This document outlines steps that private equity managers need to take to comply with the Alternative Investment Fund Managers Directive (AIFMD) that takes effect on July 22, 2013. It recommends that managers first consult with UK counsel to review their structure and delegation arrangements, risk management and other functions, investment policies, passporting arrangements, asset and leverage calculations, insurance/funding requirements, and ongoing reporting and disclosure procedures to ensure they meet all AIFMD requirements. The checklist also includes reviewing and updating offering documents, marketing materials, administration and depository agreements, and internal procedures for areas like risk management and investor reporting.