On 8 October 2025, the Ministry of Finance submitted a consultation memo from the Norwegian Financial Supervisory Authority ("NFSA")  on the implementation of Directive (EU) 2024/927 ("AIFMD II") in Norwegian law. AIFMD II amends both the AIFMD and the UCITS Directive, but the bulk of the changes relate to AIFMD.

In a previous newsletter, we outlined the differences between licensed and registered AIFMs. One major advantage of a full licence is the ability to market funds across borders within the EU/EEA ("passporting"). However, for small and medium-sized managers, there is an alternative: registering the fund as a qualifying venture capital fund (VCF) under the EuVECA Regulation, provided the planned fund strategy aligns with the investment restrictions. Below, we explore who might benefit from this option.

Various types of companies may qualify as alternative investment funds (AIFs). This has practical significance due to the extensive regulations governing the management of AIFs. The Financial Supervisory Authority of Norway (FSAN) actively monitors this area and conducted thematic inspections of entities involved in project financing in the spring of 2023. FSAN's annual report for 2023 also indicates a notable increase in the number of Norwegian AIFs.

Fund establishment requires careful preparation and drafting of relevant documentation. The extent of the documentation varies considerably and depends, among other things, on the intended fund structure, jurisdiction, asset class, type of target investors and the regulatory conditions under which the fund and manager operate.

When do you need to be authorised to manage alternative investment funds? When is it sufficient to be just "registered"? What are the differences?

What type of fund structure should a Norwegian fund manager choose when establishing a new alternative investment fund? This depends, among other factors, on what the fund will invest in, the target investors, the required flexibility for capital contributions and distributions from the fund, the need for confidentiality, etc.

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Private Equity and Venture Capital

Partner | Head of Asset Management

Daniel heads asset management at Wikborg Rein.

He assists with fund establishment for new and established managers (including Private Equity, Venture Capital, real estate funds, fund-of-funds, etc.), negotiation of fund agreements, tax and structuring of funds, the investments by the investment team, co-investments and underlying acquisition structures. He represents institutional investors in investments and the purchase and sale of fund interests in Europe and the USA (dozens of investments in recent years). He has lead several major acquisition and merger processes at management company level and M&As at the portfolio level. Daniel also regularly assists with the establishment of incentive schemes for both investment team members and the management and employees in underlying portfolio companies.

Daniel has significant experience in tax and corporate law in general. He is the youngest on Finansavisen's Tax law ranking in 2024. He is also the only person in Norway to be named a "Rising Star" in tax law in the 2024 edition of The Legal 500.

Daniel previously worked as a lawyer in BAHR's Asset Management and Private Equity group (2016–2021) and EY's International Tax Department (2014–2016).

Oslo

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Daniel works extensively within asset management (private equity and venture capital), transactions and on tax, structuring and corporate law matters generally.