AIFMDrahastot

AIFMDrahastot, or AIFMD funds, are collective investment vehicles in the European Union that operate under the EU's Alternative Investment Fund Managers Directive (AIFMD). They cover funds that are not regulated as UCITS, such as private equity, real estate, hedge funds, infrastructure and private debt funds. The directive governs both the management companies (AIFMs) and the funds themselves, with a focus on risk management, transparency and investor protection.

AIFMs must be authorized to manage AIFs, and those wishing to market their funds across the EU to professional investors may rely on the AIFMD marketing passport. Marketing to retail investors remains largely restricted in the EU, typically requiring national private placement regimes or other pathways, particularly for non-EU funds.

Core obligations for AIFMDrahastot include robust risk management and internal control systems, liquidity management, and clear valuation policies with independent valuation where required. Each fund generally must appoint a depositary responsible for safekeeping of assets and oversight of cash flows and movements, plus a fund administrator in many cases. AIFMs must implement appropriate remuneration policies and maintain sufficient organizational resources and capital. Funds provide investors with regular disclosures and reporting, including annual reports and, where applicable, semi-annual updates, as well as disclosures to supervisory authorities.

Supervision is conducted by national competent authorities within each member state, coordinated through ESMA to ensure consistency across the EU. AIFMDrahastot operate independently of UCITS funds, reflecting their typically higher risk profiles and more flexible investment strategies, while remaining subject to EU-level regulatory objectives such as investor protection and market integrity.