{"id":1054,"date":"2025-04-16T08:23:11","date_gmt":"2025-04-16T08:23:11","guid":{"rendered":"https:\/\/iqeq.com\/lu\/insights\/aifmd-2-one-year-to-go-what-do-private-credit-managers-need-to-know\/"},"modified":"2026-03-13T12:35:11","modified_gmt":"2026-03-13T12:35:11","slug":"aifmd-2-one-year-to-go-what-do-private-credit-managers-need-to-know","status":"publish","type":"post","link":"https:\/\/iqeq.com\/lu\/insights\/aifmd-2-one-year-to-go-what-do-private-credit-managers-need-to-know\/","title":{"rendered":"AIFMD 2 draws near &#8211; What private credit managers need to know about evolving regulatory expectations"},"content":{"rendered":"<section class=\"text-block standard-spacing  \">    <div class=\"container fade-in\">\n                    <\/div>\n<\/section>\n\n<section class=\"text-block standard-spacing  \">    <div class=\"container fade-in\">\n        <p><em>By Graham Roche, Director, Ireland<\/em><\/p>\n            <\/div>\n<\/section>\n\n<section class=\"accordion standard-spacing\">\n    <div class=\"container\">\n                    <div class=\"accordion\">\n                                    <div class=\"accordion-item open\">\n                        <div class=\"title\">\n                            <p>The headlines<\/p>\n                            <div class=\"toggle\"><\/div>\n                        <\/div>\n                        <div class=\"expanded\">\n                            <div class=\"inner\">\n                                <ul>\n<li>The Alternative Investment Fund Managers Directive 2 (AIFMD 2) entered into force on 15 April 2024 (the \u201cEffective Date\u201d), so any new loan origination funds established since then will need to be AIFMD 2 compliant<\/li>\n<li>All EU member states have until 16 April 2026 to transpose AIFMD 2 into national law<\/li>\n<li>Alternative investment funds (AIFs) established after the Effective Date that engage in loan origination will be required to comply with the requirements of AIFMD 2 upon transposition in the home EU member state of the AIFM<\/li>\n<\/ul>\n                            <\/div>\n                        <\/div>\n                    <\/div>\n                            <\/div>\n            <\/div>\n<\/section>\n\n<section class=\"text-block standard-spacing  \">    <div class=\"container fade-in\">\n        <h4><strong>The introduction of AIFMD 2 marks a significant shift in the regulatory landscape for private credit funds in Europe. The new framework harmonises loan origination rules across EU member states, impacting all EU domiciled AIFs that grant loans.<\/strong><\/h4>\n<p>Whilst an EU member state has the discretion to supplement <a href=\"https:\/\/iqeq.com\/services\/aifm-services-depositary-services\/\">AIFMD 2<\/a> with additional loan origination related rules for AIFs established in its jurisdiction, save for the likely restriction on consumer lending (as outlined below), <a href=\"https:\/\/iqeq.com\/ie\/\">Ireland<\/a> and <a href=\"https:\/\/iqeq.com\/lu\/\">Luxembourg<\/a> are expected to transpose AIFMD 2 into local law without any gold-plating provisions. In practice, this will mean a significant relaxation of the existing Irish loan origination fund regime, and the introduction of loan origination rules in Luxembourg for the first time.<\/p>\n<h2>Why is this new regulation being introduced?<\/h2>\n<p>Europe remains a regulatory patchwork quilt, with different rules for non-bank lenders in individual EU member states. Such barriers hinder the cross-border flow of capital within the EU.<\/p>\n<p>Building an integrated European capital market with harmonised rules for loan origination is a key EU policy, and AIFMD 2 seeks to (i) provide companies with better access to diverse financing options beyond traditional bank lending; (ii) harmonise loan origination rules to improve risk management across the financial market; and (iii) increase transparency for investors.<\/p>\n<h2>What are the main benefits to private credit managers?<\/h2>\n                    <div class=\"table\">\n                                    <div class=\"row\">\n                        <div class=\"col\">\n                            Pan-European loan origination passport                        <\/div>\n                        <div class=\"col\">\n                            <p>AIFMD 2 regulation provides for the introduction of a pan-European loan origination passport, which would allow a loan originating AIF in one EU member state lend to a borrower in another EU member state.<\/p>\n                        <\/div>\n                    <\/div>\n                                    <div class=\"row\">\n                        <div class=\"col\">\n                            Greater choice of fund domicile                        <\/div>\n                        <div class=\"col\">\n                            <p>Harmonised loan origination rules will unlock significant and much needed capacity across the wider European fund service industry, thus providing private credit managers with greater choice of fund domicile. \u00a0Ireland, which is better known as a domicile for liquid fund structures, has <a href=\"https:\/\/iqeq.com\/insights\/private-credit-a-key-opportunity-for-irelands-fund-industry\/\">significant expertise in private credit<\/a> (with $169bn of private credit funds under management\/administration and more than 50% of the world\u2019s commercial airline fleet financed via Irish vehicles) and is already seeing significant interest from U.S. and UK managers in advance of AIFMD 2 implementation.<\/p>\n                        <\/div>\n                    <\/div>\n                                    <div class=\"row\">\n                        <div class=\"col\">\n                            Greater liquidity options                        <\/div>\n                        <div class=\"col\">\n                            <p>The new regulations will allow direct lending through open-ended funds subject to appropriate liquidity management tools being in place. Currently, most EU member states only permit loan origination through closed-ended funds.<\/p>\n                        <\/div>\n                    <\/div>\n                                    <div class=\"row\">\n                        <div class=\"col\">\n                            Increased competition                        <\/div>\n                        <div class=\"col\">\n                            <p>Greater fund domicile flexibility fosters increased competition, benefiting asset managers and investors alike.<\/p>\n                        <\/div>\n                    <\/div>\n                                    <div class=\"row\">\n                        <div class=\"col\">\n                            Depositary licence passport                        <\/div>\n                        <div class=\"col\">\n                            <p>AIFMD 2 provides that the national competent authority (NCA) of an EU AIF\u2019s home member state may allow a depositary established in another EU member state to be appointed as depositary to the AIF following a request from the AIFM and where the AIFM demonstrates the lack of appropriate depositary services in the AIF\u2019s home member state.<\/p>\n                        <\/div>\n                    <\/div>\n                            <\/div>\n            <\/div>\n<\/section>\n\n<section class=\"text-block standard-spacing  \">    <div class=\"container fade-in\">\n        <h2>Does AIFMD 2 define \u201cloan origination\u201d?<\/h2>\n<p>AIFMD 2 defines loan origination as:<\/p>\n<blockquote><p>\u201c<em>the granting of a loan (i)\u00a0directly by an AIF (as the original lender); or (ii)\u00a0indirectly through a third party or special purpose vehicle (&#8220;SPV&#8221;), which originates a loan for or on behalf of the AIF, or for or on behalf of an AIFM in respect of the AIF, where the AIFM or AIF is involved in structuring the loan, or defining or pre-agreeing its characteristics, prior to gaining exposure to the loan<\/em>.\u201d<\/p><\/blockquote>\n<h2>Does AIFMD 2 define \u201cloan originating AIF\u201d?<\/h2>\n<p>AIFMD 2 defines a loan originating AIF (LO AIF) as:<\/p>\n<blockquote><p>\u201c<em>an AIF: <\/em><\/p>\n<p><em>(i) whose investment strategy is mainly to originate loans; or <\/em><\/p>\n<p><em>(ii) whose originated loans have a notional value that represents at least 50 % of its net asset value.\u201d<\/em><\/p><\/blockquote>\n<h2>What are the new loan origination rules under AIFMD 2?<\/h2>\n            <\/div>\n<\/section>\n\n<section class=\"accordion standard-spacing\">\n    <div class=\"container\">\n                    <div class=\"accordion\">\n                                    <div class=\"accordion-item open\">\n                        <div class=\"title\">\n                            <p>Liquidity<\/p>\n                            <div class=\"toggle\"><\/div>\n                        <\/div>\n                        <div class=\"expanded\">\n                            <div class=\"inner\">\n                                <p>AIFMD 2 states that an AIFM shall ensure the LO AIF it manages is closed-ended, however it does allow for a LO AIF to be open-ended if the AIFM that manages it can demonstrate to the competent authority of the AIFM\u2019s home member state that the AIF\u2019s liquidity risk management system is compatible with its investment strategy and redemption policy. The Regulatory Technical Standards, which will address liquidity provisions for open-ended LO AIFs, are expected to be finalised in Q4 2025.<\/p>\n                            <\/div>\n                        <\/div>\n                    <\/div>\n                                    <div class=\"accordion-item\">\n                        <div class=\"title\">\n                            <p>Diversification<\/p>\n                            <div class=\"toggle\"><\/div>\n                        <\/div>\n                        <div class=\"expanded\">\n                            <div class=\"inner\">\n                                <p>A single party concentration limit of 20% \u2013 applicable for lending to an AIF, UCITS, or Financial Undertaking (as defined in Article 13(25) of Solvency II (Directive 2009\/138\/EC)) \u2013 is to apply by the date specified in the prospectus, and no later than 24 months from first subscription for shares\/units in the AIF. This requirement falls away during harvesting period and can be suspended for up to 12 months where an AIF\u2019s capital is increased or reduced. This provides flexibility for a LO AIF to be 100% concentrated to a corporate borrower.<\/p>\n                            <\/div>\n                        <\/div>\n                    <\/div>\n                                    <div class=\"accordion-item\">\n                        <div class=\"title\">\n                            <p>Leverage<\/p>\n                            <div class=\"toggle\"><\/div>\n                        <\/div>\n                        <div class=\"expanded\">\n                            <div class=\"inner\">\n                                <p>300% limit for closed-ended and 175% for open-ended limited liquidity LO AIFs (ratio between the exposure of the fund calculated according to the commitment method and its NAV). Borrowing arrangements that are temporary in nature and fully covered by contractual capital commitments from investors in the LO AIF are excluded for the purpose of leverage calculations.<\/p>\n                            <\/div>\n                        <\/div>\n                    <\/div>\n                                    <div class=\"accordion-item\">\n                        <div class=\"title\">\n                            <p>Risk retention<\/p>\n                            <div class=\"toggle\"><\/div>\n                        <\/div>\n                        <div class=\"expanded\">\n                            <div class=\"inner\">\n                                <p>Minimum 5% interest on the notional value of any loan the AIF originates and subsequently transfers to third parties (i.e. subsequently sells on the secondary market) must be retained \u2013 subject to certain exceptions (including nonperforming loan sales and clean-up portfolio trades towards end of the AIF lifecycle).<\/p>\n                            <\/div>\n                        <\/div>\n                    <\/div>\n                                    <div class=\"accordion-item\">\n                        <div class=\"title\">\n                            <p>Prohibition of &quot;originate-to-distribute\u201d strategies<\/p>\n                            <div class=\"toggle\"><\/div>\n                        <\/div>\n                        <div class=\"expanded\">\n                            <div class=\"inner\">\n                                <p>LO AIFs are prohibited from engaging in loan origination where the whole or part of the AIF\u2019s investment strategy is to originate loans with the sole purpose of transferring those loans or exposures to third parties. This will also apply to loans indirectly originated, for example through a special purpose vehicle (SPV).<\/p>\n                            <\/div>\n                        <\/div>\n                    <\/div>\n                                    <div class=\"accordion-item\">\n                        <div class=\"title\">\n                            <p>Allocation of loan proceeds <\/p>\n                            <div class=\"toggle\"><\/div>\n                        <\/div>\n                        <div class=\"expanded\">\n                            <div class=\"inner\">\n                                <p>Where an AIF originates loans, the proceeds of the loans, minus any allowable fees for their administration, shall be attributed to that AIF in full.<\/p>\n                            <\/div>\n                        <\/div>\n                    <\/div>\n                                    <div class=\"accordion-item\">\n                        <div class=\"title\">\n                            <p>Investor disclosure requirements (applicable to all AIFs that originate loans, not just LO AIFs)<\/p>\n                            <div class=\"toggle\"><\/div>\n                        <\/div>\n                        <div class=\"expanded\">\n                            <div class=\"inner\">\n                                <p>Details of all loans originated by the AIF must be disclosed periodically. All fees, charges and expenses directly or indirectly borne by the AIF and any parent company, subsidiary or SPV utilised in relation to the AIF\u2019s investments by or on behalf of the AIFM are to be disclosed annually. Other governance-related disclosures are to be included in the AIF\u2019s prospectus or offering documents.<\/p>\n                            <\/div>\n                        <\/div>\n                    <\/div>\n                                    <div class=\"accordion-item\">\n                        <div class=\"title\">\n                            <p>Consumer lending<\/p>\n                            <div class=\"toggle\"><\/div>\n                        <\/div>\n                        <div class=\"expanded\">\n                            <div class=\"inner\">\n                                <p>Member states retain discretion to permit a LO AIF to originate loans to consumers in its territory, although it is expected that most NCAs will prohibit consumer lending by an AIF.<\/p>\n                            <\/div>\n                        <\/div>\n                    <\/div>\n                                    <div class=\"accordion-item\">\n                        <div class=\"title\">\n                            <p>Connected party restrictions<\/p>\n                            <div class=\"toggle\"><\/div>\n                        <\/div>\n                        <div class=\"expanded\">\n                            <div class=\"inner\">\n                                <p>An AIF is prohibited from granting loans to the following entities: (a) the AIFM and its delegates (or the staff of the AIFM or its delegates); (b) the AIF\u2019s depositary (or its delegates); and (c) members of the AIFM&#8217;s group (save for certain exceptions).<\/p>\n                            <\/div>\n                        <\/div>\n                    <\/div>\n                                    <div class=\"accordion-item\">\n                        <div class=\"title\">\n                            <p>Policies and procedures<\/p>\n                            <div class=\"toggle\"><\/div>\n                        <\/div>\n                        <div class=\"expanded\">\n                            <div class=\"inner\">\n                                <p>AIFMs of <u>all<\/u> AIFs that originate loans are required to implement and maintain effective policies, procedures and processes for assessing credit risk and administering and monitoring their credit portfolio where the AIFs that they manage engage in loan origination, including where those AIFs gain exposure to loans through third parties. Those policies, procedures and processes should be proportionate to the extent of the loan origination and reviewed regularly.<\/p>\n                            <\/div>\n                        <\/div>\n                    <\/div>\n                                    <div class=\"accordion-item\">\n                        <div class=\"title\">\n                            <p>Enhanced regulatory reporting<\/p>\n                            <div class=\"toggle\"><\/div>\n                        <\/div>\n                        <div class=\"expanded\">\n                            <div class=\"inner\">\n                                <p>Annex IV reporting is set to be extended to include all assets in an AIF portfolio (currently only the top five assets are reported). ESMA is expected to provide the updated Annex IV template in April 2027. The AIF\u2019s AIFM is responsible for submitting this regulatory return, and this enhanced reporting requirement is not expected to cause any issues for AIFMs.<\/p>\n                            <\/div>\n                        <\/div>\n                    <\/div>\n                            <\/div>\n            <\/div>\n<\/section>\n\n<section class=\"text-block standard-spacing  \">    <div class=\"container fade-in\">\n        <h2>Are there any transitional or grandfathering provisions?<\/h2>\n<p>AIFMD 2 provides a five-year grandfathering period in respect of all AIFs engaged in loan origination that were established prior to the Effective Date and do not raise any additional capital after that date. Therefore, such AIFs have until 16 April 2029 to comply with certain aspects of AIFMD 2.<\/p>\n<h2>Speak to IQ-EQ<\/h2>\n<p>IQ-EQ provides a host of services for private credit funds and <a href=\"https:\/\/iqeq.com\/services\/eltif\/\">European long-term investment funds (ELTIFs)<\/a>, including <a href=\"https:\/\/iqeq.com\/services\/aifm-services-depositary-services\/\">AIFM services<\/a>, <a href=\"https:\/\/iqeq.com\/ie\/services\/asset-management\/\">investment management<\/a>, <a href=\"https:\/\/iqeq.com\/services\/fund-administration-services\/\">fund administration<\/a>, depositary, <a href=\"https:\/\/iqeq.com\/services\/spv-management-services\/\">SPV management services<\/a>,\u00a0<a href=\"https:\/\/iqeq.com\/services\/loan-services\/\">loan administration<\/a>, <a href=\"https:\/\/iqeq.com\/services\/esg-services\/\">ESG consulting\/reporting<\/a>, regulatory compliance and AML solutions. If you\u2019d like to learn more, please\u00a0<a href=\"https:\/\/iqeq.com\/ie\/locations\/ireland\/#contact-us\">contact us today<\/a>.<\/p>\n            <\/div>\n<\/section>\n\n    <section class=\"related-section related-section--people related-section--centered standard-spacing\">\n        <div class=\"container\">\n                            <h2>Meet the author<\/h2>\n                        <div class=\"cards row-load\">\n                    <div class=\"person-card\">\n                    <a href=\"https:\/\/iqeq.com\/people\/graham-roche\/\" class=\"bg-img lozad normal\">\n                <img width=\"290\" height=\"190\" class=\"attachment-person_card size-person_card lozad\" alt=\"\" sizes=\"(max-width: 290px) 100vw, 290px\" data-src=\"https:\/\/iqeq.com\/lu\/wp-content\/uploads\/2024\/04\/Graham-Roche-Formal-Grey.png\" \/>            <\/a>\n            <a href=\"https:\/\/iqeq.com\/people\/graham-roche\/\" class=\"bg-img lozad hover\">\n                <img width=\"290\" height=\"190\" class=\"attachment-person_card size-person_card lozad\" alt=\"\" sizes=\"(max-width: 290px) 100vw, 290px\" data-src=\"https:\/\/iqeq.com\/lu\/wp-content\/uploads\/2024\/04\/Graham-Roche-Informal-Green.png\" \/>            <\/a>\n                <div class=\"info\">\n                            <h3>\n                    <a href=\"https:\/\/iqeq.com\/people\/graham-roche\/\">Graham Roche<\/a>\n                <\/h3>\n                        <p class=\"job-title\">Director, Private Credit and Debt Solutions<\/p>\n            <div class=\"border\"><\/div>\n                            <p class=\"location\">Ireland<\/p>\n                        <a href=\"#contact-person\" class=\"link link--deepgray email\">\n                Send email            <\/a>\n                            <a href=\"tel:+35319039329\" class=\"link telephone\">\n                    +353 1903 9329                <\/a>\n                                        <a href=\"https:\/\/iqeq.com\/people\/graham-roche\/\" class=\"link link--deepgray permalink\">\n                    Full profile                <\/a>\n                                        <div class=\"socials\">\n                    <a href=\"https:\/\/www.linkedin.com\/in\/rochegraham\/\" class=\"linkedin\">\n                        <span class=\"screen-reader-text\">LinkedIn<\/span>\n                    <\/a>\n                <\/div>\n                    <\/div>\n    <\/div>\n            <\/div>\n            <div class=\"button-wrapper\">\n                            <\/div>\n        <\/div>\n    <\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":6,"featured_media":1055,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","footnotes":""},"categories":[1],"tags":[],"expertise":[],"service_category":[],"class_list":["post-1054","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - 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