Have management-participation private funds (PEFs) disappeared?

With the October 2021 reform, the former management-participation private funds (PEFs) became institutional-only private funds, and the former professional-investment private funds became general private funds.

Requirements that applied to the former PEFs, such as the obligation to acquire 10% or more of voting shares, were abolished; instead, a rule was introduced requiring a fund that comes to hold 10% or more of a company's shares for management participation purposes to dispose of them within 15 years. The term 'PEF' is still commonly used to refer to institutional-only private funds.