AIFMD moves EQT funds onshore

It has cited the UK, the Netherlands, and Luxembourg as potential new locations, but does not rule out the possibility of returning to its native Sweden. The funds are currently based in Guernsey.

EQT stated that the AIFMD has significantly clarified the EU regulatory environment and that the harmonised framework has enabled future funds to be managed onshore. It stressed the importance of managing reputation as a "serious and responsible owner and investor," and describes the decision as a natural step in its growth path.

In a July 2011 interview with local financial press, EQT managing partner Conni Jonsson expressed discontent with the offshore solution. Jonsson said the solution was only necessary to avoid double taxation in order to attract foreign LPs. He argued for a unified European corporate structure, but added that it was politically impossible at the time.

The Swedish private equity industry has recently been under significant pressure. Only months ago, local media launched a minor crusade against the industry after reports of mistreatment at Triton and KKR-backed elderly care homes. In December, the tax authority has pushed for increased taxation of carried interest payments, retrospectively taxing IK Investment Partners SEK 1bn.

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• Topics
• Nordics
• Regulation
• EQT
• AIFM Directive