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 in a tax-neutral Luxembourg structure), which in turn owns a stake in the target fund. The right to participate depends on the investor's status—see Accredited and Qualified Investor; for capital call mechanics—Capital Calls in Funds.
Scale and sustainability
As of 2026, the platform has approximately €3.8 billion under management. Funding rounds: Series C of $125 million led by Insight Partners (2021) and a minority stake from Fidelity International (2021); presence in approximately 24 countries, with offices in Berlin, London, Luxembourg, Zurich, Singapore, Lisbon, and the USA. For an investor, what matters is not the size of the platform's funding round itself, but that the feeders and their administration are structurally separated from Moonfare itself and will survive it—this is verified in the vehicle documentation.
Fund lineup
Despite the "PE platform" label, the catalog covers several private markets asset 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 approximately $60,000) plus the option for direct co-investment in individual companies. In the EU, part of the lineup is packaged as an ELTIF (Moonfare Private Markets Portfolio ELTIF): under the ELTIF 2.0 regime from 2024, such funds also admit non-institutional investors subject to suitability assessment.
Minimums and fees
Entry threshold depends on the product and investor jurisdiction:
| Product / region | Minimum | Moonfare fee |
|---|---|---|
| Portfolio fund (multi-manager) | €50,000 | setup 0–1% + ~0.25–1% annually |
| Single target fund (feeder) | €100,000 | setup + management per share class |
| Growth Equity Portfolio | ~$60,000 | per program |
| Secondaries fund | €25,000 | per program |
| USA / UK | ~$75,000 / £50,000 | per program |
Moonfare's fee is layered on top of the fund's own "2-and-20": the investor pays both the fund manager and the platform. Over a 10+ year horizon, this second layer noticeably reduces net IRR and must be factored in upfront.
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, member of FINRA and SIPC. Nuance: SIPC protects against broker bankruptcy, but not against investment losses of the fund itself.
- EU: Moonfare GmbH and its employees act as tied agents under MiFID II—under the principal's license, not as an independent investment firm; products are packaged in Luxembourg vehicles and ELTIFs.
- Other jurisdictions: access under local regimes for qualified / professional investors; the platform is licensed in approximately 24 countries.
Who is admitted
The product is closed to retail investors (exception—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. Detailed thresholds are covered in the article Accredited and Qualified Investor.
Liquidity
A stake in the feeder is illiquid by default: the horizon equals the life of the target fund, typically 10+ years. Moonfare periodically opens windows for secondary transactions between its investors, but this is an opportunity, not a right—the price and the very fact of sale depend on matching demand.
What to check (for lawyers)
- The specific Moonfare legal entity and feeder jurisdiction; tax classification of the vehicle for the investor (tax transparency).
- Completeness of LP rights: voting, access to fund reporting, information rights—the investor is an LP of the feeder, not of the fund.
- Total fee burden: Moonfare layer plus fees and carry of the target fund.
- Segregation and continuity of the feeder in case of problems with the platform itself.
🍓 Moonfare provides direct access to blue-chip private markets funds (buyouts, growth, venture) below institutional thresholds and across multiple jurisdictions—under SEC/FINRA supervision in the USA and tied agent regime in the EU. The price of access is a second fee layer, LP status in a feeder structure, and dependence on the platform's local legal entity. This is a long-term (10+ years) allocation tool, not a way to "try out" private equity.
Key factual claims
- Moonfare is a Berlin-based digital access platform to private markets funds, launched in 2016.
- As of 2026, the platform has approximately €3.8 billion under management.
- For growth and venture, there is the Growth Equity Portfolio—a diversified multi-fund (entry from approximately $60,000) plus the option for direct co-investment in individual companies.
- Moonfare's fee is layered on top of the fund's own "2-and-20": the investor pays both the fund manager and the platform.
- A stake in the feeder is illiquid by default: the horizon equals the life of the target fund, typically 10+ years.