# Moonfare: private equity for those without $10M for a single fund

> How Moonfare opens access to private equity funds through feeder structures: minimum checks, secondary windows, fees, and intermediary risks explained.

Author: Алёна Дунаева — юрист, Family Office (https://wiki.private.law/authors/dunaeva)
Last modified: 2026-07-21T09:36:00.000Z
Canonical: https://wiki.private.law/en/moonfare
Topics: investments
Jurisdictions: germany, luxembourg
Functional tags: fund-vehicle
Product tags: investment, fund-vehicle
Semantic tags: fund-vehicle, investment

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## What it is

> 🔗 **Related**
> [feeder fund](https://wiki.private.law/en/feeder-fund)  ·  [Accredited and Qualified Investor](https://wiki.private.law/en/accredited-investor)  ·  [Capital Calls in Funds](https://wiki.private.law/en/capital-calls)  ·  [Private Funds](https://wiki.private.law/en/funds)  ·  [Lock-up](https://wiki.private.law/en/lock-up)  ·  [Discretionary Portfolio Management](https://wiki.private.law/en/discretionary-portfolio-management)

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](https://wiki.private.law/en/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): under the [ELTIF 2.0](https://www.esma.europa.eu/esmas-activities/investment-management/european-long-term-investment-funds-eltifs) regime, since 2024 these funds may also admit non-institutional investors subject to a suitability assessment.

## 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.

> ⚙️ A rough sense of the fees: on top of the fund's own "2% management + 20% carry", Moonfare takes ~0.5–0.75% a year. Over a 10-plus-year horizon each extra percentage point a year noticeably eats into the final net result, so the second tier is built into the return calculation in advance. Moonfare charges no placement fee to the managers, which reduces the conflict of interest when selecting funds for the catalogue.

## 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:** Moonfare GmbH and its staff act as tied agents under MiFID II — under a principal's licence, rather than 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 more than 20 countries.
## Who is admitted

> 🔗 **Related**
> [Accredited and Qualified Investor](https://wiki.private.law/en/accredited-investor)

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](https://wiki.private.law/en/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](https://wiki.private.law/en/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](https://wiki.private.law/en/funds).

## What to check (for lawyers)

- 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.
> 🍓 Moonfare gives direct access to blue-chip private markets funds (buyouts, growth, venture) below the institutional threshold and across several jurisdictions at once — under SEC/FINRA supervision in the USA and a tied-agent regime in the EU. The price of access is a second tier of fees, LP status in a feeder structure, and dependence on the platform's local legal entity. The horizon here is measured in a decade: this is a long-term capital-allocation tool, and the illiquidity has to be accepted upfront.

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## Sources

- [ELTIF 2.0](https://www.esma.europa.eu/esmas-activities/investment-management/european-long-term-investment-funds-eltifs)

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## Factual claims

- Moonfare is a Berlin-based digital access platform to private markets funds, launched in 2016.
- 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).
- 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.
- Moonfare's fee sits 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 matches the life of the target fund — usually 10 years or more (see Lock-up).
- 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).