A German sub-threshold AIFM must not market an AIF in the Netherlands. Such special regime is only available to Dutch sub-threshold AIFMs.
In the Netherlands, reverse solicitation means an investor reaching out to the fund on its own initiative to obtain information regarding the fund and the investment opportunities in the fund, instead of the investor having received the information on the initiative of the fund. Conceptually, an investor cannot be invited into a reverse solicitation scenario and, in such case, one could not rely on the concept of reverse solicitation. There is no explicit guidance provided by the AFM (the Dutch Authority for the Financial Markets) with respect to reverse solicitation.
The information in our toolbox provides managers of private equity or venture capital funds with an initial overview of certain framework conditions in the respective country. It does not provide advice on the law of any country, neither does it substitute such advice. The above information reflects the legal situation as of February 10, 2020. Before marketing a fund into the respective country, it is at all times necessary to seek expert advice. Our team is happy to assist you with all questions at any time.