MAS seeks feedback on proposals to provide retail access to private market investment funds

9 April 2025

On 27 March 2025, the Monetary Authority of Singapore (“MAS”) published a consultation paper to seek feedback on a proposed regulatory framework for retail investors to invest in private market investment (“PMI”) funds, providing them with a wider set of investment choices. The consultation closes on 26 May 2025.

Under the current regulatory framework, funds that invest primarily in PMIs such as private equity, private credit, and infrastructure cannot be offered to retail investors. Such investments have traditionally been only accessible by institutional and accredited investors given the risks and the assets are not liquid.

Amid growing interest from retail investors for such investments and interest from experienced industry players to offer PMI fund products to retail investors, MAS is proposing a long-term investment fund (“LIF”) framework for PMI funds that adapts the safeguards in existing fund requirements to PMIs, in order to allow retail investors to gain exposure to a diversified portfolio of PMI assets in a risk-calibrated manner. The proposed framework also allows for both unlisted and listed structures.

There are two possible fund structures under the proposed LIF framework:

  • Direct Fund: A Direct Fund makes direct private market investments. A Direct Fund provides investors with greater visibility of the fund’s underlying PMI assets. Investors will also be able to assess and choose the PMI manager they wish to invest with.
  • Long-term investment fund-of-funds (“LIFF”): A LIFF primarily invests in private funds that invest in PMI assets. A LIFF structure is beneficial for investors who may wish to tap on the LIFF manager’s expertise in selecting and monitoring a diversified portfolio of PMI funds.

MAS seeks feedback on the appropriate regulatory requirements for the two structures which are categorised into (i) manager, (ii) product and (iii) disclosure requirements. MAS also seeks feedback on the type of PMI assets that can be suitably offered to retail investors under the proposed framework.

The proposed LIF framework complements the Equities Market Review Group’s measures as it will give investors more choices in building well-diversified portfolios, while also creating a pathway for the potential listing of PMI funds.

To read more, please click .

Reference materials

The following materials are available on the MAS website :