Singapore MAS Proposes New Long-Term Investment Fund (LIF) Regulatory Framework for Retail Investors to Invest in Private Market Investment Funds (Private Equity, Private Credit, Infrastructure etc), Option 1) Fund Structure (Direct Fund) Allowing for Greater Visibility of Underlying Assets, Option 2) Long-Term Investment Fund-of-Funds (LIFF) that Invests in Other Private Market Investment Funds for Investors to Tap onto Fund Manager Expertise to Select & Monitor Portfolio of Private Market Investment Funds, Current Framework Limits Retail Investors Access to Private Market Investments, MAS Invites Interested Parties to Provide Feedback in Consultation Paper by 26th May 2025
29th March 2025 | Hong Kong
The Monetary Authority of Singapore (MAS) is proposing a new Long-Term Investment Fund (LIF) regulatory framework for retail investors to invest in private market investment funds (private equity, private credit, infrastructure etc), with Option 1) Fund structure (direct fund) allowing for greater visibility of underlying assets, Option 2) Long-Term Investment Fund-of-Funds (LIFF) that invests in other private market investment funds for investors to tap onto fund manager expertise to select & monitor portfolio of private market investment funds. The current framework limits retail investors access to private market investments. The MAS is inviting interested parties to provide feedback in the consultation paper by 26th May 2025. Singapore MAS (27/3/25): “The Monetary Authority of Singapore (MAS) is seeking feedback on a proposed regulatory framework for retail investors to invest in private market investment funds, providing them with a wider set of investment choices. Under the current regulatory framework for funds, retail investors in Singapore have limited access to private market investments such as private equity, private credit and infrastructure. Recently, MAS has observed growing interest from retail investors for such investments, and interest from experienced industry players to offer private market investment fund products to retail investors. To respond to this interest, MAS has proposed a Long-term Investment Fund (LIF) framework for private market investment funds. It is adapted from existing fund requirements to suit the characteristics of private market investment funds and the needs of retail investors when investing in these funds. Two possible fund structures have been proposed that can cater to different investor preferences: a) The first option is a fund structure that makes direct private market investments (Direct Fund), which allows for greater visibility of the underlying assets. b) The second option is a long-term investment fund-of-funds (LIFF) structure that primarily invests in other private market investment funds, which is beneficial for investors who may wish to tap on the LIFF manager’s expertise in selecting and monitoring a diversified portfolio of private market investment funds. Given that the two structures may require different regulatory safeguards, MAS is consulting on the appropriate regulatory requirements needed for each of them. MAS is also seeking views on the scope of private market investment assets that can be suitably offered to retail investors. The proposed LIF framework aims to support the development of a robust and sustainable market for retail private market investment funds. While not directly related to the Equities Market Review Group’s measures, this proposal is complementary as it will equip investors with a wider variety of choices in building well-diversified portfolios, while also creating a pathway for the potential listing of private market investment funds. MAS invites views and suggestions from interested parties on the proposals set out in this consultation paper which is available here. Comments may be submitted via the FormSG link by 26 May 2025.
“ Singapore MAS Proposes New Long-Term Investment Fund (LIF) Regulatory Framework for Retail Investors to Invest in Private Market Investment Funds (Private Equity, Private Credit, Infrastructure etc), Option 1) Fund Structure (Direct Fund) Allowing for Greater Visibility of Underlying Assets, Option 2) Long-Term Investment Fund-of-Funds (LIFF) that Invests in Other Private Market Investment Funds for Investors to Tap onto Fund Manager Expertise to Select & Monitor Portfolio of Private Market Investment Funds, Current Framework Limits Retail Investors Access to Private Market Investments, MAS Invites Interested Parties to Provide Feedback in Consultation Paper by 26th May 2025 “
Singapore MAS Proposes New Long-Term Investment Fund (LIF) Regulatory Framework for Retail Investors to Invest in Private Market Investment Funds (Private Equity, Private Credit, Infrastructure etc), Option 1) Fund Structure (Direct Fund) Allowing for Greater Visibility of Underlying Assets, Option 2) Long-Term Investment Fund-of-Funds (LIFF) that Invests in Other Private Market Investment Funds for Investors to Tap onto Fund Manager Expertise to Select & Monitor Portfolio of Private Market Investment Funds, Current Framework Limits Retail Investors Access to Private Market Investments, MAS Invites Interested Parties to Provide Feedback in Consultation Paper by 26th May 2025
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