Global Fund Media – the digital publishing group whose flagship title is Hedgeweek – hosted a successful one-day event at the Reform Club in London on 9 June entitled “Setting up an Alternative Investment Fund in Europe”.
The event, sponsored by Simmons & Simmons, Dillon Eustace, Circle Partners and Linear Investments, was attended by 100 fund managers and was 2.5 times oversubscribed.
Throughout the day, a series of panel discussions provided expert insights into the challenges and the sheer breadth of decisions that one needs to consider before bringing an onshore AIF to market.
After an opening address provided by Devershi Saksena, Partner, Simmons & Simmons, the first panel, moderated by James Williams, Managing Editor of Hedgeweek, focused on the different jurisdictional options in Europe.
Legal experts from Malta, Ireland and Luxembourg explained current legal and fund structuring options to alternative fund managers, including the ICAV in Ireland and the recent special limited partnership (SCSp) in Luxembourg, as well as new fund options appearing on the horizon; the recently introduced Notified AIF in Malta and the pending Reserved AIF in Luxembourg.
Devershi Saksena then chaired a panel on how to get an AIF to market, with a comprehensive summary of the regulatory and compliance considerations start-up managers need to be aware of. Panelists including Jerome de Lavenere Lussan, CEO, Laven Group, and Daniel Maycock, Director, Investment Management Services, Lawson Conner, discussed how the FCA rulebook applies to start-ups and how the ability to use regulatory hosting solutions as well as AIFM outsourced solutions can help reduce the burden of AIFMD.
The afternoon panel sessions focused on how to select the right service providers to the AIF – chaired by Jerry Lees, Chairman, Linear Partners – and marketing and distribution options, chaired by Donnocha O’Connor, Partner, Dillon Eustace. Panelists including Alan Picone, managing director at Duff & Phelps’ Kinetic Partners division and Jean Pierre Gomez, Head of Regulatory & Public Affairs, Societe Generale Securities Services (Luxembourg) provided important insights into how the outsourced AIFM and the appointed depositary to an AIF operate.
Penny Walker, general counsel of Campbell Lutyens, a leading private equity markets advisory firm, and Praveen Joynathsing, Director, Hedge Fund Selection, Lyxor Asset Management, explained the process of raising assets in Europe, current investor appetite for liquid versus illiquid strategies, and the best ways to develop an effective marketing presentation.
To wrap up proceedings, Randeep Grewal, Portfolio Manager, Trium Multi-Strategy Fund, gave an entertaining first-hand insight into the foibles and challenges to setting up a hedge fund. It proved a highly effective presentation and the cue for a lively discussion among delegates over drinks.
“By the end of the event, delegates had a wealth of information at their disposal and a clear sense that dispite the complexity, there is a comprehensive support network in place to make the task of operating an EU AIF as simple as possible,” said Hedgeweek’s James Williams. “Based on the level of interest, we will certainly be looking to do follow-up events, either in a full-day or half-day format.”