5. By way of derogation from points (a) and (b) of paragraph 2, an ELTIF may raise the 10 % limit referred to therein to 20 %, provided that the aggregate value of the assets held by the ELTIF in qualifying portfolio undertakings and in individual real assets in which it invests more than 10 % of its capital does not exceed 40 % of the value of the capital of the ELTIF.
1. 1. An ELTIF shall invest at least 7055 % of its capital in eligible investment assets.
2. 2. An ELTIF shall invest no more than:
(a)((a)) 1020 % of its capital in instruments issued by, or loans granted to, any single qualifying portfolio undertaking;
(b)((b)) 1020 % of its capital directly or indirectly in a single real asset;
(c)((c)) 1020 % of its capital in units or shares of any single ELTIF, EuVECAEuVECA, EuSEF, UCITS or EuSEF;EU AIF managed by an EU AIFM;
(d)((d)) 510 % of its capital in assets referred to in Article 9(1), point (b) of Article 9(1)(b), where those assets have been issued by any single body.
3. 3. The aggregate value of unitssimple, or shares of ELTIFs, EuvECAstransparent and EuSEFsstandardised securitisations in an ELTIF portfolio shall not exceed 20 % of the value of the capital of the ELTIF.
4. 4. The aggregate risk exposure to a counterparty of the ELTIF stemming from OTCover-the-counter (OTC) derivative transactions, repurchase agreements, or reverse repurchase agreements shall not exceed 510 % of the value of the capital of the ELTIF.
5. 6. By way of derogation from point (d) of paragraph 2, point (d), an ELTIF may raise the 510 % limit referred to therein to 25 % where bonds are issued by a credit institution whichthat has its registered office in a Member State and that is subject by law to special public supervision designed to protect bond-holders. In particular, sums deriving from the issue of those bonds shall be invested in accordance with the law in assets which, during the whole period of validity of the bonds, are capable of covering claims attaching to the bonds and which, in the event of failure of the issuer, would be used on a priority basis for the reimbursement of the principal and payment of the accrued interest.
6. 7. Companies which are included in the same group for the purposes of consolidated accounts, as regulated by Directive 2013/34/EU of the European Parliament and of the Council (^{20}) or in accordance with recognised international accounting rules, shall be regarded as a single qualifying portfolio undertaking or a single body for the purpose of calculating the limits referred to in paragraphs 1 to 6.5 of this Article.
7.The investment limits set out in paragraphs 2 to 4 shall not apply where ELTIFs are marketed solely to professional investors. The investment limit set out in paragraph 2, point (c), shall not apply where an ELTIF is a feeder ELTIF.