Reverse enquiry in the EEA – Beware of the pitfalls

Of all the available routes for accessing investor capital in Europe in the new Alternative Investment Fund Managers Directive (AIFMD) world, reverse enquiry is probably the one receiving the most interest. Reverse enquiry (also known as passive marketing or reverse solicitation) is where an investor, who has not had any previous contact with an investment manager/distributor, contacts that investment manager/distributor in respect of a potential investment in a fund. At first glance, reverse enquiry appears appealing as it allows parties to raise funds without falling within the onerous scope of the AIFMD, but the reality is more complex.

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