Certain real estate joint venture arrangements (JVs) may potentially be subject to onerous and costly regulation under the Alternative Investment Fund Managers Directive (AIFMD), which came into effect on 22 July. The AIFMD framework gives rise to a major change for the real estate funds industry, which to date has been relatively lightly regulated. Crucially, a JV is subject to the AIFMD if it falls within the definition of alternative investment fund (AIF), even if referred to as a JV.
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