Depositary services

Under the Alternative Investment Fund Managers Directive (AIFMD), IQ‑EQ is authorised to act as an independent depositary for alternative investment funds (AIFs) managed by UK and EU alternative investment fund managers (AIFMs), with funds domiciled in the United Kingdom, Luxembourg and the Netherlands.

We support a wide range of private market strategies, including private equity, real estate, infrastructure, real assets, private debt and credit strategies, with additional capability to support liquid strategies in the Netherlands. Our role is to provide robust oversight, cash flow monitoring, and safekeeping or verification of assets, ensuring investor protection and supporting ongoing AIFMD requirements.

We provide both full‑scope depositary and depositary‑lite services, enabling us to support a broad range of fund structures across different jurisdictions.

While the core depositary responsibilities remain consistent, the scope of services is adapted depending on whether a full AIFMD depositary appointment is required.

Scope of services

Our depositary services cover key AIFMD requirements, including:

• Cash flow monitoring, ensuring all fund cash movements are appropriately controlled
• Safekeeping of financial instruments and verification of other assets
• Oversight responsibilities, including monitoring fund operations, valuation processes and governance
• Review of subscription and redemption activity to support the timely settlement of transactions

These services are delivered by an experienced depositary team, operating within a consistent control framework designed to support strong governance and investor protection.

Full‑scope vs depositary‑lite

Full‑scope depositary services apply to UK and EU‑domiciled AIFs and include the full range of AIFMD depositary obligations outlined above.

Depositary‑lite services apply to non‑EU AIFMs and AIFs, including those marketing under national private placement regimes (NPPRs) in Germany and Denmark. In these cases, services are tailored to the regulatory requirements of the structure, typically focusing on cash flow monitoring and oversight where a full‑scope appointment is not required.

Jurisdictional expertise

United Kingdom: Full‑scope depositary and depositary‑lite services, with extensive experience supporting UK and non‑EU managers

Luxembourg: Established full‑scope depositary supporting a wide range of private market structures

Netherlands: Depositary services supporting a range of fund structures, including real estate, with particular strength in liquid and open‑ended funds typically involving a limited holding of financial instruments and plain vanilla investment strategies

This coverage enables us to support managers operating across multiple European jurisdictions with a consistent and coordinated approach.

Independence and governance

IQ‑EQ’s depositary entities are legally and operationally segregated from fund administration and AIFM/ManCo services within the Group. We regularly work alongside in‑house fund administration teams or third‑party providers, while maintaining the independence required to deliver effective oversight, challenge and investor protection.

Wider AIFMD Support

Our depositary team works closely with clients to support broader regulatory requirements, including:

• NPPR registrations and ongoing compliance
• Regulatory filings, including Annex IV reporting
• Coordination with fund administrators and compliance providers

This integrated approach helps managers meet their regulatory obligations efficiently while maintaining strong governance and oversight.