Alternative Investment Market meaning

Checklist This Checklist applies when acquiring a long leasehold interest carrying a capital value, rather than a shorter tenancy at an open market rent, which is unlikely to attract any capital value. A purchaser’s solicitor should examine the landlord’s right to forfeit the lease, as in some situations particular forfeiture clauses can render a lease unacceptable as security to a lender and, in turn, unsuitable for purchase. Could the landlord exercise forfeiture upon the tenant’s insolvency? Where the landlord holds a right to forfeit on a tenant insolvency event, the property will not be acceptable security to a lender and is therefore inappropriate as an investment acquisition. Consequently, such a lease is neither appropriate for lending purposes nor for any purchase...

Asset Management & Investment Funds—EU & International Developments-July 2025 ESMA advice to the European Commission on UCITS Eligible Assets The European Securities and Markets Authority (ESMA) has delivered technical advice to the Commission on updating the UCITS Eligible Assets Directive, highlighting the need for harmonised rules across the EU. The EAD, an implementing directive, sets out which assets a UCITS may invest in. If taken forward, the amendments would materially reshape the UCITS fund landscape. Core proposals include a look through methodology to assess the eligibility of underlying assets for exposures obtained via delta-one instruments, derivatives on financial indices, and closed-ended funds. ESMA also proposes limiting indirect exposure to alternative assets to 10% of a UCITS portfolio; any higher exposure should instead be managed under the AIFMD framework. For more information, see our publication. ESMA thematic note on clear, fair, and not misleading sustainability-related claims ESMA has released a thematic note offering guidance for market participants on making sustainability-related claims, with a particular emphasis on ESG...

In this issue: Trustees, governance and administration Taxation Pensions dashboards Funding and investment Members and benefits Public sector pensions Daily and weekly news alerts Dates for your diary Trackers Trustees, governance and administration TPR focuses on expanding engagement with scheme administrators to drive better saver outcomes On 12 September 2024, The Pensions Regulator (TPR) issued a blog highlighting the pivotal role of pension scheme administrators, current service pressures (notably heavy demand), and plans to widen its engagement with schemes of differing types and sizes to build a fuller picture of administrators’ challenges and to bolster outcomes that safeguard savers. TPR’s figures show that 47 of the largest commercial and non-commercial administrators account for 90% of memberships, and it now intends to invite around ten to fifteen of these firms to ‘voluntarily collaborate’. TPR also plans to reach the remainder of the market ‘within the next 12 months’ through a ‘light-touch approach’. It observes that,...

The Chancellor of the Exchequer, Rachel Reeves, delivered the government’s Autumn Budget on 30 October 2024 Keenly awaited and watched, this was the first Budget from a Labour administration in fourteen years, and the first ever presented by a woman Chancellor. Many headline measures for Private Clients had been trailed in one form or another, and several of the changes—such as the Capital Gains Tax reforms—were not as draconian as many had feared, proving less severe than anticipated. It was definitely a Labour Budget, unmistakably Labour in flavour, with the Chancellor honouring election pledges not to raise income tax or National Insurance for ‘working people’, and instead securing the £40bn of tax rises by lifting employers’ National Insurance, narrowing the scope of IHT agricultural and business property reliefs, increasing CGT rates, reforming the taxation of carried interest, changing the rules for non‑UK domiciled individuals, bringing inherited pensions into the IHT net, confirming VAT on private school fees, increasing the SDLT surcharge for second homes, and even a hike in...

This Practice Note offers a synopsis of the organisational, valuation and delegation requirements under the Alternative Investment Fund Managers Directive (Directive 2011/61/EU) (AIFMD), as supplemented by Commission Delegated Regulation (EU) 231/2013 (EU AIFMD Level 2 Regulation). It sets out how alternative investment fund managers (AIFMs) should structure their operations and distils the principal provisions concerning asset valuation and delegation. What is the AIFMD? The AIFMD (Directive 2011/61/EU) came into force in EU Member States on 22 July 2013 and governs the management, administration and marketing of alternative investment funds (AIFs) across the EU. AIFMD, as implemented, applies to all EU AIFMs that manage one or more AIFs, whether those AIFs are EU AIFs or non-EU AIFs. The AIFMD, as implemented in EU Member States, also extends to: non-EU AIFMs who manage EU AIFs; and in part, non-EU AIFMs who actively market AIFs in the EU For general information on how the AIFMD applies, see: Investment funds, asset management, and benchmarks...

The sustainable finance market has seen explosive growth in select product segments over the past five years. Annual green bond issuance, for instance, topped US$500bn in 2021, and environmental resilience is becoming an increasingly significant driver of investment choices worldwide. Yet the Organisation for Economic Co-operation and Development (OECD) estimates that US$6.9tn a year will be needed through 2050 to fund infrastructure that achieves development goals and delivers a low-carbon, climate-resilient future. If nothing changes, current market finance will fall far short in both scale and approach. One clear but transformative answer is to pool and amplify sustainable assets via sustainable securitisation. For this to be workable, a critical pipeline of sustainable finance assets across multiple classes must be available in the market. Sustainable securitisation can concurrently offer institutional investors access to sustainable assets while easing pressure on bank balance sheets. At present, most infrastructure schemes depend on bank loans, yet alternative funding sources are essential because the US$90tn needed for global sustainable infrastructure cannot be provided by banks...

This Practice Note reviews the European Long‑Term Investment Funds (ELTIF) Regulation (EU) 2015/760, addressing its legislative context, scope, authorisation conditions, eligible investments, disclosure duties and rules on marketing. The ELTIF Regulation is a dedicated alternative investment fund (AIF) framework available to EU alternative investment fund managers (AIFMs) authorised under the Alternative Investment Fund Managers Directive (2011/61/EU) (AIFMD). Legislative background to the ELTIF Regulation In June 2013, the European Commission proposed a new fund vehicle—the ELTIF—intended to ease longer term investment for both managers and investors. The ELTIF Regulation (Regulation (EU) 2015/760) was published in the Official Journal of the European Union on 19 May 2015 and has applied in Member States since 9 December 2015. On 23 March 2018, Commission Delegated Regulation (EU) 2018/480 (the ELTIF Delegated Regulation) appeared in the Official Journal. The ELTIF Delegated Regulation supplements the ELTIF framework by specifying regulatory technical standards (RTS) on the use of financial derivative instruments solely for hedging, the adequate duration of ELTIFs’ life, the assessment criteria for identifying...