AIFMD II: Electric Boogaloo

The regulatory roadmap for 2023 includes reforms to the Alternative Investment Fund Management Directive (AIFMD II), which have recently been approved by the European Parliament’s Committee on Economic and Monetary Affairs (ECON).

Final legislation is still months away and its implementation another two years. However, GPs structuring and planning their funds might want to consider thinking about the directive’s implications, particularly around delegation, where they manage credit funds and on cross-border marketing arrangements.

Andrew Henderson, a partner in Goodwin Procter’s private investment funds practice, provides some colour on this: “While the updates to legislation around marketing touch on retail investors, the topics of delegation and loan-origination funds are key, as the former are fundamental to how a fund is managed and...