The document discusses the implications of the Alternative Investment Fund Managers Directive (AIFMD) for private equity fund managers. Some key points: 1) The AIFMD applies to EU-based fund managers and non-EU managers who market funds in the EU. It affects private equity fund managers who manage over €500M in assets. 2) The AIFMD aims to regulate Alternative Investment Fund Managers (AIFMs) and provide investor protection. It establishes rules around calculating assets, capital requirements, operating conditions, and delegation. 3) Private equity fund managers caught by the AIFMD must comply with rules relating to risk management, liquidity, valuation, and more. They will also need a