Nordic real estate fund manager Genesta has gained AIFM (Alternative Investment Fund Manager) status in Luxembourg, allowing it to raise equity across the European Union.
Nordic real estate fund manager Genesta has gained AIFM (Alternative Investment Fund Manager) status in Luxembourg, allowing it to raise equity across the European Union.
The AIFMD (Alternative Investment Fund Managers Directive) is an EU ruling aimed at bringing tighter regulation to hedge funds and private equity.
‘We identified early in the process that our institutional investors require the expanded risk management, conflict of interest and compliance processes that are mandated under the AIFM directive,’ said Genesta CEO David Neil.
The AIFMD tightens regulations for fund raising and, ‘with Genesta’s second fund planned to close just after summer, the AIFMD passport is essential,’ said Genesta’s Anders Palmgren.
Genesta claims to be the first Nordic-focussed fund to be accepted for AIFM.
