Key takeaways

• The outcome of Thursday’s UK referendum was that the United Kingdom should leave the European Union.
• The uncertainty of the UK’s next steps, and the new relationships ultimately that will need to be forged among the United Kingdom and the members states of the European Union, will impact private investment funds regulation (in particular, AIFMD).
• There is unlikely to be any immediate direct impact on US fund managers vis-à-vis AIFMD and Brexit.