Investment Funds 2025

UK

The United Kingdom London

Ireland

Law and Practice Contributed by: Sam Kay, Philippa List, Mark Stapleton and Nicolas Kokkinos Dechert LLP

Germany

Belgium

France

Contents 1. Market Overview p.473 1.1 State of the Market p.473 2. Alternative Investment Funds p.473

2.1 Fund Formation p.473 2.2 Fund Investment p.477

2.3 Regulatory Environment p.477 2.4 Operational Requirements p.480

2.5 Fund Finance p.480 2.6 Tax Regime p.482 3. Retail Funds p.484 3.1 Fund Formation p.484 3.2 Fund Investment p.485

3.3 Regulatory Environment p.485 3.4 Operational Requirements p.487

3.5 Fund Finance p.488 3.6 Tax Regime p.488 4. Legal, Regulatory or Tax Changes p.490 4.1 Recent Developments and Proposals for Reform p.490

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