Zurich Insurance Group has launched its first European long-term investment fund (Eltif), a sub-fund of Zurich Global Private Asset Solutions Sicav S.A., said a from Pemberton Asset Management published on 21 March 2024. The new Eltif is domiciled in the grand duchy and “is intended to be the first in a series of private market solutions.”

Waystone Management Company (Lux) S.A. has been appointed the external alternative investment fund manager and the portfolio will be managed by Pemberton Asset Management. The Luxembourg law firm Arendt & Medernach assisted Zurich in the set-up and launch of the fund.

“The launch of Zurich Private Debt Eltif marks an important milestone,” commented Stephan van Vliet, Zurich’s group chief investment officer in the press release. “It reflects Zurich’s ambition to open up our private market expertise to our customers through innovative, high-quality solutions managed by leading asset managers.” The private debt Eltif will be offered to Zurich’s eligible investors and life insurance customers in Europe in 2024.

The fund benefits from the , which includes a broader scope of eligible assets, the removal of minimum investment thresholds for retail investors and more flexible portfolio compositions. As of April 2024, there were 101 Eltifs listed on the European Securities and Markets Authority’s .

Founded in 1872, Zurich is a multi-line insurer that is headquartered in Zurich, Switzerland and has roughly 60,000 employees worldwide, including in Luxembourg.