Key Takeaways
- • Deutsche Bank launches its first evergreen private markets fund in Q3 2025, democratizing access to private equity, private credit, infrastructure, and real estate for qualified private clients across the European Economic Area and Switzerland with low minimum investment requirements.
- • Partners Group serves as strategic partner and portfolio manager, leveraging its 24-year track record with evergreen structures (launched 2001) and ELTIF expertise (first private markets ELTIF in 2017) to manage a diversified portfolio spanning direct investments, co-investments, primary and secondary opportunities.
- • The fund operates under European Long-Term Investment Fund (ELTIF) 2.0 regulation, offering simplified access through regular entry and exit options under normal market conditions, differentiating it from traditional closed-ended private markets vehicles while maintaining initial holding and notice periods.
- • DWS, Deutsche Bank's asset management subsidiary, collaborates on the offering, which will be distributed exclusively through Deutsche Bank's private client advisory relationships, targeting the institutional and high-net-worth wealth management segment.
- • The evergreen structure addresses a key market gap by providing institutional-grade private markets exposure with operational flexibility traditionally unavailable to private clients, combining Partners Group-managed solutions with opportunities from other private markets managers.
Summary
Deutsche Bank announced on September 23, 2025, the launch of its first evergreen private markets fund designed to broaden access to alternative asset classes for qualified private clients. The fund, developed in collaboration with DWS and Partners Group, will become available for subscription in the third quarter of 2025 and targets investors in the European Economic Area and Switzerland through Deutsche Bank's private client advisory channels. The offering addresses a structural gap in wealth management by combining institutional-grade portfolio construction with the operational flexibility demanded by private clients seeking exposure to private equity, private credit, infrastructure, and real estate.
The fund's regulatory framework represents a key innovation. Structured as a European Long-Term Investment Fund (ELTIF) 2.0 vehicle in evergreen format, the offering provides meaningful advantages over traditional closed-ended private markets solutions. Investors gain regular entry and exit flexibility under normal market conditions—subject to an initial holding period and applicable notice periods—while maintaining the tax efficiency and long-term investment horizons characteristic of ELTIF structures. This format directly addresses the liquidity constraints that have historically limited private client access to private markets infrastructure.
Partners Group, one of the world's largest private markets investment firms, assumes the role of strategic partner and portfolio manager. The appointment leverages Partners Group's operational expertise with evergreen structures, having pioneered one of the industry's first evergreen funds in 2001 and launched the first private markets ELTIF in 2017. The portfolio will encompass diversified exposure across direct investments, co-investments, evergreen vehicles, primary fund commitments, and secondary opportunities, combining Partners Group-managed solutions with selective allocations to other institutional private markets managers. This blended approach provides broader market access and manager diversification.
The fund's positioning reflects shifting dynamics in European wealth management, where private clients increasingly demand alternative asset exposure previously reserved for institutional investors and family offices. By establishing low minimum investment thresholds and leveraging Deutsche Bank's distribution infrastructure, the vehicle targets a broader qualified investor base while maintaining investment quality standards. The collaboration between Deutsche Bank's distribution capabilities, DWS's asset management platform, and Partners Group's portfolio management expertise creates a vertically integrated offering designed to compete directly with specialized private markets platforms entering the wealth management market.
The fund's regulatory framework represents a key innovation. Structured as a European Long-Term Investment Fund (ELTIF) 2.0 vehicle in evergreen format, the offering provides meaningful advantages over traditional closed-ended private markets solutions. Investors gain regular entry and exit flexibility under normal market conditions—subject to an initial holding period and applicable notice periods—while maintaining the tax efficiency and long-term investment horizons characteristic of ELTIF structures. This format directly addresses the liquidity constraints that have historically limited private client access to private markets infrastructure.
Partners Group, one of the world's largest private markets investment firms, assumes the role of strategic partner and portfolio manager. The appointment leverages Partners Group's operational expertise with evergreen structures, having pioneered one of the industry's first evergreen funds in 2001 and launched the first private markets ELTIF in 2017. The portfolio will encompass diversified exposure across direct investments, co-investments, evergreen vehicles, primary fund commitments, and secondary opportunities, combining Partners Group-managed solutions with selective allocations to other institutional private markets managers. This blended approach provides broader market access and manager diversification.
The fund's positioning reflects shifting dynamics in European wealth management, where private clients increasingly demand alternative asset exposure previously reserved for institutional investors and family offices. By establishing low minimum investment thresholds and leveraging Deutsche Bank's distribution infrastructure, the vehicle targets a broader qualified investor base while maintaining investment quality standards. The collaboration between Deutsche Bank's distribution capabilities, DWS's asset management platform, and Partners Group's portfolio management expertise creates a vertically integrated offering designed to compete directly with specialized private markets platforms entering the wealth management market.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.