peHUB poll: Fundraising and the AIFMD

As if fundraising weren’t difficult enough, new and changing rules in Europe are likely to entangle — or perhaps strangle — GPs and LPs for years to come.

Chris Witkowsky sketched out the changes in a post this week. It’s a three-phase process as the Alternative Investment Fund Managers Directive takes effect to regulate fundraising in the European Union. All the details are here, but this is the summary:

In Phase I, underway now, non-EU fund managers will be unable to receive pan-European authorization but must comply with the rules of individual nations, as they have in the past. In Phase II, anticipated for the fourth quarter of 2015, non-EU managers will be able to qualify for a pan-European “passport” or to continue to receive authorization from the individual nations. In Phase III, scheduled for the fourth quarter of 2018, non-EU managers must use the passport approach as individual nations’ marketing regimes are to be phased out in favor of the pan-European system.

So this is our question for you, dear reader: Will the AIFMD affect your fundraising strategy?

This poll is now closed.

Steve Bills is a senior editor at Buyouts Magazine. Any opinions expressed here are entirely his own. Follow him on Twitter @Steve_Bills. Follow Buyouts tweets @Buyouts. For information on how to subscribe, contact Greg Winterton at greg.winterton@thomsonreuters.com.

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