This directive lays down the rules for the authorisation ongoing operation and transparency of the managers of alternative investment funds aifms which manage and or market alternative investment funds aifs in the union article 2 scope 1 subject to paragraph 3 of this article and to article 3 this directive shall apply to. The alternative investment fund managers directive is a european union regulation that applies to hedge funds private equity funds and real estate funds. These regulations implement in part directive 2011 61 eu of the european parliament and of the council on alternative investment fund managers aifmd regulation eu no 231 2013 supplementing aifmd regulation eu no 345 2013 on european venture capital funds and regulation eu no 346 2013 on european social entrepreneurship funds and an element of directive 2011 89 eu of the . The alternative investment fund managers directive chapter 1 introduction overview regulatory history and technique transition the alternative investment fund managers directive european regulation of alternative investment funds da zetzsche ed kluwer law international 2012. Act directive 2011 61 eu of the european parliament and of the council of 8 june 2011 on alternative investment fund managers and amending directives 2003 41 ec and 2009 65 ec and regulations ec no 1060 2009 and eu no 1095 2010 oj l 174 172011 pp 1 73 the successive amendments and corrections to directive 2011 61 eu have been incorporated in to the original document