AIFM

Alternative Investment Fund Manager

AIFMD (Directive 2011/61/EU), AIFMD II (Directive (EU) 2024/927) · Article 4(1)(b)

fund-management

alternative-investments

AIFMD

authorisation

Definition

A legal person whose regular business is managing one or more alternative investment funds (AIFs), including hedge funds, private equity funds, real estate funds, infrastructure funds, and loan origination funds. AIFMs above the registration threshold must be authorised under the AIFMD (2011/61/EU), as amended by AIFMD II (2024/927). Authorisation grants access to the EU marketing passport for professional investors. AIFMs below EUR 100 million (or EUR 500 million for unleveraged closed-ended funds) may register rather than seek full authorisation.

Related Terms

CASP

Crypto-Asset Service Provider — A legal person or undertaking whose occupation or business is the provision of one or more crypto-asset services to clients on a professional basis, and that is authorised to provide crypto-asset services under MiCAR.

LMT

Liquidity Management Tool — Mechanisms available to AIFMs and UCITS management companies to manage redemption pressure and protect remaining investors during periods of market stress.

NCA

National Competent Authority — The national authority designated by each EU Member State to supervise financial entities and enforce EU financial regulation.

UCITS

Undertakings for Collective Investment in Transferable Securities — A category of open-ended collective investment scheme authorised under the UCITS Directive (2009/65/EC) that may be marketed to retail investors across the EU using a single passportable authorisation.

Guide

ELTIF 2.0: The Complete Guide to the New European Long-Term Investment Fund Framework

Guide

AIFMD II for French AIFMs: What SGPIs Must Do Now (April 2026)

Guide

UCITS Liquidity Management Tools: ESMA's Final Guidelines from April 2026

Update

AIFMD II Deadline Passed: What Fund Managers in France, Belgium, Italy and Spain Must Do Now