Jurisdiction(s):
United Kingdom

Key definition

Alternative Investment Fund Managers definition

What does Alternative Investment Fund Managers mean? Alternative investment fund managers (AIFMs) are the firms or legal persons that manage alternative investment funds (AIFs)—for example hedge, private equity, real estate and infrastructure funds—either as an external manager or as a self‑managed AIF. In practice, the AIFM carries out portfolio and/or risk management and is responsible for the AIF’s regulatory compliance. The term is defined in legislation: in the UK by the onshored AIFMD regime (Alternative Investment Fund Managers Regulations 2013 and FCA Handbook (FUND)), and in Ireland by the EU AIFMD (Directive 2011/61/EU) implemented through the European Union (Alternative Investment Fund Managers) Regulations 2013 and Central...

Alternative Investment Fund Managers Directive: UK Pre-Brexit Overview and Key Requirements [Archived]

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Practice notes

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ARCHIVED: This archived Practice Note reviewed the key themes of the alternative investment fund managers Directive (AIFMD) and its application in the UK before the end of the brexit implementation period at 11pm (GMT) on 31 December 2020 (IP completion day). For information on how the AIFMD applies in UK law after IP completion day, see Practice Notes: Impact of Brexit: AIFMD—quick guide [Archived] and UK regulation of alternative investment fund managers—essentials...

What is the AIFM Directive?

The Alternative Investment Fund Managers Directive (AIFMD) created a secure, harmonised EU framework for overseeing and supervising alternative investment funds, including private equity and venture capital funds. It seeks to promote greater transparency and stability in the operation of such funds by:

tracking the risks that Alternative Investment Fund Managers (AIFMs) pose to their investors, counterparties and other participants in financial markets
monitoring the threats that AIFMs pose to financial stability, and
allowing AIFMs to provide services and market their funds across the internal market, subject to strict requirements

The European Securities and Markets Authority (ESMA) issued its final technical advice on 16 November 2011...

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Web page updated on 21/05/2026

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