Since the advent of the AIFMD any real estate fund that is not exempt must appoint an authorised private equity (PE AIF) depositary. The role of the depositary is principally to safeguard the fund’s assets, monitor and reconcile fund cash flows and oversee the day-to-day activities of the fund manager, ensuring compliance with fund documentation and relevant legislation.
Crestbridge is authorised by the FCA to provide the services of a depositary to in-scope, closed-ended real estate funds, drawing on the directors’ extensive real estate financing, fund structuring and strategic asset management experience and regulatory expertise gained from acting as FCA authorised operator of real estate funds and managing trustee of exempt property unit trusts in the UK for more than 15 years. Our focus is on providing compliant services with a minimum level of intrusion, tailoring our activities to interact efficiently with the fund manager’s own systems and processes, not vice versa.
In addition Crestbridge is authorised to provide ‘depo-lite’ services in relation to non-EEA AIFs being marketed into jurisdictions within the EEA where this is a requirement, such as Germany and Sweden.