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By Dr. Sebastiaan NIELS HOOGHIEMSTRA*
For decades, most alternative investment fund managers (“AIFMs”) have focused on large institutional investors, such as pension funds, with hundreds of billions of euros in assets. So far, that market has been very profitable and institutional investors have been committing substantial amounts of their portfolios to alternative investments. Due to, amongst others, (local) regulatory restrictions, private wealth managers advising high-net-worth individuals (“HNWIs”) were not targeted by such AIFMs. Recently, however, there has been substantial growth in private wealth. AIFMs want to tap this market and a number of retail feeder/fund-of-fund (“FoF”) alternative investment funds (“AIFs”) have been launched that are bundling...
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