Securing a third-country passport to access European investors
is no longer viewed as the go-to solution it once was by the UK
investment fund sector, according to Tim Hames, the Director
General of the British Private Equity & Venture Capital
Association (BVCA).
Mr Hames was speaking as a panellist at the Guernsey Funds
Masterclass in London on the impact of Brexit on fundraising.
Fellow panellist, Phil Bartram, Partner at Travers Smith, agreed
that the reality of Brexit had called into question what the best
way to market to European investors would be going forward. Under
the Alternative Investment Fund Managers Directive (AIFMD),
investment managers based in the UK are entitled to a passport with
which to access European investors. Without it, they would rely on
the pre-existing national private placement regimes (NPPRs), which
many jurisdictions are considering phasing out and replacing with
the passport, despite NPPR offering a more efficient route to
market
