Fund Distribution Strategies Under the European AIFMD

December 17, 2014

After a year-long transitional period, the European Alternative Investment Fund Managers Directive (AIFMD) is now in force, in all but six EEA Member States. This article examines the methods now available to market private funds in Europe: (i) under the marketing “passport”, (ii) via “reverse solicitation” and (iii) under each Member State’s private placement regime. The article also discusses the call by the European Securities and Markets Authority (ESMA) for evidence regarding the operation of the passporting and national private placement regimes, and the extension of the passporting regime to non-EEA managers.

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