AIFM decision postponed until September

The private equity real estate sector must hold on until September to learn what the Alternative Investment Fund Managers directive will look like after talks between the European Parliament and the European Union Council broke down at the end of last month. 

A plenary vote on whether to adopt the AIFM directive was expected to have been taken early this month but it was determined that the matter would be revisited when the parties reconvene in September after no consensus was reached on items such as the “third party” or “passport” rule. 

The rule – aimed at determining how and where managers can market their funds in the EU – is one of the main sticking points of the directive for the private equity real estate sector as it is feared it could lead to more restrictions in terms of capital moving in and out of Europe.