CMS Expert Guide to private placement of funds rules and law

When implementing the Alternative Investment Fund Managers Directive (“ AIFMD ”), some EU States have tightened or severely restricted their private placement regimes, which is important when non EU managers and funds look to access EU investors. 

Our Guide briefly summarises the latest developments in relation to the private placement regimes of EU States, as well as covering certain non EU States. 

We are grateful to the numerous contributors to this guide. If you would like more information about the private placement regimes, you are welcome to get in touch with us or – with regard to particular jurisdictions – the contacts of the relevant contributor firms (detailed on pages 106 to 109). 

Amanda Howard, André Lebrecht and Daniel Voigt. 

Information provided as of December 2025. 

The purpose of this guide is to provide a broad overview of the key elements of the private placement of  funds  in the countries covered in this guide. The guide makes no claims as to completeness and does not constitute legal advice.

Entities marketing a fund on a private placement basis  may additionally need to comply with licence requirements and these requirements are not covered in the guide. The information contained herein is no substitute for specific legal advice. If you have any queries regarding the issues raised or other legal topics, please get in touch with your usual contact or persons mentioned in this guide. 

Download pdf version of the guide

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