Investment managers who advise private investment funds registered under the European Union’s Alternative Investment Fund Managers Directive (“AIFMD”) are required to prepare an annual investor report with respect to those funds by June 30, 2015 (assuming the fund had a fiscal year ending December 31, 2014). This annual report must be made available to regulators and investors upon request and also distributed to new investors or existing investors making an additional subscription at the time of investment. This report is one of the reporting and disclosure obligations under AIFMD for “alternative investment fund managers” (“AIFMs”), permitting such AIFMs to market “alternative investment funds” (“AIFs”) to EU investors under national private placement regimes. Specifically, the annual report requires the disclosure of certain financial, fund-related and performance information, including a report on fund-related investment activities for the financial year, any material changes to disclosures already provided under AIFMD and information on remuneration of the AIFM’s staff.

For more information relating to the AIFMD Annual Report, please contact your primary Investment Management Group attorney at Seward & Kissel LLP.

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If you have any questions regarding the matters covered in this memo, please contact any of the partners and counsel listed below or your primary attorney in Seward & Kissel’s Investment Management Group.