MPE International is the latest in a series of traditional fund of funds to enable private equity access for individuals. Run by Munich Private Equity (MPE) and its RWB Group, this fund tries to be solid, diversified, and time-tested.

So what sets it apart in a crowded field of PE access products?

What Makes MPE International 9 Unique?

1. No Liquidity Illusion: Closed-End Structure

Investors are locked in until 2040, with distributions expected to begin in 2034.
That also means that investors are rewarded for patience, not for flexibility.

2. Reinvestment as a Core Mechanism

Unlike funds that return capital as soon as it’s realized, MPE9 uses a thesaurierungsstrategie—a reinvestment cycle built in.

The first ~10 years are about building the portfolio.
Cash returns from exited investments are then recycled back into new funds.
This reinvestment allows for compounding and higher capital efficiency, which can lead to better IRRs, as the time that the investment is (nearly) fully drawn & invested is longer than otherwise.

3. A Pure Dachfonds (Fund-of-Funds) Approach—With Institutional-Level Sourcing

30–50 underlying PE funds expected over the life of the vehicle.
Targeting hundreds of mid-market companies, mostly in North America and Europe.
Focused on buyouts and growth equity, staying away from riskier venture capital.

What sets it apart is that MPE taps into MPEP Luxembourg, its sister firm that sources and screens institutional funds.

Performance Outlook & Return Targets

Since the fund is brand new (launched mid-2024), there’s no live performance yet. But the Dextro rating agency analyzed the return model and found it plausible:

Target return (IRR): 7.5%+ net of fees over ~16 years.
Cumulative payout forecast (Class B): ~244% of capital.
Multiple reinvestment cycles are modeled in, boosting total return over the long run.

Does MPE Use Leverage?

No structural leverage.
Credit lines may be used temporarily for liquidity timing, but the fund is not designed to boost returns with debt.

Fees & Cost Transparency

The fee load is standard for closed-end PE funds

Entry fee: 5%
Management fee: ~2.0% annually (varies slightly by class)
All-in Cost Over Lifetime ~3.3%
Performance Fee: 10% over 6% hurdle

Final Verdict: MPE9 Is a True Institutional-Style PE FoF for Long-Term Retail Investors

The MPE series brings individuals access to private equity through a classic closed-end structure. Given that buyout fund net IRRs have historically been fluctuating between 8-18% (Hamilton Lane 2024), investors may expect returns in excess of MPE's 7.5% target return. Investors should also take into account that not all capital is called immediately, and therefore need to take into account either accepting lower overall returns, or another source of returns for the period until the capital is called by MPE.

It is worth noting MPE offers more to choose from: MPE Direct Return 6 may provide quicker cash flows in case that is desired by the investor. This fund can be seen here: https://www.fundscouter.com/funds/munich-private-equity-funds/mpe-direct-return-6

MPE International 9 Deep Dive: Classic Fund of Funds (Dachfonds)