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1. Introduction
1 (RTS) under the EU Sustainable Finance Disclosure Regulation
2 (SFDR), which set out the detailed disclosure requirements for the principal adverse impacts sustainability statements
3 and the disclosure requirements for Article 8
4 and Article 9
5 funds or portfolios, together with the related mandatory disclosure templates.
The revised RTS take account of the feedback received to the ESAs’ Consultation Paper of 23 April 2020
6 on the first draft of the RTS and also incorporate the mandatory disclosure templates following the feedback received by the ESAs to their online survey and consumer testing exercise.
In this alert, we cover the key changes in the revised RTS and the use of the mandatory disclosure templates as they relate to alternative investment managers and their funds or portfolios. The format of the principal adverse impacts sustainability statements and the four mandatory disclosure templates are annexed to this client alert for easier ref
Specialist fund administration: The brain gain for private equity fund admin
There is no stopping private equity – or the specialist administration firms that provide services to private equity funds.
There are said to be more than 2,000 specialist fund administrators, many rooted in the trust and corporate services sector that traditionally provides legal and accountancy work for ‘special purpose vehicles’ (SPVs) – the structures often used for private equity funds as well as wealthy individual and family-office investors.
Growth in private equity, debt, real estate and infrastructure funds combined with the consolidation among the specialist administrators means these firms are growing quickly. And what’s more, the specialists have poached staff from the larger fund administration divisions of custodian banks that work with traditional fund managers.
IMPORTANT INFORMATION FOR INVITED PLACEES ONLY MEMBERS OF THE PUBLIC ARE NOT ELIGIBLE TO TAKE PART IN THE PLACING (AS DEFINED BELOW). THIS ANNOUNCEMENT AND THE TERMS AND CONDITIONS SET OUT IN THIS APPENDIX ARE FOR INFORMATION PURPOSES ONLY AND ARE DIRECTED ONLY AT: (A) IF IN A MEMBER STATE OF THE EUROPEAN ECONOMIC AREA, PERSONS WHO ARE QUALIFIED INVESTORS WITHIN THE MEANING OF ARTICLE 2(E) OF THE PROSPECTUS REGULATION ( QUALIFIED INVESTORS ), (B) IF IN THE UNITED KINGDOM, QUALIFIED INVESTORS WITHIN THE MEANING OF ARTICLE 2(E) OF THE UK PROSPECTUS REGULATION AND WHO ARE PERSONS WHO HAVE PROFESSIONAL EXPERIENCE IN MATTERS RELATING TO INVESTMENTS WHO FALL WITHIN THE DEFINITION OF INVESTMENT PROFESSIONALS IN ARTICLE 19(5) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005, AS AMENDED (THE ORDER ), OR ARE HIGH NET WORTH COMPANIES, UNINCORPORATED ASSOCIATIONS OR PARTNERSHIPS OR TRUSTEES OF HIGH VALUE TRUSTS AS DESCRIBED IN ARTICLE 49(2) OF
By Gail Moss2021-02-04T16:26:00+00:00
European investors in private markets now have access to a new vehicle domiciled in Ireland, allowing them to invest more easily in these asset classes.
The framework is provided by Ireland’s Investment Limited Partnerships (Amendment) Act 2020, which modernises the existing law to create a new investment limited partnerships (ILP) structure, aligning it with international standards for private equity funds.
The intention is to make this the vehicle of choice for institutional investors in private equity, private debt, renewables and real assets.
The legislation, which took five years to reach the statute book, is expected to strengthen Ireland’s position as a financial hub, creating 3,000 jobs by 2025 and attracting €20bn per year in global private capital, while expediting the green recovery.