Three firms get AIFMD permissions from FCA

Thumbs up hopeThree UK firms are now permitted to manage alternative investment funds under the Alternative Investment Fund Managers Directive (AIFMD), which came into force on July 22.

Doughty Hanson Partners, which announced its permission on July 22, Bridgepoint Advisors II and SL Capital Partners have all been given permission to carry out the regulated activity of “managing and AIF”, or alternative investment fund, according to the Financial Conduct Authority (FCA).

The AIFMD determines how accredited alternative fund managers can market their funds in Europe.

Doughty Hanson, Bridgepoint and SL Capital are private equity specialists.

IPES, a fund administration business, said last week Doughty Hanson and one other unnamed firm had appointed it as depositary.

Under the AIFMD private equity firms must appoint a depositary. For some, this is the first time they have been required to do this.

IPES sought to become a depositary as a result of the directive.

Meanwhile, Germany real estate investors GLL Real Estate Partners, which is based in Munich, and Project Investment, based in Bamberg, have awarded Caceis, a French custody bank, the depositary function of its most recent “special-AIF” to comply with the AIFMD.

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