The Monetary Authority of Singapore has launched a consultation on a proposed regulatory framework that would allow retail investors to invest in private market investment funds, introducing a Long-term Investment Fund (LIF) regime to broaden retail investment choices. The proposal responds to limited retail access under the current funds framework and growing interest in exposures such as private equity, private credit and infrastructure. The LIF framework is adapted from existing fund requirements and sets out two potential structures: a Direct Fund making direct private market investments to provide greater visibility over underlying assets, and a long-term investment fund-of-funds (LIFF) investing primarily in other private market investment funds to leverage the manager’s selection and monitoring expertise. MAS is consulting on the regulatory safeguards appropriate to each structure and on the scope of private market assets that could be offered to retail investors, noting the framework could also create a pathway for the potential listing of private market investment funds. Comments on the consultation can be submitted via FormSG by 26 May 2025.
Monetary Authority of Singapore 2025-03-27
Monetary Authority of Singapore consults on Long-term Investment Fund framework for retail private market investment funds
The Monetary Authority of Singapore is consulting on a proposed framework to allow retail investors access to private market investment funds through a Long-term Investment Fund (LIF) regime. The framework includes two structures: a Direct Fund for direct investments and a long-term investment fund-of-funds (LIFF) for investing in other funds. MAS seeks input on regulatory safeguards and the scope of assets available to retail investors.