ESMA_QA_1033
16/07/2021
Subject Matter
ESMA’s guidelines on performance fees in UCITS and certain types of AIFs
Original question
In case of creation of a new compartment/share class in an existing AIF in the course of its financial year or in case of creation of a new AIF, can performance fees be crystallised after less than 12 months from the date of creation of such a new AIF/compartment/share class (i.e.: the date in which the share class is launched/seeded)?
ESMA Answer
03-10-2024
Original language
[ESMA 34-32-352 AIFMD Q&A, Section 15, 8]
No. Performance fees, if any, should be crystallised after at least 12 months from the creation of a new AIF/compartment/share class. Moreover, paragraph 35 of the guidelines foresees that the crystallisation date should be the same for all share classes of a fund that levies a performance fee.
16-07-2021
Original language
[ESMA 34-32-352 AIFMD Q&A, Section 15, 8]
No. Performance fees, if any, should be crystallised after at least 12 months from the creation of a new AIF/compartment/share class. Moreover, paragraph 35 of the guidelines foresees that the crystallisation date should be the same for all share classes of a fund that levies a performance fee.
Status: Published Answer Updated
Additional Information
Level 1 Regulation
Alternative Investment Fund Managers Directive (AIFMD) Directive 2011/61/EU
Topic
Costs and fees