Gerry McHugh
AIFMD II is live. Is your fund structure ready for what comes next?
The global private credit market sits at approximately $3.5 trillion in AUM. Europe accounts for roughly 30% of that. For years, fund design in this space was shaped by commercial strategy and manager preference. AIFMD II changes that — not uniformly, but meaningfully where it matters.
For established managers running closed-ended vehicles within conservative leverage parameters, the new regime largely codifies existing practice. For new entrants, semi-liquid structures, and higher-leverage strategies, the effect is more fundamental. Regulatory parameters are now embedded directly into fund architecture on a harmonised EU-wide basis.




