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AIFMD 2.0 readiness: What changes operationally for managers and third-party providers?
With the AIFMD II transposition deadline of 16 April 2026 now reached, and implementation uneven across Member States, the focus for alternative investment fund managers and operational partners has shifted from regulatory interpretation to operational execution.
While many firms began impact assessments and gap analyses soon after the Directive was finalised, AIFMD II is now a live regulatory framework. Although it does not fundamentally rewrite AIFMD, it introduces targeted – and in some cases far‑reaching – changes that are materially affecting operating models across private equity, private credit, real assets and other alternative strategies.
Here, Greg McKenzie, Country Head for Belasko in Luxembourg, highlights the areas where firms are experiencing the most significant operational change and shares practical readiness considerations to support implementation.
