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 text with eea relevance the european parliament and the council of the european union having regard to the treaty on the functioning of the european union and in particular article 531 thereof having regard to the proposal from the european . 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 european regulation of alternative investment funds da zetzsche ed kluwer law international 2012 79 pages posted 23 dec 2012 see all articles by dirk a zetzsche. Directive alternative investment fund managers directive ec european commission eea european economic area efama european fund and asset management association esma european securities and markets authority eltif regulation on european long term investment funds eu european union1 eur euro euveca regulation on european venture capital funds