Ever since the implementation of the German Investment Code (Kapitalanlagegesetzbuch) in July 2013, PE and VC fund managers have regularly resorted to making use of the so-called "subthreshold" or "small AIFM" regime. It allows for managers and funds, which meet certain criteria, to (mostly) fly under the regulatory radar and be subject only to a limited regulatory oversight. There are, however, also some disadvantages connected to this regime, the most prominent being that it does not afford a "marketing passport". The EuVECA regime, on the other hand, does offer a marketing passport, but also requires more effort from the fund managers.
So how can these fund managers market in Europe? Which investors can they approach? Is a EuVECA registration worth it? With colleagues from France, Christophe Sevennec (Chammas & Marcheteau), the United Kingdom, Christopher Dearie (MJ Hudson) and Switzerland, Dominik Oberholzer (Kellerhals Carrard), Fabian Euhus and Lennart Lorenz (SMP) will discuss the possibilities of marketing without a passport.