In a consultation paper published last 27 March 2025, the Monetary Authority of Singapore (MAS) proposed a new regulatory framework to grant retail investors access to private market investment (PMI) funds through authorised long-term investment funds (LIFs). There has been an increase in interest among Retail investors and industry participants in investment products, which promted this approach.  

The LIF framework aims to provide retail investors access to PMI funds in a risk-calibrated manner to increase the diversity of their investment portfolios.  

Under the proposal, MAS is considering two possible fund structures for LIFs:  

1. Direct fund: A fund structure that makes direct private market investments, allowing investors greater visibility into the underlying assets.  

2. Long-term Investment Fund-of-Funds (LIFF): A fund structure that primarily invests in other private market investment funds, allowing investors to leverage fund managers’ expertise in selecting and monitoring diversified portfolios.  

The proposed framework offers flexibility to investors with different liquidity preferences by allowing both listed and unlisted structures. 

MAS is seeking feedback on the appropriate regulatory requirements for each of the two structures, as they may require distinct regulatory safeguards. Additionally, MAS is collecting input on the scope of private market investment assets that could be accessible to retail investors.  

By introducing the LIF framework, MAS intends to promote a well-structured and sustainable retail private market for investors. Although separate from the Equities Market Review Group’s measures, this proposal enhances investment opportunities, supporting retail investors in Singapore by broadening choices for portfolio diversification while enabling potential private market fund listings.  

For all interested parties who wish to participate in providing feedback on the proposed framework, please note that the consultation period closes on 26 May 2025. 

If you have any questions, do not hesitate to contact our team.  

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