18 March 2026Publication
AIFMD 2 – ESMA publishes LMT Guidelines
As the application of most AIFMD 2 rules on 16 April 2026 gets closer, another piece of the jigsaw falls into place with ESMA publishing its Guidelines on LMTs.
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Our experience
New launches
In 2018, we acted on the launch of a large number of new hedge fund managers and their first funds. 15 new managers in Europe alone. These launches involved a variety of issues including innovative fund terms and seed capital transactions. The new funds were mainly established in Cayman and Delaware but some of them were set up in Ireland and Luxembourg.
Complex restructuring
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High profile start-up
We were lead counsel on a high-profile hedge fund start up. We advised on structuring the management entities in Ireland and the UK, applying to the CBI for the Irish entity’s investment management license, structuring the hedge fund as a Cayman/Delaware master-feeder structure, with several innovative and bespoke terms, providing advice on a complex and novel fee structure and assistance negotiating with anchor investors, demonstrating the seamless coordination between our London and Dublin based teams.
Key contacts
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Related insights
24 February 2026 Publication
The Commission proposes further changes to AIFMD
In December 2025, the European Commission's Market Integration and Supervision Package included proposals to amend the Level 1 text of AIFMD
21 January 2026 Publication
Irish Funds and Regulatory Update Q4 2025
Quarterly update for the period covering 1 October - 31 December 2025
12 December 2025 Publication
2025 Hedge Funds Side Letter Survey is now live
The survey examines five key business terms and categorises investors by type and region, with results compared to the 2022 survey.
21 November 2025 Publication
Client note on LMTs for UCITS and open-ended AIFs
With Regulatory Technical Standards on LMTs for UCITS & open-ended AIFs now adopted, we examine the updated obligations & offer practical advice for managers