Quintet Private Bank has launched a new offering that enables its discretionary clients across the Benelux to access private market investments through European long-term investment funds (Eltifs).
The solution, developed in partnership with strategic ally Blackrock, marks a shift by integrating private assets directly into client portfolios.
The news was shared in a press release issued Wednesday morning and further detailed by Iris van de Looij, head of investments & client solutions at InsingerGilissen, Quintet’s Dutch subsidiary.
Moving private markets into the core portfolio
Private banks have previously offered access to private markets, but typically through standalone products outside the core investment portfolio. Quintet now offers clients the option to integrate private markets into their managed portfolios, provided they meet certain wealth and experience thresholds.
“We are taking the lead,” the bank stated in its Dutch announcement.
“Thanks to our strategic cooperation with Blackrock, we can incorporate innovative solutions into our existing product suite,” said Van de Looij. “Even before the Eltif 2.0 rules came into force last year, Blackrock had already begun exploring how Eltifs could be embedded in our clients’ portfolios. That dialogue continued throughout last year.”
A curated Eltif selection process
While Blackrock is itself a provider of Eltifs, Van de Looij emphasized that its advisory unit operates separately from its asset management business.
“Blackrock’s advisory team used its excellent modelling tools to design optimal allocations across various risk profiles, factoring in private market exposure,” she said.
Quintet then applied its own selection process, led by its in-house due diligence team. This resulted in a shortlist of Eltif funds investing across private equity, private debt and real assets such as property and infrastructure. The selected mix includes one fund from Blackrock and another from Amundi.
Quintet intends to broaden the selection over time to ensure greater diversification. The Eltifs will be monitored just like any other managed fund.
“Are they doing what they promised? Are we satisfied or should we consider a replacement?” Van de Looij said.
Who qualifies
Clients must have at least five million euros in investable assets and a risk profile of balanced, dynamic or higher. The specific allocation to Eltifs will vary per client and risk profile. The allocation comes from the equity portion of the portfolio, as the risk level is similar.
“But the expected return is higher,” Van de Looij added.
Eltifs offer more exit opportunities than traditional private funds but typically only permit redemptions monthly or quarterly. “Our advice to clients is to remain invested for five to seven years,” she explained. “We assess this individually: does the client understand what they are investing in, is their horizon long enough, and is their wealth sufficient? It’s especially appealing to entrepreneurs who already show an interest in private markets.”
Van de Looij noted that both clients and Quintet’s investment team need to build experience in this asset class. “It remains a risky investment because of the reduced liquidity.”
Eltif 2.0 sparks renewed interest
Eltifs were introduced by the EU in 2015 to give retail investors access to long-term investments in infrastructure and unlisted companies. However, the original Eltif 1.0 framework struggled to gain traction due to high entry thresholds, closed-end structures and geographic restrictions.
The updated Eltif 2.0 regulation, which took effect in 2024, eased many of these constraints and improved liquidity. Berlin-based Scope Research expects that asset managers will launch at least 80 new Eltifs in 2025, with 28 billion euros in new inflows. By 2027, total assets under management (AUM) could reach 65 to 70 billion euros, nearly triple current levels. Still, many banks have been hesitant to list the instruments, largely due to their semi-liquid nature.
To address liquidity concerns, the Eltifs selected by InsingerGilissen hold 20 percent of assets in liquid form to facilitate redemptions.
“They are evergreen funds, meaning they have no set maturity. Eighty percent of the assets are actively invested from day one,” said Van de Looij. “This differs from traditional private funds, where returns only begin once the capital is called and deployed.”
No extra fee for integration
Clients adding Eltifs to their discretionary portfolios will not pay additional management fees.
“As far as we know, we are quite far ahead of the curve with this,” said Van de Looij. “The regulation is still relatively new. I expect substantial growth in the number of Eltif funds, the assets under management, and the number of retail clients investing in them. This is true innovation. We are moving from active allocation between active and passive to active diversification between liquid and illiquid assets.”