The level of costs will vary substantially between the alternative industry segments, and also between individual managers in each segment. It will also depend on the marketing route used by the AIFMs (passport or PPR), especially for non-EU AIFMs. The one-off and ongoing compliance costs for non-EU AIFMs using the PPR route will be much lower than those of non-EU AIFMs using the passporting route and for EU AIFMs, whatever the route. The costs therefore need to be carefully analyzed on a case-by-case basis. Investors in existing funds at the final date of transposition or in funds to be launched afterwards.
