What it is
Moonfare is a Berlin-based digital access platform to private markets funds, launched in 2016. It does not manage capital or select assets: between the investor and the target fund, a Moonfare feeder structure is inserted that aggregates private subscriptions and enters the fund as a single institutional LP.
The investor owns a stake in the feeder fund (typically a tax-neutral Luxembourg vehicle), which in turn holds the stake in the target fund. Eligibility depends on the investor's status — see Accredited and Qualified Investor; the funding mechanics, in Capital Calls in Funds.
Scale and sustainability
By 2025 the platform had roughly €3.7–3.9 billion under management and more than 5,500 investors; the €3 billion mark was passed in June 2024 (for reference: €500 million in 2020, €2 billion by mid-2022). Moonfare has raised several rounds — a minority stake taken by Fidelity International (2021), a $125 million Series C led by Insight Partners (2021), followed by participation from Vitruvian Partners and an extension round; offices in more than 20 countries: Berlin, London, Luxembourg, Zurich, Singapore, Lisbon, Paris, New York. Access to the platform has also run through partnerships with private banking houses (Fidelity International, Bordier & Cie, Berenberg). For an investor the key question is segregation: the feeders and their administration are structurally separate from Moonfare itself and are built to outlive it as a business, which should be confirmed in the vehicle documentation.
Fund lineup
Behind the "PE platform" label sits a broader catalogue — several private markets classes:
| Class | Catalog share | Strategies and examples |
|---|---|---|
| Buyout | ~41% | KKR, EQT, Carlyle |
| Growth equity | ~30% | late-stage growth, pre-IPO |
| Venture capital | ~15% | including leading US VC funds |
| Specialty | ~14% | private credit, infrastructure, secondaries |
For growth and venture there is the Growth Equity Portfolio — a diversified multi-fund (entry from roughly $60,000) plus the option to co-invest directly in individual companies. In the EU, part of the lineup is packaged as an ELTIF (Moonfare Private Markets Portfolio ELTIF): the revised ELTIF 2.0 rules applicable from 10 January 2024 changed the conditions for retail distribution, including suitability assessment requirements.
Minimums and fees
The entry threshold depends on the product and the investor's jurisdiction:
| Product / region | Minimum | Moonfare fee |
|---|---|---|
| Portfolio fund (multi-manager) | €50,000 | setup 0–1% + ~0.65–1% annually |
| Single target fund (feeder) | €100,000 | setup 0–1% + ~0.25–0.75% annually |
| Growth Equity Portfolio | ~$60,000 | per program |
| Secondaries fund | €25,000 | per program |
| USA / UK | ~$75,000 / £50,000 | per program |
Moonfare's fee sits on top of the fund's own "2-and-20": the investor pays both the fund manager and the platform. Over a 10-plus-year horizon this second tier measurably lowers the net IRR and needs to be built into the model in advance.
Licenses and regulation
The legal framework varies by region, and it determines the supervisory regime and investor protection:
- USA: sales through Moonfare Securities USA, LLC — a broker-dealer registered with the SEC, a member of FINRA and SIPC. The nuance: SIPC protects against the broker's bankruptcy, but not against investment losses of the fund itself.
- EU: since 26 May 2026 Moonfare Financial Services GmbH is an independent investment firm holding a BaFin licence under the German Investment Firm Act (Wertpapierinstitutsgesetz, WpIG) and is directly supervised by the regulator; until then parent company Moonfare GmbH operated as a tied agent under the umbrella of DHD Deutsche Haftungsdach GmbH. Products are packaged in Luxembourg vehicles and ELTIFs.
- Other jurisdictions: access under local regimes for qualified / professional investors; the platform is licensed in more than 20 countries.
Who is admitted
The product is closed to retail investors (the exception being the ELTIF in the EU). Criteria: accredited investor and qualified purchaser in the USA, professional client under MiFID II in the EU, qualified investor under CISA in Switzerland. The thresholds are covered in detail in the article Accredited and Qualified Investor.
Liquidity
A stake in the feeder is illiquid by default: the horizon matches the life of the target fund — usually 10 years or more (see Lock-up). About twice a year Moonfare opens secondary-market windows, where an institutional buyer — Lexington Partners — buys out stakes from those wishing to exit early. This cannot be counted on as a guarantee: both the price and the deal itself depend on counter-demand.
Where it's heading
Moonfare began as a shop window for access to other managers' funds, but by 2026 it is building out its own products with an element of discretion (see Discretionary Portfolio Management). Co-Investment Fund II (MCF II) closed above its target size and is roughly a third invested in deals alongside Hg, Vista, and EQT — aiming at 12–15 co-investments across North America and Europe. In parallel, it has launched an AI-focused early- and growth-stage strategy: 8–15 managers plus 8–15 co-investments across AI, cybersecurity, healthcare, deep tech, and fintech infrastructure.
For an investor, this shift from a "shelf" of individual funds toward multi-fund and co-investment products changes the diversification profile and adds one more layer of manager discretion on top of the target funds' fees. Semi-liquid formats have also appeared, with more frequent entry and exit windows — a compromise between access to private markets and the hard illiquidity of the classic feeder. For how the funds themselves and their economics work, see Private Funds.
What to check before subscribing
- The specific Moonfare legal entity and the feeder's jurisdiction; the tax classification of the vehicle for the investor (tax transparency).
- The completeness of LP rights: voting, access to fund reporting, information rights — the investor is an LP of the feeder, not of the fund.
- The total fee burden: Moonfare's fee plus the target fund's fees and carry.
- Segregation and continuity of the feeder in case of problems with the platform itself.
Q/A
What does an investor actually acquire through Moonfare?
The governing documents for the particular product control. In many offerings, the investor receives an interest in a feeder vehicle that invests in the target fund rather than becoming a direct limited partner of that fund. Voting rights, reporting, distributions, currency, expenses and restrictions must therefore be checked at both vehicle and underlying-fund levels.
How does a capital commitment differ from the amount already funded?
A commitment is the maximum amount promised, while capital may be requested in instalments through capital calls. The uncalled portion remains an unfunded commitment that must be available by the stated deadlines; default consequences come from the product documents. The call schedule, funding method and any fully funded option vary by offering.
Can an investment always be sold through Moonfare’s secondary market?
No. A secondary transaction depends on a buyer, product eligibility, consents and other transfer restrictions, and the price may be below the latest reported value. A buyer may also assume the remaining capital-call obligation. A secondary window or service creates a possible liquidity route, not a right to sell by a particular date or at a particular price.
Which fees should be combined before investing?
Use the current documents for the specific offering and aggregate every layer: the underlying fund’s management fees and carried interest, feeder or platform charges, administration expenses, and possible banking, foreign-exchange and tax costs. A headline figure for one layer does not show the investment’s total cost over its full life.
Which entity regulates Moonfare, and what does SIPC protect?
The answer depends on the jurisdiction, product and contracting entity. In the EU, Moonfare Financial Services GmbH announced its own BaFin investment-firm licence in 2026; in the United States, brokerage services are provided by a registered broker-dealer that is a FINRA/SIPC member. SIPC protects qualifying customer property if a member fails, not investment loss, illiquidity or fund performance.