Is my family office concerned?

If structured as an AMF-authorized management company (which is the case for most French family offices managing more than €100m), yes. If structured as a simple family wealth holding, no.

Liquidity Management Tools are the liquidity-management tools AIFM 2 imposes on open-ended funds: suspensions, gates, redemption fees, swing pricing, side pockets. At least two tools must be available for open-ended funds. Closed-ended funds (classical venture) are little affected; evergreen or ELTIF 2.0 funds are.

Is my fund doing occasional venture debt concerned by the new loan-origination rules?

If origination is ancillary (less than 30% of managed assets), your fund does not tip into a loan-originating fund (LoF). But this must be documented: precise limits, quantified tracking, explicit fund clauses. Conditions of "ancillariness" are now subject to AMF audit.

Difference between AIFM 2 and SFDR?

AIFM 2 regulates management companies (substance, liquidity, reporting). SFDR (Sustainable Finance Disclosure Regulation) regulates ESG communication of financial products. They converge on reporting (SFDR PAI indicators can enrich AMF reporting), but their scopes remain distinct.

ImminentApplication : 2026-04-16

AIFM 2

Directive (EU) 2024/927, Alternative Investment Fund Managers Directive 2

Revision of the 2011 AIFM Directive for AIF management companies. In force on 16 April 2026.

Secteurs concernés

Finance & VC

01 · Qu'est-ce que c'est ?

AIFM 2 (directive EU 2024/927) deeply amends the 2011 AIFM directive (Alternative Investment Fund Managers Directive). Adopted in March 2024, it enters into application on 16 April 2026 after national transposition. In France, it targets management companies that manage AIFs (Alternative Investment Funds), venture, private equity, private debt, real estate, infrastructure, hedge funds, evergreen funds.

The directive reinforces four pillars: management-company substance (fight against "letter-boxes"), liquidity management, loan origination by AIFs, and AMF/ESMA reporting.

02 · Qui est concerné ?

AIF management companies (venture, growth equity, private equity, private debt, real estate, infrastructure).
Family offices structured as management companies.
Evergreen and semi-liquid funds (notably ELTIF 2.0).
Loan-originating funds (LoF), framed for the first time.

For French private-investment players, VC, growth equity, private equity, family offices, the impact is broader than expected: substance, parallel funds, occasional loan origination, reinforced reporting.

03 · Calendrier d'application

Adopted in March 2024, applicable on 16 April 2026 after national transposition.

March 2024: adoption at European level.
National transposition under way (France: ordinance project expected end-2025).
16 April 2026: entry into application in national law.
Second half of 2026: start of AMF controls, beginning with the most exposed actors.

04 · Sanctions

Sanctions fit into the classical AMF regime: administrative sanctions, withdrawal of authorization, financial sanctions (up to 10% of annual revenue or €5 million per executive for serious breaches). The novelty is the specific attention paid to substance and delegation: a management company appearing as a "letter-box" risks withdrawal of authorization, which is commercially fatal.

05 · Comment s'y conformer

Per-deal structured investment data room with versioning of IC notes, valuation models, due diligences.
Unlisted-asset valuation under documented governance (separation between investment team and valuation team).
AMF AIFM 2 reporting (XBRL) and LP reporting (ILPA, SFDR PAI) unified from a single data engine.
Documented substance: full-time team in France, documented management committee, framed sub-contracting.

06 · Questions fréquentes

Is my family office concerned?: If structured as an AMF-authorized management company (which is the case for most French family offices managing more than €100m), yes. If structured as a simple family wealth holding, no.
What are LMTs?: Liquidity Management Tools are the liquidity-management tools AIFM 2 imposes on open-ended funds: suspensions, gates, redemption fees, swing pricing, side pockets. At least two tools must be available for open-ended funds. Closed-ended funds (classical venture) are little affected; evergreen or ELTIF 2.0 funds are.
Is my fund doing occasional venture debt concerned by the new loan-origination rules?: If origination is ancillary (less than 30% of managed assets), your fund does not tip into a loan-originating fund (LoF). But this must be documented: precise limits, quantified tracking, explicit fund clauses. Conditions of "ancillariness" are now subject to AMF audit.
Difference between AIFM 2 and SFDR?: AIFM 2 regulates management companies (substance, liquidity, reporting). SFDR (Sustainable Finance Disclosure Regulation) regulates ESG communication of financial products. They converge on reporting (SFDR PAI indicators can enrich AMF reporting), but their scopes remain distinct.

Sources officielles

Réglementations connexes

Digital Operational Resilience Act, Règlement (UE) 2022/2554
In force2025-01-17
DORA
Digital Operational Resilience Act, Règlement (UE) 2022/2554
Règlement européen sur la résilience opérationnelle numérique du secteur financier. Applicable depuis le 17 janvier 2025, avec TLPT en 2026.
- Banking
- Finance & VC
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Articles d'analyse

AIFM 2 : les sociétés de gestion VC découvrent le vrai périmètre
Finance & VCApril 4, 2026
AIFM 2 : les sociétés de gestion VC découvrent le vrai périmètre
La directive AIFM 2 entre en application en avril 2026. Pour les VC et family offices, ce n'est pas qu'un sujet de reporting, c'est une révision des règles de levier, de liquidité et de gouvernance.

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