Reverse solicitation (or passive marketing) – where a fund manager responds to a genuinely unsolicited request for information that is made at the initiative of a prospective investor – does not constitute "marketing," meaning that the fund manager does not have to comply with the rules constituting the national private placement regimes or the additional AIFMD obligations and requirements.

This article first appeared in the Spring 2015 edition of the Private Equity Report. That article can be found here.