A US Alternative Investment Fund Manager (AIFM) has registered a Cayman Alternative Investment Fund (AIF) with the German Federal Financial Supervisory Authority (BaFin) under Article 42 of the European Alternative Investment Fund Managers Directive (AIFMD).
As the deal involves a non-EU AIF managed by a non-EU AIFM yet registered under a German regulator the deal is believed to be the first of its kind.
The financial services team of law firm Simmons & Simmons in Frankfurt supported the registration. The firm said it is also involved in the registration of other fund structures under Articles 36 and 42 of the AIFMD in Germany.
Harald Glander, fund partner in Germany, said: “Some managers think that the German registration requirements for offshore funds cannot be met. The swift process of registering this structure proves that it remains possible to distribute offshore structures to professional investors in Germany.”
AIFM, AIF, German Federal Financial Supervisory Authority, non-EU AIF, Simmons & Simmons