AIFMD II - All you need to know

The entry into force of AIFMD II marks one of the most significant evolutions of the European alternative investment fund regulatory framework since the original AIFMD. Far beyond a technical update, AIFMD II impacts operating, governance, liquidity, delegation, reporting, and loan-origination rules applicable to AIFMs and the funds they manage.

For alternative asset managers, the challenge is no longer to understand what AIFMD II is, but to determine how it concretely impacts their existing structures, strategies, contractual arrangements, and disclosures, and how to implement it in a proportionate manner.

This training is designed as a practical, decision-oriented, and implementation-focused programme, tailored to professionals who must translate the directive into operational reality.

By the end of this training, participants will be able to:

• understand the key changes introduced by AIFMD II;
• identify the concrete impact on their AIFM, funds, and operating model (governance, delegation, liquidity, loan origination, reporting);
• implement AIFMD II proportionately;
• anticipate supervisory expectations and prepare for enhanced reporting and regulatory scrutiny;
• communicate AIFMD II implications effectively to boards, investors, regulators, and service providers.

1. Regulatory framework and timeline

• Overview of AIFMD II and its interaction
• Level 1 vs Level 2 measures, national transposition and key implementation dates

2. Governance, substance and delegation

• Reinforced requirements on AIFM governance and decision-making
• Delegation and oversight expectations, including supervisory convergence trends
• Practical implications for group structures and third-party delegates

3. Liquidity management and liquidity management tools

• Harmonised liquidity management tools and when they must be available
• Operational, disclosure and governance implications for open-ended and semi-liquid funds

4. Loan origination and private credit

• New framework for loan-originating AIFs
• Risk management, concentration, leverage and retention requirements

5. Reporting and disclosures

• Evolution of Annex IV and supervisory reporting
• Cost and fee disclosures: scope, level of detail and implementation challenges

This training is coordinated by Mathieu Scodellaro, Partner in the Regulation, Risk and Compliance practice at PwC Luxembourg.

Mathieu specialises in alternative investment funds and their service providers, working across a wide spectrum of strategies, from private equity and real estate to more specialised approaches. He has supported numerous clients, from established asset managers (including leading real estate players) to first-time fund managers, in areas such as initial fund structuring, ongoing maintenance of fund documentation, and managing exceptional events affecting their funds.