Logo do repositório

Percorrer por autor "Bittner, Ben Luca"

A mostrar 1 - 1 de 1
  • The democratization of private markets : opportunities and risks of ELTIF 2.0
    Publication . Bittner, Ben Luca; Lancastre, Filipa
    In 2024, the European Union introduced the ELTIF 2.0 regulation to democratize private market access for retail investors (RIs) and address funding gaps in infrastructure and SMEs. This study explores the regulation's opportunities and risks through qualitative analysis of 12 semi-structured expert interviews, structured as an industry analysis complemented by a scenario forecasting approach to estimate future market growth. Findings reveal that RIs may benefit from portfolio diversification and higher return potential but face risks related to asset redemption misconceptions, return distribution expectations, and product quality. Financial institutions (FIs) could access a scalable, pan-European retail segment but must manage reputational risks, investor education duties, and IT infrastructure demands. Regulators may strengthen domestic economies and public trust yet face challenges around fraud prevention and valuation transparency. The scenario analysis projects a market volume of €36.6–62.5 billion by 2033, depending on regulatory balance, investor literacy, and product innovation. The study offers strategic recommendations: RIs should pursue independent investment advice; FIs must prioritize investor education and robust operational systems; regulators need to implement transparency measures and tax incentives. The research fills key literature gaps by linking ELTIF 2.0 to historical deregulation, illiquidity premiums, and financial innovation. It challenges assumptions of uniformly distributed illiquidity premiums and uncovers collaborative market behavior over expected competition. By integrating empirical and theoretical insights, the study advances understanding of retail engagement in private markets and outlines strategies to harness ELTIF 2.0’s socioeconomic potential while managing systemic risks.
    2025-07-08Dissertação de mestrado Acesso aberto Ver mais