As currently implemented, the Alternative Investment Fund Managers Directive (AIFMD) leaves most fund managers with two choices when marketing their products to EU investors:
the 'passport’ available to EU fund managers marketing EU alternative investment funds (AIFs), and
national private placement regimes (NPPRs), available to EU fund managers marketing non-EU AIFs and non-EU fund managers marketing AIFs, wherever they may be domiciled
This guide compares the passport with NPPR and concludes that the latter offers access to most European investors and does so quickly and cheaply.
