i Table of contents 520

Investment Funds 2025

Definitive global law guides offering comparative analysis from top-ranked lawyers

INTRODUCTION		6
Contributed by Sam Kay, Dechert LLP		6
AUSTRALIA		9
Law and Practice		9
Contributed by MinterEllison		9
Trends and Developments		38
Contributed by MinterEllison		38
BRAZIL		48
Law and Practice		48
Contributed by Machado Meyer Advogados		48
CAYMAN ISLANDS		72
Law and Practice		72
Contributed by Maples Group		72
CHILE		88
Law and Practice		88
Contributed by EDN Abogados		88
Trends and Developments		104
Contributed by EDN Abogados		104
CHINA		113
Law and Practice		113
Contributed by King & Wood Mallesons		113
Trends and Developments		134
Contributed by Zhong Lun Law Firm		134
FRANCE		141
Law and Practice		141
Contributed by Racine		141
Trends and Developments		161
Contributed by Racine		161
GERMANY		168
Law and Practice		168
Contributed by POELLATH		168
GUERNSEY		191
Law and Practice		191
Contributed by Carey Olsen		191
INDIA		209
Law and Practice		209
Contributed by IC Universal Legal		209
Trends and Developments		231
Contributed by IC Universal Legal		231
IRELAND		237
Law and Practice		237
Contributed by Walkers		237
ITALY		261
Law and Practice		261
Contributed by ADVANT Nctm		261
Trends and Developments		284
Contributed by ADVANT Nctm		284
JAPAN		288
Law and Practice		288
Contributed by Anderson Mori & Tomotsune		288
Trends and Developments		308
Contributed by Mori Hamada & Matsumoto		308
JERSEY		315
Law and Practice		315
Contributed by Carey Olsen		315
LUXEMBOURG		341
Law and Practice		341
Contributed by BSP		341
Trends and Developments		364
Contributed by Norton Rose Fulbright		364
MAURITIUS		374
Law and Practice		374
Contributed by BLC Robert & Associates		374
NETHERLANDS		398
Law and Practice		398
Contributed by Loyens & Loeff N.V.		398
SWEDEN		420
Law and Practice		420
Contributed by Harvest Advokatbyrå		420
Trends and Developments		439
Contributed by Harvest Advokatbyrå AB		439
SWITZERLAND		446
Law and Practice		446
Contributed by Aegis		446
Trends and Developments		465
Contributed by Aegis		465
UK		471
Law and Practice		471
Contributed by Dechert LLP		471
USA		494
Law and Practice		494
Contributed by Clifford Chance		494
Trends and Developments		514
Contributed by Clifford Chance		514
1. Market Overview		12
1.1 State of the Market		12
2. Alternative Investment Funds		12
2.1 Fund Formation		12
2.2 Fund Investment		13
2.3 Regulatory Environment		16
2.4 Operational Requirements		20
2.5 Fund Finance		20
2.6 Tax Regime		21
3. Retail Funds		22
3.1 Fund Formation		22
3.2 Fund Investment		24
3.3 Regulatory Environment		25
3.4 Operational Requirements		29
3.5 Fund Finance		30
3.6 Tax Regime		30
4. Legal, Regulatory or Tax Changes		31
4.1 Recent Developments and Proposals for Reform		31
1. Market Overview		51
1.1 State of the Market		51
2. Alternative Investment Funds		51
2.1 Fund Formation		51
2.2 Fund Investment		56
2.3 Regulatory Environment		57
2.4 Operational Requirements		60
2.5 Fund Finance		61
2.6 Tax Regime		61
3. Retail Funds		64
3.1 Fund Formation		64
3.2 Fund Investment		66
3.3 Regulatory Environment		66
3.4 Operational Requirements		68
3.5 Fund Finance		68
3.6 Tax Regime		69
4. Legal, Regulatory or Tax Changes		71
4.1 Recent Developments and Proposals for Reform		71
1. Market Overview		74
1.1 State of the Market		74
2. Alternative Investment Funds		74
2.1 Fund Formation		74
2.2 Fund Investment		76
2.3 Regulatory Environment		76
2.4 Operational Requirements		81
2.5 Fund Finance		82
2.6 Tax Regime		83
3. Retail Funds		84
3.1 Fund Formation		84
3.2 Fund Investment		85
3.3 Regulatory Environment		85
3.4 Operational Requirements		86
3.5 Fund Finance		86
3.6 Tax Regime		86
4. Legal, Regulatory or Tax Changes		86
4.1 Recent Developments and Proposals for Reform		86
1. Market Overview		91
1.1 State of the Market		91
2. Alternative Investment Funds		91
2.1 Fund Formation		91
2.2 Fund Investment		94
2.3 Regulatory Environment		95
2.4 Operational Requirements		99
2.5 Fund Finance		100
2.6 Tax Regime		100
3. Retail Funds		101
3.1 Fund Formation		101
3.2 Fund Investment		101
3.3 Regulatory Environment		101
3.4 Operational Requirements		102
3.5 Fund Finance		102
3.6 Tax Regime		102
4. Legal, Regulatory or Tax Changes		102
4.1 Recent Developments and Proposals for Reform		102
1. Market Overview		115
1.1 State of the Market		115
2. Alternative Investment Funds		116
2.1 Fund Formation		116
2.2 Fund Investment		119
2.3 Regulatory Environment		120
2.4 Operational Requirements		123
2.5 Fund Finance		124
2.6 Tax Regime		125
3. Retail Funds		126
3.1 Fund Formation		126
3.2 Fund Investment		129
3.3 Regulatory Environment		129
3.4 Operational Requirements		132
3.5 Fund Finance		133
3.6 Tax Regime		133
4. Legal, Regulatory or Tax Changes		133
4.1 Recent Developments and Proposals for Reform		133
1. Market Overview		144
1.1 State of the Market		144
2. Alternative Investment Funds		144
2.1 Fund Formation		144
2.2 Fund Investment		147
2.3 Regulatory Environment		148
2.4 Operational Requirements		152
2.5 Fund Finance		152
2.6 Tax Regime		153
3. Retail Funds		158
3.1 Fund Formation		158
3.2 Fund Investment		158
3.3 Regulatory Environment		158
3.4 Operational Requirements		159
3.5 Fund Finance		159
3.6 Tax Regime		159
4. Legal, Regulatory or Tax Changes		159
4.1 Recent Developments and Proposals for Reform		159
1. Market Overview		171
1.1 State of the Market		171
2. Alternative Investment Funds		171
2.1 Fund Formation		171
2.2 Fund Investment		173
2.3 Regulatory Environment		175
2.4 Operational Requirements		177
2.5 Fund Finance		178
2.6 Tax Regime		179
3. Retail Funds		185
3.1 Fund Formation		185
3.2 Fund Investment		186
3.3 Regulatory Environment		186
3.4 Operational Requirements		188
3.5 Fund Finance		188
3.6 Tax Regime		188
4. Legal, Regulatory or Tax Changes		190
4.1 Recent Developments and Proposals for Reform		190
1. Market Overview		193
1.1 State of the Market		193
2. Alternative Investment Funds		193
2.1 Fund Formation		193
2.2 Fund Investment		199
2.3 Regulatory Environment		201
2.4 Operational Requirements		205
2.5 Fund Finance		206
2.6 Tax Regime		206
3. Retail Funds		207
3.1 Fund Formation		207
3.2 Fund Investment		208
3.3 Regulatory Environment		208
3.4 Operational Requirements		208
3.5 Fund Finance		208
3.6 Tax Regime		208
4. Legal, Regulatory or Tax Changes		208
4.1 Recent Developments and Proposals for Reform		208
1. Market Overview		212
1.1 State of the Market		212
2. Alternative Investment Funds		212
2.1 Fund Formation		212
2.2 Fund Investment		215
2.3 Regulatory Environment		216
2.4 Operational Requirements		220
2.5 Fund Finance		220
2.6 Tax Regime		221
3. Retail Funds		222
3.1 Fund Formation		222
3.2 Fund Investment		224
3.3 Regulatory Environment		224
3.4 Operational Requirements		227
3.5 Fund Finance		228
3.6 Tax Regime		228
4. Legal, Regulatory or Tax Changes		229
4.1 Recent Developments and Proposals for Reform		229
1. Market Overview		240
1.1 State of the Market		240
2. Alternative Investment Funds		240
2.1 Fund Formation		240
2.2 Fund Investment		244
2.3 Regulatory Environment		245
2.4 Operational Requirements		249
2.5 Fund Finance		250
2.6 Tax Regime		250
3. Retail Funds		252
3.1 Fund Formation		252
3.2 Fund Investment		254
3.3 Regulatory Environment		254
3.4 Operational Requirements		258
3.5 Fund Finance		258
3.6 Tax Regime		258
4. Legal, Regulatory or Tax Changes		259
4.1 Recent Developments and Proposals for Reform		259
1. Market Overview		264
1.1 State of the Market		264
2. Alternative Investment Funds		264
2.1 Fund Formation		264
2.2 Fund Investment		267
2.3 Regulatory Environment		268
2.4 Operational Requirements		271
2.5 Fund Finance		272
2.6 Tax Regime		272
3. Retail Funds		279
3.1 Fund Formation		279
3.2 Fund Investment		280
3.3 Regulatory Environment		280
3.4 Operational Requirements		282
3.5 Fund Finance		282
3.6 Tax Regime		282
4. Legal, Regulatory or Tax Changes		282
4.1 Recent Developments and Proposals for Reform		282
1. Market Overview		291
1.1 State of the Market		291
2. Alternative Investment Funds		291
2.1 Fund Formation		291
2.2 Fund Investment		295
2.3 Regulatory Environment		295
2.4 Operational Requirements		300
2.5 Fund Finance		301
2.6 Tax Regime		301
3. Retail Funds		302
3.1 Fund Formation		302
3.2 Fund Investment		303
3.3 Regulatory Environment		303
3.4 Operational Requirements		305
3.5 Fund Finance		305
3.6 Tax Regime		306
4. Legal, Regulatory or Tax Changes		306
4.1 Recent Developments and Proposals for Reform		306
1. Market Overview		317
1.1 State of the Market		317
2. Alternative Investment Funds		318
2.1 Fund Formation		318
2.2 Fund Investment		328
2.3 Regulatory Environment		330
2.4 Operational Requirements		333
2.5 Fund Finance		333
2.6 Tax Regime		334
3. Retail Funds		336
3.1 Fund Formation		336
3.2 Fund Investment		337
3.3 Regulatory Environment		338
3.4 Operational Requirements		339
3.5 Fund Finance		339
3.6 Tax Regime		339
4. Legal, Regulatory or Tax Changes		339
4.1 Recent Developments and Proposals for Reform		339
1. Market Overview		343
1.1 State of the Market		343
2. Alternative Investment Funds		344
2.1 Fund Formation		344
2.2 Fund Investment		346
2.3 Regulatory Environment		347
2.4 Operational Requirements		352
2.5 Fund Finance		352
2.6 Tax Regime		352
3. Retail Funds		353
3.1 Fund Formation		353
3.2 Fund Investment		356
3.3 Regulatory Environment		356
3.4 Operational Requirements		360
3.5 Fund Finance		361
3.6 Tax Regime		361
4. Legal, Regulatory or Tax Changes		362
4.1 Recent Developments and Proposals for Reform		362
1. Market Overview		377
1.1 State of the Market		377
2. Alternative Investment Funds		378
2.1 Fund Formation		378
2.2 Fund Investment		381
2.3 Regulatory Environment		382
2.4 Operational Requirements		386
2.5 Fund Finance		388
2.6 Tax Regime		388
3. Retail Funds		390
3.1 Fund Formation		390
3.2 Fund Investment		392
3.3 Regulatory Environment		392
3.4 Operational Requirements		394
3.5 Fund Finance		396
3.6 Tax Regime		396
4. Legal, Regulatory or Tax Changes		396
4.1 Recent Developments and Proposals for Reform		396
1. Market Overview		401
1.1 State of the Market		401
2. Alternative Investment Funds		401
2.1 Fund Formation		401
2.2 Fund Investment		408
2.3 Regulatory Environment		408
2.4 Operational Requirements		411
2.5 Fund Finance		411
2.6 Tax Regime		412
3. Retail Funds		413
3.1 Fund Formation		413
3.2 Fund Investment		416
3.3 Regulatory Environment		416
3.4 Operational Requirements		418
3.5 Fund Finance		419
3.6 Tax Regime		419
4. Legal, Regulatory or Tax Changes		419
4.1 Recent Developments and Proposals for Reform		419
1. Market Overview		423
1.1 State of the Market		423
2. Alternative Investment Funds		423
2.1 Fund Formation		423
2.2 Fund Investment		426
2.3 Regulatory Environment		426
2.4 Operational Requirements		429
2.5 Fund Finance		430
2.6 Tax Regime		430
3. Retail Funds		431
3.1 Fund Formation		431
3.2 Fund Investment		432
3.3 Regulatory Environment		432
3.4 Operational Requirements		437
3.5 Fund Finance		437
3.6 Tax Regime		438
4. Legal, Regulatory or Tax Changes		438
4.1 Recent Developments and Proposals for Reform		438
1. Market Overview		448
1.1 State of the Market		448
2. Alternative Investment Funds		448
2.1 Fund Formation		448
2.2 Fund Investment		456
2.3 Regulatory Environment		457
2.4 Operational Requirements		460
2.5 Fund Finance		460
2.6 Tax Regime		461
3. Retail Funds		461
3.1 Fund Formation		461
3.2 Fund Investment		462
3.3 Regulatory Environment		462
3.4 Operational Requirements		463
3.5 Fund Finance		463
3.6 Tax Regime		464
4. Legal, Regulatory or Tax Changes		464
4.1 Recent Developments and Proposals for Reform		464
1. Market Overview		474
1.1 State of the Market		474
2. Alternative Investment Funds		474
2.1 Fund Formation		474
2.2 Fund Investment		478
2.3 Regulatory Environment		478
2.4 Operational Requirements		481
2.5 Fund Finance		481
2.6 Tax Regime		483
3. Retail Funds		485
3.1 Fund Formation		485
3.2 Fund Investment		486
3.3 Regulatory Environment		486
3.4 Operational Requirements		488
3.5 Fund Finance		489
3.6 Tax Regime		489
4. Legal, Regulatory or Tax Changes		491
4.1 Recent Developments and Proposals for Reform		491
1. Market Overview		497
1.1 State of the Market		497
2. Alternative Investment Funds		497
2.1 Fund Formation		497
2.2 Fund Investment		500
2.3 Regulatory Environment		501
2.4 Operational Requirements		504
2.5 Fund Finance		505
2.6 Tax Regime		505
3. Retail Funds		506
3.1 Fund Formation		506
3.2 Fund Investment		508
3.3 Regulatory Environment		509
3.4 Operational Requirements		511
3.5 Fund Finance		511
3.6 Tax Regime		512
4. Legal, Regulatory or Tax Changes		513
4.1 Recent Developments and Proposals for Reform		513

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