AIMA’S GLOBAL REVIEW OFContents
AIMA in Numbers.....................................................................................3
Upcoming AIMA Conferences 2024.......................................................4
AIMA CEO's End of Year Letter...............................................................5
Regulatory Influence & Compliance Implementation.........................6
AIMA Journal...........................................................................................11
Private Credit..........................................................................................12
Responsible Investment........................................................................13
Digital Assets...........................................................................................14
AIMA Compass.......................................................................................15
The Long-Short Podcast........................................................................19
Communications and Stakeholder Engagement...............................20
Events.......................................................................................................21
AIMA Objectives......................................................................................25
About AIMA.............................................................................................26
Contact Us...............................................................................................27
Thanks to our Sponsoring Partners.....................................................28
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1,000+150+

Number of member firms represented on AIMA
working groups and committees

Number of committees and working groups

3,000+

Individual participants on working
groups and committees

2,200+ corporate members
spread across 60 countries.
US$3trn AUM of manager members.
Member network

20,000+No. of attendees at AIMA events

17,000+

Number of AIMA events

200+

3

Upcoming AIMA Conferences 2024
Learn, connect, collaborate
24 Jan		

AIMA China Live 2024

29 Jan 		

AIMA & ACC Private Credit Investor Forum 2024

19 March

AIMA Global Policy & Regulatory Forum 2024

20 March

AIMA Singapore Annual Forum 2024

02 May		AIMA Digital Assets Conference 2024

23 May 		AIMA Next Generation Manager Forum 2024

30 May 		AIMA Japan Annual Forum 2024

25 Sept 		

AIMA Australia Annual Forum 2024

08-09 OctAIMA Global Investor Forum 2024

For more information on AIMA’s events, to view playbacks and toregister for upcoming events visit www.aima.org/events.

4

Welcome to our Global Review of the Year for 2023
AIMA’s many working groups and committees – not to mention our global events and webinars – mean that our members are never shortof opportunities to engage with us, but 2023 required an even greater degree of collaboration to successfully navigate the challenges of thepast year.
Chief among these hurdles was the decision to litigate against the SEC on not one but two points of contention with its over-zealous anddamaging regulatory proposals, namely the Private Funds Adviser Rules, and the securities lending and short position reporting rules.
In each case, the decision to proceed with a legal challenge – in partnership with other trade bodies – was made following extensive
engagement with our global membership and the unanimous assent of AIMA’s Council.
Protecting the interests of our members and the entire alternative investment industry is the guiding principle behind everything AIMA does
and our ability to do that is underpinned by your ongoing support of our work, for which we are extremely grateful.
Relatedly, I’m pleased to report that the AIMA community is the largest it has ever been as we close the year and all regions continue towelcome new members, particularly in the US.
Perhaps this partly explains why AIMA's events hit several records this year in terms of delegate numbers, reach, and event partners. The
Global Investor Forum in Toronto, APAC Forum in Hong Kong, and the annual Singapore Forum were among those to welcome their largestever attendance this year.
Overall, it is clear that AIMA has had a very successful year in each area of our core offering, which also includes industry research andthought leadership. Further details of AIMA advocacy and published works for 2023 are laid out in this report and we welcome feedback
from members on how we can continue to build on these efforts next year.

Thank you for your ongoing membership of AIMA.
Our mission is to influence, educate and communicate, and in so doing, to be a very useful source of intelligencewhether your role be in legal, compliance, operations, or investor relations.

Jack Inglis

The following pages hopefully demonstrate just that.

Chief Executive Officer
AIMA

5

Regulatory Influence & Compliance Implementation
Below is a summary of AIMA's advocacy efforts in North America. A more comprehensive review can be found here.

AIMA in North America
2023 was another very active year for AIMA’s work in North America as we continue our industryleading activity in regulatory advocacy, member outreach, and education programming.

US
AIMA's work in the US was again focused mostly on the Securities and Exchange Commission’s(SEC) rulemaking docket, resulting in AIMA submitting more regulatory proposals responses inNorth America than any other region. This was an opportunity to demonstrate AIMA’s exceptional
implementation work as the SEC turned to finalising several of the rules that were proposed in recent
years. Of course, the SEC continued to issue a number of impactful proposed rules in 2023, several ofwhich are noted in this summary and the US advocacy blog referenced above.

This year, AIMA has publishedsummaries for the following regulatory
proposals:•

Settlement Acceleration (T+1)

AIMA’s implementation work consisted of summaries of the final rules, webinars, the establishment ofpeer groups, and more.

•

Beneficial Ownership Register•

Form PF

Canada•Private Fund Adviser Rules

AIMA Canada led political advocacy alongside CFA Societies Canada, the Emerging Manager Board,and PMAC, to grow support for emerging manager programmes in Ontario, British Columbia, andAlberta, aiming to mirror the success of the existing Quebec Emerging Manager Program. AIMA
Canada commented on the CSA (Canadian Securities Administrators)/CIRO Short Selling Consultationand held multiple meetings with regulators. In a notable achievement, NI 81-102 exemptive relief was
granted to an AIMA member, allowing for leverage limits and the use of the Value at Risk approach.
AIMA played a consultative role to the regulators in this process.

•Beneficial Ownership (13D and 13G)•

Securities Lending•

Short Sale Reporting•

Securisation Conflicts of Interest

This year, AIMA prepared 133 regulatory documents, includingsummaries, position papers and responses to consultations, GSPs/
DDQs and industry guidance.

AIMA also created a range of othereducational resources to help members
understand their obligations including
webinars, forming peer groups,
podcasts, and implementation guides.
All these resources can be found here.

6Upcoming US Rulemaking
AIMA continued our advocacy and engagement on the SEC’s proposed changes to the definitions of ‘dealer’and ‘government securities dealer’. We have submitted three responses to the comment file and regularly
speak with Congressional members and their staff, members of the media, and others to explain the many
negative impacts the rule could have on markets, hedge funds/advisers, and investors. A final rule could be
published in Q1 2024.
In February, the SEC proposed a package of rule changes that would fundamentally change the existingcustody rule, including expanding the requirements for safeguarding ‘funds and securities’ in the current
rule to ‘funds, securities, or other positions held in a client’s account’. If adopted, the rules will have asignificant, negative impact on financial markets, which is why we encouraged the SEC in our response towithdraw the proposal.
AIMA also responded to the SEC’s consultation on open-end fund liquidity risk management programmes
and swing pricing, making the case that a mechanistic approach would be counterproductive and risk
undermining managers’ fiduciary duty to their investors.
In July, the SEC issued a proposed rule that will require investment advisers to assess the use, or potentialuse, of 'covered technology' in investor interactions for conflicts of interest. If such conflicts prioritise thefirm’s or its associated person’s interests, they must be eliminated or neutralised. We requested the SEC
withdraw the proposed rule for various reasons. These include the vagueness and unworkability of thedefinitions of 'covered technology', 'conflicts of interest', and 'investor interaction', and our view that the
proposal should not apply to private fund advisers.

Looking Ahead
2024 is sure to be another busy year for AIMA’s Government and Regulatory Affairs (GRA) team in North
America. We're gearing up for a bustling year of advocacy, guiding our members through a maze of fresh
regulatory proposals and aiding in the implementation of finalised rules, including the comprehensive SEC
work programme.
Stay ahead of the curve with AIMA’s GRA monthly newsletter. It's your go-to resource for the latest
insights on crucial global regulatory developments that shape the alternative asset management
industry. Keep an eye out for our updates and stay informed, stay connected!

Ongoing Litigation
In August, the SEC finaliseda package of rules andamendments – better known as
the Private Fund Adviser Rules(PFAR) – that radically alters
investor disclosure practices,
restricts some activities
concerning fund expenses
and more. As a result, AIMA
joined five other associations tochallenge the legality of PFAR infederal court. A final decision inthis case could be reached by
the end of May 2024.
In December, AIMA joined anindustry challenge against
the SEC’s securities lending
and short sale rules that wereadopted in October, arguing,among other things, that thescope and disclosure frameworkadopted in the securities lending
rule is arbitrary and capricious,
specifically vis-à-vis thedisclosure framework adopted in
the short sale rule.

Below is a summary of AIMA's advocacy efforts in the UK and the EU. A more comprehensive review can be found here (UK) and here (EU).

AIMA in the UK and the EU
After a long period of negotiations and several delays along the way, 2023 eventually saw agreement on the AIFMD review. A political deal wasreached in the summer while co-legislators finalised the technical discussions in October. By and large, the updated rules are relatively benign, andwe have managed to fend off the most harmful potential elements that were discussed.
Attention will now turn to transposition and Level 2 measures. As always, AIMA will be there to guide our members through the implementation
stages with our suite of educational resources.
AIMA's other advocacy work in the EU and the UK for 2023 includes:•

AIFMD review

•

ELTIF

•

Financial stability and macroprudential oversight•Operational resilience•

Anti-money laundering•

Prudential regime for MiFID investment firms•

UK FCA Discussion Paper on the asset management regime•

EMIR Review•

Securitisation•

UK Productive Finance Working Group – reform to DC pension scheme charge cap•

Digital financeLooking Ahead
As we move into 2024, we can expect
uncertainty at the political level in the UK
and internationally. European Parliamentelections, a new European Commission, theUS presidential election and a likely generalelection in the UK will provide a colourful
backdrop to the work of regulators.
The focus on ESG, however, will not
disappear. AIMA will continue to engage
with the European Commission as workon the SFDR and ESG ratings providers
carries over into 2024. We will also support
members on compliance with the SDR in
the UK and the likely publication of new
disclosure rules in the US.

8

Below is a summary of AIMA's advocacy efforts in the APAC region. A more comprehensive review can be found here.

AIMA in Asia Pacific
Rooted in the guiding principle "small in size, big on impact," the team in AIMA APAC prioritises efficiency andeffectiveness in all its regulatory efforts, outreach, events and support for members.
AIMA has actively championed the interest of our members by engaging extensively with regional regulatorsand policymakers. This collaborative effort has resulted in more than 10 regulatory submissions, conductednearly 70 calls, roundtable discussions and meetings, and the delivery of two industry papers.
The release of the Action Plan for Alternatives in Hong Kong follows the unveiling of the Hong Kong Vision
Paper in 2022 (see page 17). It documents a comprehensive roadmap with steps necessary to fortify Hong
Kong's position as Asia's hub for alternative assets, emphasising enhancements in areas such as tax andregulatory environment. Simultaneously, AIMA partnered with members in Japan to elevate its status as
an international financial centre. The release of the paper Elevate Japan's Stature as a Global Financial
Centre serves as a strategic roadmap, crafted to catapult Japan back into the limelight as a global financial
powerhouse and to empower the Government of Japan to secure its enduring economic vitality.
Recognising the importance of diversity, equity, and inclusion (DE&I) in the alternative investment industry,
AIMA established the AIMA APAC DE&I Working Group. This initiative provides practical resources, advice,role models and case studies to support member firms in fostering a diverse and inclusive culture by offering
practical resources, advice, role models, and case studies.
APAC continues its close work with regulatory bodies with consistent submissions to push the industry ahead.
Some of these undertakings include a submission to the Australian Treasury’s Exposure Draft Legislation andExplanatory Memorandum regarding regulatory relief for Foreign Financial Service Providers, a response to
MAS on tax incentive schemes in Singapore, consultation paper to SEBI’s proposal on mandating additional
disclosures from FPIs, a response to the Hong Kong SFC’s proposed circular on assessment and selection of
ESG providers and a proposal to FSA on Japan fiscal tax reform 2024.

Looking ahead
Next year, the busy pipeline of
new regulatory proposals globallyis expected to continue andthat will require close attention
by AIMA to best assist ourmembers in navigating these newchallenges.
We are ready to meet thesehurdles and will be with you every
step of the way.

Other notable advocacy work carried out by the AIMA APAC team over the past year included a closed-door
session with Ms Satsuki Katayama, Chairperson, Research Commission on the Finance and Banking Systems of
the Liberal Democratic Party for members in Singapore, and various one-on-one meetings with FSDC and MAS
organised by AIMA for members across APAC.
9A more comprehensive review of the key global tax themes we engaged in can be found here.

AIMA Tax Engagement
2023 brought further political uncertainty on taxation at the international level withquestion marks surrounding the future implementation of the OECD two-pillar approach.
We also saw several proposals announced and then cancelled at the EU level, allamongst a broader political debate about contributions from private business to shore
up public finances amid increasing challenges. On the other hand, we had the releasein the summer of 2023 of the EU proposal on a common EU withholding tax procedure,
something that AIMA has been championing for several years.
2023 also marked the last full year of the current European Commission term. AIMA
therefore does not expect to see any new proposals until the new European Commission
takes office in H2 2024.

Looking Ahead
The ongoing consequences of Brexit on the cross-border regulatory landscape with the
UK will continue to provide new complexities, all of which provide ample opportunities
for AIMA to add value for members.
The AIMA GRA team produces a monthly letter offering the latest analysis of the key
industry global regulatory developments as well as a review of some of the global
legislative and regulatory actions that impact the alternative asset industry.

AIMA in the Middle East
AIMA has enjoyed member representationin the United Arab Emirates for over 15
years and has closely watched its growth as
an important global financial hub. The past
year has seen many reports of alternative
investment managers including some of thelargest industry names opening offices in
the UAE. Responding to this interest, AIMA
established a UAE fund manager group earlier
in the year to assist members in the region
and parties interested in opening offices there.
Further collaboration took place with the Dubai
International Financial Centre (DIFC) via thesigning of a Memorandum of Understandingin July to assist our membership and the wider
alternative asset management industry there.
Throughout the year AIMA staff spoke atseveral events in the UAE and held meetings
with representatives of the local funds industry
including its authorities and regulators as theindustry continues to grow in number andinfluence.

10

Did you know your membership entitles you
to one free submission annually to the AIMA Journal?
If you would like to contribute to future editions, please email Caterina Giordo.
Non-members wishing to contribute to the AIMA Journal should contact Caterina Giordo with their expression of interest,
including an outline of their proposed contribution. A fee is to be made payable per contribution.

For more information about AIMA membership, please contact Fiona Treble.

PUBLICATION PLAN 2024•

Q1 Edition 137
Deadline for submission 5pm UK time Monday 12th February | Publication Monday 18th March•

Q2 Edition 138
Deadline for submission 5pm UK time Monday 20th May | Publication Monday 17th June•

Q3 Edition 139
Deadline for submission 5pm UK time Monday 29th July | Publication Monday 23rd September
Q4 Edition 140
Deadline for submission 5pm UK time Monday 21st October | Publication Monday 18th November

Please note that availability is limited, and we cannot accept any additional contributions once all the spots have been filled.
We kindly advise all contributors to email us prior to submitting to make sure we can include the contribution. We can’t
guarantee the inclusion of any last-minute submissions.
Visit aima.org for more information and to read our editorial guidelines.
Important, please read:
The Alternative Investment Management Association Ltd (AIMA) holds the sole copyright for the AIMA Journal and all items therein for the purposesof controlling the copying, editing and re-distribution of all items by any other parties.
All those wishing to utilise part of all of any item within the AIMA Journal are required to obtain written permission from both AIMA and the author
which will specifically outline the elements to be utilised together with the full distribution purpose and coverage.

11

Private Credit
Advocacy
The Alternative Credit Council's (ACC) government and regulatory affairs work confronted potentially harmful restrictions to members’ activities in
the AIFMD review and reformed ELTIF. In the AIFMD review, the ACC ensured that the interests of private credit funds were heard and understoodby policymakers. Our advocacy was essential to ensuring the final rules on leverage, liquidity and risk retention did not unduly harm members’
activities in Europe while also enabling cross-border lending opportunities within the EU.
Engagement with ELTIF saw the finalisation of a much-improved ELTIF regulation that will support the growth of the product in the coming years.
This milestone was the culmination of several years of work to ensure the vehicle was a viable option for our members to invest and raise capital,
particularly from retail investors.
The ACC also continues our work on the securitisation regulation and secured important amendments to the UK rulebook which clarify members’
due diligence obligations, as well as highlighting the drawbacks of the SEC’s proposed rules to prohibit conflicts of interest in securitations.

Operational Support
2023 saw the publication of our first private credit due diligence questionnaire. In addition to the corporate lending DDQ, our commitment to ESG
transparency resulted in the ESG manager DDQ, produced in collaboration with Principles for Responsible Investment.
The ACC continued to play a leading role in the ESG Integrated Disclosure Project (IDP), supporting members adopting the template as well as
updating the template to incorporate additional data points valued by members.

Looking Ahead
Investors and policymakers will continue to pay close attention to the growth and performance of private credit in 2024. For investors, key
considerations will likely include whether funds can maintain the strong performance of the past decade in a higher rate environment, as well
as how to take advantage of the evolving opportunity set for private credit lenders. Policymaker scrutiny, driven by perceptions of opacity, will
focus on transparency and risk management practices within the sector and whether the existing regulatory framework is sufficiently robust. The
ACC will maintain our dialogue with investors and policymakers, using our Financing the Economy research and relationships with investors andregulators around the world to maintain a global advocacy programme. The ACC will also seek reforms to the insurance regulatory framework andsecuritisation rules to support our members’ activities.

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Responsible Investment
The regulatory focus on responsible investment and ESG continues in the world’s major financial centres. Key areas of AIMA’s research andadvocacy work this year have included input into the development of the UK’s new Sustainability Disclosure Requirement and responses to new
regulatory proposals on sustainable investment in the EU.

EU
The latter half of the year was dominated by the review consultation into the Sustainable Finance Disclosures Regulation (SFDR). AIMA engaged
extensively with members to understand the challenges they faced in complying with the current legislation and to ensure their priorities in a
future review were clearly communicated to the European Commission. At the start of the year, AIMA responded to the ESAs’ call for evidence on
greenwashing and submitted a response to ESMA’s consultation on using sustainability-related terms in fund names. AIMA responded to the ESAs’
joint consultation in July on the SFDR Delegated Regulation and engaged with the European Commission and European Parliament on proposals toregulate ESG ratings providers.

UK
The FCA published a consultation paper on Sustainability Disclosure Requirements (SDR) and investment labels at the end of 2022 and we
submitted a response in January. Following the publication of the SDR in December, AIMA will be providing guidance and advice for members on
implementing the legislation early in the new year. As in the EU, the UK is also considering legislation to regulate ESG rating providers and AIMA
responded to HM Treasury’s consultation on the issue in June. AIMA also fed into the ESG Data and Ratings Code Working Group’s consultation on a
draft voluntary Code of Conduct for ESG data and ratings providers.

US
If the pace of regulatory developments has been frenetic in Europe, the level of activity in the US has stalled – albeit only on the sustainability
front. Proposals from the SEC last year on Enhanced Disclosures by Investment Advisers and Climate-Related Disclosures are currently subject toconsiderable discussion between corporates and legislators. AIMA will continue to monitor developments around these two proposals ahead of the
Presidential election next year.

Looking Ahead
As we move into 2024, we can expect uncertainty at the political level in the UK and internationally. European Parliament elections, a new European
Commission, the US Presidential Election and a likely General Election in the UK will provide a colourful backdrop to the work of regulators. The
focus on ESG, however, will not disappear. AIMA will continue to engage with the European Commission as work on the SFDR and ESG ratings
providers carries over into 2024. AIMA will also support members on compliance with the SDR in the UK and the likely publication of new disclosurerules in the US.

13

Digital Assets
AIMA’s Digital Assets Working Group (AIMA DAWG) sits at the intersection of legacy alternative investments and digital assets and focuses on issues
specific to institutional buy-side investing in the space. It is comprised of a cross-section of senior industry experts including investment managers,
allocators, and service providers. The group is tasked with driving AIMA’s thought-leadership initiatives, regulatory engagement, and operational
guidance for digital assets.
Work continued throughout 2023 to meet our members’ interests, activity, and operational challenges in the digital assets space.
In 2023, we also published the latest findings from the 5th Annual Global Crypto Hedge Fund Report (see page 18) and held in-person digitalassets-focused events and conferences in New York, London and Singapore. AIMA also continued to expand our suite of educational webinars andpodcasts on digital asset-related topics, such as stablecoins usage and implications for tokenisation of funds and real-world assets.
AIMA DAWG held regular calls on topical issues and developments in this fast-evolving space, including on market liquidity, the SEC’s revised
custody rule proposal, digital asset firms’ access to banking and payments rails, global regulatory and policy updates, and the latest on crypto ETF
applications to the SEC. AIMA’s APAC-focused digital assets working group also got off the ground this year.
AIMA’s Digital Assets Regulatory Group and Digital Assets Tax Group helped develop advocacy priorities and submitted several consultation
responses for AIMA’s engagement with the FSB and IOSCO, as well as governments and regulatory agencies in the US, the UK, the EU, the UAE, Hong
Kong, Singapore, Japan, and Australia regarding their evolving digital assets policy and regulatory agendas.

Looking Ahead
In 2024, AIMA will continue to work closely with our members to drive AIMA’s regulatory engagement, thought-leadership initiatives and operational
guidance in the digital assets space. AIMA DAWG will seek to encourage thought leadership across the industry and share innovations with market
participants and regulators to create a feedback loop that encourages the further institutionalisation of digital assets. To support this work, AIMADAWG will continue to expand on its suite of educational tools and materials developing advocacy priorities and regulatory responses to evolving
market rules for digital assets.
For more information on the work of AIMA DAWG and how to get involved, please contact Michelle Noyes or James Delaney.

14

AIMA Compass

Given the high volume of content published by AIMA each year, we decided to restructure our large library of practicalguidance, DDQs, thought leadership and insights to make them more accessible for members. AIMA’s publishedcontent can now be found by using AIMA Compass, a navigation tool found on the AIMA.org homepage.

A summary of AIMA’s 2023 additions to this library of content can be found below.

Practical Guides
Valuation of Investments

ESG

This year, AIMA published an
updated version of the Guide toSound Practices for the Valuationof Investments to keep it up todate with changes to relevant
accounting standards and provide
greater detail on the valuation ofprivate credit and digital assets. The
guide also looks at how to factor in
ESG considerations when valuing
investments.

To help members navigate theever-changing ESG landscape,
AIMA published an updated
ESG Handbook, drawing on
insights from members about
the future of ESG investing.

15

Generative AI Checklist

Digital Assets Trading Guide

Generative AI, a powerful subset of artificial
intelligence (AI) technology, refers to AI models
capable of generating new forms of content,such as images, video, music, speech, text,
software code and product designs. While
generative AI offers tremendous potential forinvestment managers, it also poses significant
risks and challenges in terms of data privacy, legal
complexities, and cyber security.

AIMA published our second standalone
guide for digital assets on the topicof trading. The guide provides soundpractices and key considerations
around due diligence for institutional
investors engaged, or determining
whether and how to engage, in the
trading of digital assets.

AIMA produced a compliance checklist aimmed
at helping members identify how they can ensure
safe, compliant and ethical use of generative AI
tools within their business operations.
Diversity Equity & Inclusion (DE&I)
AIMA's work on DE&I is overseen by AIMA’s Global DE&I Steering Committee and has included an exploration of firms’ approaches to data collection
to identify challenges and best practices. AIMA has also been active in the regulatory debate as the FCA seeks to develop rules on the management of
non-financial misconduct and data reporting by firms. AIMA also represented the industry in front of the UK Parliament’s Treasury Select Committee inthe context of its enquiry into the barriers faced by women in financial services firms.

Due Diligence Questionnaires
In 2023, AIMA published an additional 12 due diligence questionnaires (DDQs), including its first-ever set of DDQs for private credit and digital asset
investment managers and funds as part of our expanding suite of guidance that helps members navigates the alternative investment universe.
To see AIMA’s full suite of due diligence questionnaires and guidance, please click here.

16

AIMA’s research reports and thought leadership pieces publishedthis year have been downloaded several thousand times and are
frequently referenced in leading financial publications and journals.

Insights
AIMA’s thought leadership and reports output in 2023 included proprietary industry research produced in partnership with our sponsoring partners
that shone a light on key trends of the alternative investment industry and the inner workings of the fund manager business model.
2023 research publications include:

Action Plan for Alternatives
In this paper, AIMA, in partnershipwith KPMG, review the current
landscape for alternative assets inHong Kong, and outline ways that thecity can reinforce its foundations andprepare for the future.

Elevate Japan's Stature as a Global
Financial Centre: A Strategic Roadmap
Crafted in partnership with AIMA Japan'sInternational Financial Centre Working
Group, this guide seeks to offer actionableinsights and robust recommendations
to empower the Government of Japan tosecure its long-term economic vitality.

17

Hedge Fund Confidence Index
AIMA’s Hedge Fund Confidence Index, a quarterly 1-minute poll which takes the pulse of the hedge fund industry,
continues to grow in popularity and influence. Don’t miss out and find out how your firm compares to its peers!
To learn more about this index and read our reports, click here.
Annual Global Crypto Hedge Fund
ReportIn 2023, AIMA published the 5th Annual
Global Crypto Hedge Fund Report andheld in-person digital assets-focused
events and conferences in New York,
London, and Singapore.

In Partnership: Trends in Private
Credit Fund Structuring
This white paper outlines trends inthe private credit asset class, andthe evolving trends and practices
in private credit fund structuring.
As well as providing a benchmark
for members, the paper also
demonstrated how importantcustomised fund structures are toboth institutional and retail investors.

In Sync: How hedge funds achievealignment with investors to foster longterm strategic partnerships
This paper represents the latest research
by AIMA to shed light on the relationshipbetween fund managers and investors,
to identify where the needs of investors
are being met and the extent to which thepriorities of both parties align.

Financing the Economy 2023
The ACC published the 9th edition of ourFinancing the Economy research. Drawing
on insights from 50+ managers overseeing
approximately US$900 billion in private
credit assets and interviews with over 20
industry leaders, this research showcased
record-breaking year-on-year capital
deployment, while also providing dataon risk management practices within the
sector.

18

19

Communications and Stakeholder Engagement•

The number of references to AIMA in Tier-1 media publications more than doubled year-on-year in 2023.

•

The Long-Short Podcast has attracted more than 35,000 listeners in over 80 countries.

•

The AIMA Journal boasts a readership of around 30,000 subscribers and has been downloaded more than 3,000 times this year.

AIMA has developed a holistic approach to engaging with members, the media, and other stakeholders in order to strengthen brand awareness andreinforce our position as a reliable ambassador for the alternative investment industry.
This '360° Comms Strategy’ encompasses research and thought leadership, social media, multimedia channels (such as The Long-Short Podcast),
newsletters, and direct engagement.
This year, AIMA launched Perspectives, a dedicated series of conversations with leading CEOs and founders of alternative investment firms from aroundthe world, done in partnership with KPMG and part of AIMA’s The Long-Short podcast.
Successes this year include:•

AIMA LinkedIn followers grew by 20% in 2023 giving us one of the largest digital footprints among our peers.

•

AIMA recorded several hundred instances of media coverage tracked by AIMA’s Media Sentiment Tracker1, including a year-on-year doubling ofreferences by Tier-12 publications.

•

Senior leadership also appeared in opinion pieces concerning the US SEC's Predictive Data Analytics policy in the Financial Times, and countering theanti-short selling narrative during the Q1 US regional banking crisis in the Singapore Business Times.

A key area of success for the Research and Communications team this year was the increase in visibility of AIMA’s advocacy efforts in the US. This was
the focus in order to be well positioned to push key messaging around high-priority regulatory themes and in anticipation of litigation to challenge the
US SEC’s highly damaging rulemaking. Other key themes where AIMA has been quoted extensively this year include short selling, ESG, and digital assets.

Investor engagement
The AIMA Global Investor Board, now 19 institutional investors across the world, discussed trends in asset allocation frameworks, hedge funds, private
equity valuations, fee structures and real estate, along with AIMA member-submitted Q&As. AIMA deepened engagement with its growing investor
membership this year through quarterly allocator-only discussions, with our Operational Due Diligence Peer Group, and our Investment Peer Group.
1
2

AIMA’s Media Sentiment Tracker only records instances of media references to AIMA in publications that can reasonably be assumed to be read by AIMA members or other key
industry stakeholders.
Tier-1 publications include: Bloomberg, the Financial Times, Forbes, the New York Times, Reuters, and, The Wall Street Journal.
20

Events
This year saw the return of over 200 in-person and specialist webinars which enabled us to deliver a comprehensive offering to ensure our members
stay well-informed and connected with topics pertinent to the industry.
For more information on AIMA's events, to view playbacks from 2023 and to register for upcoming events, click here.

• 200+ in-person and virtual events, attended by 17,000+ delegates.
• 1000+ speakers from 21 countries, including senior policymakers, regulators,
institutional investors, fund managers, and other sector specialists.

Experience the thrill of AIMA's world-class conferences, hosted in spectacular locations around the globe!
Have you joined us at one of these extraordinary events? Now's your chance to spot yourself in the limelight!
Click on the highlighted videos below and dive into the memories. Who knows, you might just find your star moment on screen.

Singapore

LondonTorontoHong Kong

AIMAGlobal Investor Forum 2023
12-13 October 2023 | Toronto

AIMA Singapore Annual Forum 2023

AIMA Putting ESG into Practice 2023

AIMA Global Investor Forum 2023

AIMA APAC Annual Forum 2023

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APAC Events
AIMA APAC returned to its pre-COVID peak in both the quality and quantity of events that it orchestrated across the region. In total, AIMA put onnearly 100 events across the region, connecting with over 10,000 global members, with a 20% increase in regional events. The year began with the
AIMA Singapore Annual Forum 2023 in March, followed by the AIMA Japan Annual Forum 2023, Acorns of APAC 2023, the AIMA Australia Forum 2023,
culminating with our AIMA APAC Annual Forum 2023 in Hong Kong in October.
AIMA provides an interactive platform for members to engage in meaningful conversations. Notably, many APAC events adopt a hybrid format,
combining seminars and networking activities to effectively reach a broader global audience while preserving valuable in-person interactions.
This approach meets the expressed demand from members to foster connections and offers a cohesive blend of educational and networking
opportunities.
A notable achievement includes advocacy of inclusivity within the alternative investment space. In Australia, Elevating Women’s Voices, a programme
designed to encourage greater participation of women in the industry, marked its second year. Furthermore, the AIMA Australia Annual Forum 2023
brought together 400+ delegates.
The AIMA APAC Forum was a global convergence of alternative investments in Hong Kong, connecting 1,000+ registrants, including 20% travelling fromacross the globe to connect over panel discussions. It also served as a platform for regulators to share insights and industry trends with members,
hosting around 10 regulators ranging from Singapore to The Cayman Islands.

Delegates at the AIMA Singapore Annual Forum 2023

Gillian Gordon (JBWere), Robert Graham-Smith (Colonial
First State), David Ben-Ur (Blackstone Alternative
Management (BAAM)), Tammi Fisher (Future Fund), Jessica
Melville (AustralianSuper), Jade Waite (Metrics Credit
Partners).

Jack Inglis, CEO, AIMA

Americas Events
The flagship AIMA Global Investor Forum was a celebration of the alternative investment community and education,
setting a new high-water mark of attendance with 490 registrants, including 42% representing institutional allocatorsand family offices. The meet-the-allocator roundtables and one-on-one meetings facilitated productive networking
alongside timely thought leadership from top institutional investors on asset allocation models, alternative asset
class perspectives, ODD, and more. Join the 2024 Forum in Toronto on the 8 & 9 October.
The AIMA Digital Assets Conference 2023 conference returned even stronger, against a backdrop of regulatory
uncertainty and a bear market for crypto assets. Over 280 leading fund managers and their investors fromtraditional asset management and digital native firms discussed the latest infrastructure developments and what isneeded to ensure this is an asset class with staying power. The 2024 conference will take place on Tuesday 2 May.

Throughout 2023 AIMA
in North America hosted
80 webinars, socials, andpanels for members in theAmericas across a range
of investment, operational,
and regulatory topics.

AIMA and the ACC returned to open iConnections’ Global Alts Week in Miami with the Private Credit Investor Forum,
which was a day of private credit content and networking for 250 LPs and GPs from around the world. The Forum
will return in 2024 on Monday 29 January.

Jiří Król, Deputy CEO, Global Head of Government Affairs
and Global Head of the Alternative Credit Council, AIMA

Left to right: Heather Cooke (The Audra Group), Karen
Karniol-Tambour (Bridgewater Associates), Oleg Mogilny(Investment Management Corporation of Ontario (IMCO)),
Vidy Vairavamurthy (BlackRock), Mohamed Elkordy (NewYork Common Retirement Fund).

Left to right: Simon Zais (Capco), Sam ten Cate (State Street),
Jasmine Burgess (Coinbase Asset Management), Lucas Vogelsang(Centrifuge), Annelise Osborne (Arca Labs).
23

EMEA Events

You're invited!

Highlights from AIMA’s European events calendar include:
AIMA's Next Generation Manager Forum saw over 260 delegates on the day. Now in its 11th year, theforum provided a platform for the exchange of ideas and the development of peer networking for seniorindividuals at alternative asset management businesses managing up to US$500 million in hedge andprivate credit assets. The next forum will take place in London on 23 May 2024.
AIMA Putting ESG into Practice in London, UK, saw an array of informative panels take place addressing
the essentials of ESG integration, the latest developments in investor demands, new trends and themes,
and the regulatory developments that firms need to know about.
The Alternative Credit Council Global Summit gave the private credit community an opportunity toengage with a plethora of fund managers, allocators and industry specialists from around the world.
During the day, fruitful keynote speeches and panel discussions explored the overall macro outlook forthe industry.
China Asset Management Forum took place in London in October in partnership with the AssetManagement Association of China. Industry practitioners discussed the latest developments and trendsof China’s capital market and the asset management industry including insights on climate change
and the impact of ESG, AI and fintech. This was a prime opportunity to learn about the China asset
management industry and network with industry peers.

Jack Inglis, CEO, AIMA, and Michael Bugel (AIMA)
with AMAC speakers.

Left to right: William Roche (Wellington
Management), Ann-Sofie Odenberg (Brummer &Partners), Janna Brokmann (Prime Capital AG), Dan
Grandage (abrdn), Adam Jacobs-Dean (AIMA).

Join us in 2024 for AIMA Innovation
Day, a new landmark event
reshaping the hedge fund industry's
future. Dive deep into pivotal trends
with industry leaders.
Discover AI's impact on operations
and investment strategies, theevolution of data management withexternal vendors, breakthroughs incrypto assets, the transformationof distribution models, andsustainable investing's emerging
landscape.
Keep an eye on AIMA's newslettersand Events page for more details.

Left to right: Mark Flanagan (FNX Dublin), Mush Ali(One Ten Associates), Elissa von Broembsen-Kluever(Omni Partners LLP), Nabanita Banerjee (Nickel Digital
Asset Management) Jordan Hogan (AIMA).
24

To provide an interactive
and professional forum
for our membershipand act as a catalyst andpromoter of the industry’s
global development.

To provide leadership forthe industry and to be its
preeminent voice.

To develop sound practices,enhance industry transparency
and education, and to liaise
with the wider financial
community, institutional
investors, the media,
regulators, governments andother policymakers.
25

The Alternative Investment Management Association (AIMA) isthe global representative of the alternative investment industry,
with around 2,200 corporate members in over 60 countries.
AIMA’s fund manager members collectively manage more than
US$3 trillion in hedge fund and private credit assets.
AIMA draws upon theexpertise and diversity ofits membership to provide
leadership in industry
initiatives such as advocacy,
policy and regulatory
engagement, educational
programmes and soundpractice guides. AIMA works
to raise media and publicawareness of the value of theindustry.
AIMA set up the Alternative
Credit Council (ACC) to help
firms focused in the private
credit and direct lending
space.

The ACC currently represents
over 250 members thatmanage over US$1 trillion ofprivate credit assets globally.
AIMA is committed todeveloping skills andeducation standards and is aco-founder of the Chartered
Alternative Investment
Analyst designation (CAIA) –the first and only specialised
educational standard foralternative investment
specialists. AIMA is governedby its Council (Board of
Directors).

For further information, please visit AIMA's website, www.aima.org

26

Bermuda

Middle East

BrazilNew York
12 East 49th Street, 11th Floor New York, NY,
10017, USA+1 646 866 7140

bermuda@aima.org
info@aima.org
Brussels
38/40 Square de Meeus, 1000 Brussels,
Belgium+32 2 401 61 46

info@aima.org

usa@aima.org

Cayman Islands

Singapore
1 Wallich Street, #14-01 Guoco Tower,
Singapore 078881+65 6535 5494

cayman@aima.org

apac@aima.org

Hong Kong
Unit 1302, 13/F, 71-73 Wyndham Street,
Central, Hong Hong+852 2523 0211

Shanghai
Suite A10, 28th Floor SWFC, No. 100 Century
Avenue, Pudong, Shanghai 200120, China+86 136 1191 9817

apac@aima.org

apac@aima.org

London (Head Office)
167 Fleet Street, London EC4A 2EA+44 20 7822 8380

Sydney+61 (0) 412 224 400

info@aima.org

info@aima.org

apac@aima.org

Toronto500 - 30 Wellington Street West, Box 129,
Commerce Court, Toronto, ON M5L 1E2,
Canada+1 416 364 8420

canada@aima.org
Tokyo+81 (0) 3 4520 5577

apac@aima.org

Washington
1100 15th St NW,
Washington, DC 20005-1707, USA+1 202 919 4940

usa@aima.org

27

THANKS TO OUR SPONSORING PARTNERS IN 2023

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