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Alternative Fund Sponsors wishing to market their funds into Europe have to navigate through the Alternative Investment Fund Managers Directive (“AIFMD”). In recent times, Fund Sponsors are getting more familiar with AIFMD and the optionality of using of a Host AIFM to provide a robust regulatory framework without spending upfront time and expense in getting their own AIFM licence.
It has been the case from the outset that institutional investors around Europe has accepted this model and it has been no bar to fundraising, and it certainly provides a solution for those investors (usually German pension and insurance investors) who prefer to operate in an AIFMD compliant fund structure versus an offshore structure. However, AIFMD remains a complex piece of regulation...
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