AIFMD (Alternative Investment Fund Managers Directive)

Roles that need it

• Private Fund Administrator
• Compliance Officer
• Private Equity Analyst
• Depositary Oversight Analyst
• Legal Counsel

Skills it belongs to

• Fund regulation and structures (UCITS, AIFMD, US 1940 Act)
• Regulatory change impact assessment

Related concepts

• UCITS (Undertakings for collective investment in transferable securities)A UCITS is an open-ended investment fund authorised under Directive 2009/65/EC that invests in liquid financial assets under diversification and leverage limits. A UCITS authorised in one member state can be marketed to retail investors across the EU with a passport, and it must appoint a depositary.
• Depositary (funds)A depositary is the independent institution, usually a bank, appointed for a UCITS or an alternative investment fund to safekeep its assets, monitor its cash flows and oversee that the manager complies with the rules on subscriptions, valuation and investment limits. It is liable for the loss of financial instruments held in custody.
• ELTIF (European long-term investment fund)A European long-term investment fund (ELTIF) is an EU alternative investment fund label for funds investing in long-term assets such as infrastructure, unlisted companies and real assets. The 2023 review (ELTIF 2.0) widened eligible assets and eased retail access, and an ELTIF can be marketed across the EU with a passport.
• Liquidity management tools (LMTs)Liquidity management tools (LMTs) are measures an open-ended fund can use to manage redemptions in stress, such as suspension, redemption gates, notice periods, redemption fees, swing pricing, dual pricing, anti-dilution levies, redemptions in kind and side pockets. Directive (EU) 2024/927 requires UCITS and open-ended alternative investment fund (AIF) managers to select at least two.
• Capital callA capital call, also called a drawdown, is a request from a closed-ended private fund to its investors to pay in part of their committed capital, usually to fund an investment or expenses. Fund administrators issue the notices, track commitments and unfunded amounts, and follow up late payers.

Sources

• Directive 2011/61/EU (AIFMD), EUR-Lex (external site) accessed 31 Oct 2026
• Directive (EU) 2024/927 (amending AIFMD and UCITS), EUR-Lex (external site) accessed 31 Oct 2026

Updated 31 Oct 2026.