AIFMD II has quickly moved from background noise to a live structuring consideration for private equity managers. It is not a wholesale rewrite of the rules but it is prompting some very practical decisions about how funds are formed, marketed and operated.
The real impact is less about what has changed on paper and more about the fact that managers are now actively reassessing where they sit from a regulatory perspective.
AIFMD II in a nutshell
At its core, AIFMD II builds on the existing Alternative Investment Fund Managers Directive regime rather than replacing it. The key updates include:
- Increased scrutiny around delegation
- Enhanced reporting and transparency requirements
- A more developed framework for loan origination funds
