retail investors across European borders. And with momentum comes competition. Particularly between the traditional heavyweights of European fund domiciliation like Ireland and Luxembourg. 

• Ireland and Luxembourg have always contended for the title of Europe’s most avant-garde fund domicile. In the early days of UCITS, both jurisdictions carved out their unique niches. The decision to domicile in either was rarely ideological and more often a question of investor audience geography. 

• In a move that has raised eyebrows and expectations, the Central Bank of Ireland (CBI) introduced the CBI 24-hour ELTIF approval process for certain types of ELTIFs. Specifically, this fast-track procedure is now available to ELTIFs aimed at professional and qualified investors. This move is not trivial. It addresses speed of approval, which is one of Luxembourg’s known pain points.

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