Northern Trust wins asset-servicing mandate for private equity Eltif hybrid fund

US-based custody bank Northern Trust has won a mandate from the Swiss private equity firm Partners Group to manage the asset servicing of its recently-launched evergreen European Long-term Investment Fund.

Northern Trust will provide fund accounting, transfer agency, depositary and corporate secretarial services for the fund, which will be compliant with the EU’s recently updated Eltif standards.

The new so-called Eltif 2.0 regime is intended to encourage investment into private market assets via semi-liquid funds and related strategies.

Structured as a Luxembourg Société d’Investissement à Capital Variable (Sicav), the fund will provide investors with access to evergreen fund features such as monthly redemptions.

The fund will seek to generate strong returns by capitalising on thematic growth trends and transforming businesses and assets into market leaders.

Chicago-based Northern Trust currently holds assets under custody/administration of US$16.5 trillion, and assets under management of US$1.5 trillion. Baar-based Partners Group has US$147 billion of assets under management.

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