About private equity

How private equity invests in privately-owned businesses, supports jobs and creates prosperity.

Members

Login to access your exclusive member-only content and account information.

Login

Not a member? Join us

  • Operate to the highest level of professional standards
  • Access authoritative industry research and data
  • Navigate the complex EU regulatory environment
  • Network and engage with industry leaders
Policy

Harmonised regulatory framework

Share

AIFMD

The Alternative Investment Fund Managers Directive (AIFMD or Directive 2011/61/EU) creates a comprehensive regulatory and supervisory framework for the management and marketing of private equity, venture capital and other alternative investment funds (AIFs) in the European Economic Area. The harmonised European standards for alternative investment fund managers (AIFMs) aim to enhance the transparency of the activities of AIFMs and the funds they manage towards investors and public authorities. The AIFMD entered into force on 22 July 2011 and is due to be officially reviewed in 2020.

The practical application of the AIFMD is affected by other pieces of legislation. In the first half of 2019, the EU institutions agreed a new horizontal measure to facilitate and improve cross-border capital investment flows in the EU. Among the measures contained in the new Directive, which will be applicable across EU Member States from August 2021, is an EU-wide approach to the pre-marketing of investment funds.

How does it affect private equity?

The AIFMD is the piece of EU law with by far the biggest direct impact on the private equity and venture capital industry, particularly fund managers (regardless of whether or not they are located in the EU or meet the minimum threshold) as well as European LPs.

The Directive is directly applicable to private equity fund managers with assets under management greater than €500 million and enables them to manage and market their funds more easily across the EU through a single internal market passport. To benefit from this access, fund managers need to be authorised with their national competent authorities, and comply with stringent operational requirements in the field of depositaries, valuation, capital adequacy, disclosure, investor reporting and remuneration.

While fund managers with less than €500 million under management are exempted from the full requirements of the AIFMD, they are still subject to a simplified registration and reporting regime.

AIFMD member guides

Invest Europe offers its members exclusive guides to policy, compliance, and many current issues affecting the industry.

Learn more
Members graphic

AIFMD library

Positions & consultation responses

Response to ESMA Consultation on Sustainability in AIFMD/UCITS

19 Feb 2019
Download PDF 553.48 KB
Positions & consultation responses

Position Paper on the cross-border distribution of funds legislation

07 May 2018
Download PDF 473.57 KB
Positions & consultation responses

Response to Commission Consultation on AIFMD supervisory reporting

28 Feb 2018
Download PDF 775.85 KB
Economic contributions

Evaluation of the AIFMD

29 Jan 2018
Download (Member only) PDF 1.57 MB (Member only)
Positions & consultation responses

Response to Commission consultation on institutional investors and asset managers' duties regarding sustainability

22 Jan 2018
Download PDF 842.83 KB
Positions & consultation responses

Response to Commission Consultation on "Reducing barriers to cross-border distribution of investment funds”

14 Jul 2017
Download PDF 394.9 KB
Guidance,Publication

AIFMD Essentials 2017

24 May 2017
Download (Member only) PDF 1.52 MB (Member only)
Positions & consultation responses

Response to Capital Markets Union Mid-Term Consultation

17 Mar 2017
Download PDF 446.9 KB
Positions & consultation responses

Paper on the main barriers to the cross-border distribution of funds

30 Nov 2016
Download PDF 225.64 KB
1 2 3
Meet the team

Public Affairs

Erika Blanckaert Image

Erika Blanckaert

Public Affairs

Senior Public Affairs Manager

Simon Tosserams Image

Simon Tosserams

Public Affairs

Senior Public Affairs Officer

Christophe Verboomen Image

Christophe Verboomen

Public Affairs

Senior Public Affairs Officer

Share

What can I do to manage cookies stored on my computer or phone?

You can accept or refuse cookies. Accepting cookies is usually the best way to make sure you get the best from a website.

Most PCs automatically accept them but you can change your browser settings to restrict, block or delete cookies if you want. Each browser is different, so check the 'Help' menu of your particular browser (or your mobile phone's handset manual) to learn how to change your cookie preferences. Many browsers have universal privacy settings for you to choose from.

Help on how to set and customise your cookie settings for your browser

How to manage cookies in Internet Explorer

Cookie settings in most versions of Internet Explorer can be found by clicking the tools option and then the privacy tab.

How to manage cookies in Firefox

Cookie settings in Firefox are managed in the Options window's Privacy panel. See Options window - Privacy Panel for information on these settings.

How to manage cookies in Chrome

Click on the spanner icon on the toolbar, select settings, click the under the bonnet tab, click on content settings in the privacy section.

How to manage cookies in Opera 

You can manage cookies in Opera if you Click on settings, then Preferences, then Advanced and finally Cookies

How to manage cookies in Safari

Choose Safari, then preferences and then click security. You should then be able to specify if and when Safari should accept cookies.

To manage cookies on your mobile phone please consult your manual or handbook.

Get more help about how cookies work with specific browsers.

What happens if I don't accept cookies?

If you decline cookies, some aspects of Invest Europe site may not work on your computer or mobile phone and you may not be able to access areas you want on the website. For this reason we recommend that you accept cookies.

What happens if I delete my cookies?

If you delete all your cookies you will have to update your preferences with us again and some aspects of our site may not work.

What happens if I change computers or mobile?

If you use a different device, computer profile or browser you will have to tell us your preferences again.

If you'd like to learn more about cookies in general and how to manage them, visit aboutcookies.org.

We can't be responsible for the content of external websites.

Opt-out of cookies

Login

Join today

This is for members only. To view in full login or join Invest Europe today.