Apply to be a registered AIFM

Learn how to apply to us to be a small registered UK Alternative Investment Fund Manager (AIFM), including SEF and RVECA managers.

    AIFMs need to be authorised by us or registered with us. Read this page if you're applying to be registered, or our separate page if you're applying to be an authorised AIFM.

    If you're not sure whether you need to be authorised or registered, answer the questions below.

    Will you manage Alternative Investment Funds (AIFs) above the threshold of Assets under Management (AuM)?

    You can find out about the threshold of Assets under Management (AuM) in:

    You must apply to us to be authorised as a full-scope UK AIFM.

    Please refer to our page about applying to be an authorised AIFM.

    If you'll manage AIFs below the threshold of AuM, you can apply to be:

    • authorised by us – as a small authorised UK AIFM (or, if you opt-in to the full requirements, a full-scope UK AIFM), or
    • registered with us – as a small registered UK AIFM (including SEF and RVECA managers)

    Please refer to our page about applying to be an authorised AIFM.

    Please read the rest of this page.

    All AIFMs need to comply with the requirements in Article 3 of AIFMD and the amended regulations, which mainly relate to reporting.

    Full-scope and small authorised UK AIFMs will also be subject to existing regulatory requirements.

    Small registered UK AIFMs must fall into one of the categories set out in regulation 10 of the AIFM regulations.

    These regulations allow for the registration of:

    1. internally managed, closed-ended investment companies (such as investment trusts)
    2. small property AIFMs (ie external managers of certain property funds), or
    3. managers of Social Entrepreneurship Funds (SEF) and Venture Capital Funds (RVECA)
    Before applying to us for registration, review the regulatory requirements for AIFMs. You also need to read our page for all wholesale markets firm applicants and our how to apply page for all firms.

    Application and annual fees

    Your application fee falls into pricing category 3, which will be £1,000.

    You'll also be subject to a periodic (annual fee) of £718.

    Read more about how we calculate your annual fee and how to pay it.

    How to apply

    You must use our online system Connect to apply to be registered as any of the following:

    1. An internally managed, closed-ended investment company (such as an investment trust)
    This will apply if the Board of the AIF has chosen not to appoint an external AIFM – in other words, if you're both the firm and the fund: the AIFM and the AIF.

    2. A small property UK AIFM (ie an external manager of certain property funds)
    This will apply if your AIF is a Collective Investment Scheme (CIS) that holds the majority of its assets as land (directly or indirectly). In this case, you must appoint a fund operator with the Part 4A permission of ‘establishing, operating or winding up a collective investment scheme'.

    3. A manager of Social Entrepreneurship Funds (SEF) or Registered Venture Capital Funds (RVECA)
    If you're a manager wishing to use the SEF or RVECA label for a fund, you'll need to demonstrate what most of the investments in the fund are for (see below).

    Under the amended Venture Capital Funds regulations, both internally managed RVECA/SEF managers and external managers of RVECA/SEF must have an initial capital of €50,000. Own funds shall at all times amount to at least one eighth of the fixed overheads incurred by the manager in the preceding year. Other conditions also apply for both types of fund.

    Our register of small registered UK AIFMs below includes UK managers of SEFs and RVECA funds.

    What to include

    Before submitting your application, make sure you've prepared:

    • your regulatory business plan and the other things we expect to see in all applications
    • materially complete marketing material
    • incorporation documents relating to the AIF
    • an offer document for each AIF
    • the relevant required forms and your financial forecast (see below)

    Register of small registered UK AIFMs

    Our register lists all current and lapsed small registered UK AIFMs that we've recorded since November 2013.

    Download the register of small registered UK AIFMs

    Applying for fund authorisation

    Investment funds established in the UK and structured as collective investment schemes (CIS) must be authorised by us to be promoted to retail investors in the UK.

    Find out how to apply for fund authorisation.

    Page updates

    : Information changed Page rewritten to update the information for registered AIFMs
    : Editorial amendment page updated as part of website refresh
    : Information changed Replacing EuSEF and EuVECA with SEF and RVECA
    : Information added Message: this page will be updated soon