As all parties operating in the private equity sector have during the recent years become aware of, along with the AIFM Directive concerning the administration and management of the so-called alternative collective investment undertakings , that the management of different funds, including restricted funds, becomes regulated in 2013.
There are still several issues under discussion regarding the details of the Directive and its implementation, including potential separate regulation concerning venture capital funds.
However, it has turned out already now in connection with practical projects that choosing the structure of different investment projects, along with other factors, may in the future require commenting in relation to whether the party managing or coordinating investment activities will become included in the scope of AIFM regulation, and in some situations choosing a structure may even implicate choosing between two different regulations.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.