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Fund manager (AIFM) authorisation and registration
We prepare and manage the authorisation of an alternative investment fund manager, or the registration of a small fund manager, with the Estonian Financial Supervision Authority — and the fund documents around it.
Prices
Full AIFM or small fund manager
Estonian law distinguishes a full fund manager from a small fund manager. A small fund manager manages alternative investment funds whose assets in total do not exceed 100 million euros, including assets acquired through leverage, or 500 million euros where the funds are unleveraged and investors have no redemption rights for five years after their initial investment (Investment Funds Act § 3, Riigi Teataja; Article 3(2) of Directive 2011/61/EU).
A small fund manager may either apply for an activity licence or register its activity with the Financial Supervision Authority (Investment Funds Act § 306 and § 453). A registered small fund manager is not supervised by the Financial Supervision Authority, and its advertising must say so (§ 453¹(3)). A full AIFM authorisation is needed above the thresholds, or where the fund is to be marketed with the rights of an authorised EU manager.
Capital the manager must hold
- Fund manager (full)
- Share capital of at least 125,000 euros when founded as a new company (Investment Funds Act § 333). Under the EU directive an externally appointed AIFM needs initial capital of at least 125,000 euros and an internally managed AIF at least 300,000 euros, plus additional own funds when the portfolios exceed 250 million euros (Article 9 of Directive 2011/61/EU).
- Licensed small fund manager
- Share capital of at least 25,000 euros at founding, to be raised to 50,000 euros within three years (Investment Funds Act § 444).
- Registered small fund manager
- Share capital of at least 25,000 euros, paid in cash at founding (Investment Funds Act § 453¹).
Fees of the authority
State and supervisory fees are charged separately. For a fund manager's activity licence the Financial Supervision Authority charges a procedural fee of 3,000 euros for a first authorisation (Financial Supervision Authority Act § 45³(2), in the wording in force on 29 September 2026 — Riigi Teataja). The registration of a small fund manager carries a procedural fee of 2,000 euros (§ 45⁷(4) of the same Act).
Depositary and fund documents
A full AIFM must ensure that a single depositary is appointed for each fund it manages (Article 21 of Directive 2011/61/EU). We prepare the documents that the manager and its funds need — offering documents, investor onboarding, governance and delegation, risk and liquidity management — and support the appointment of the depositary. The depositary's own fees are third-party costs.
What we do not do
We do not grant or guarantee the authorisation or the registration, and we cannot promise when the authority decides. We do not provide the capital, do not manage the fund and do not act as its depositary or auditor.
This price is our professional fee for the corporate and regulatory work described. It is not the price of a licence and does not include state or supervisory fees, regulatory capital, or third-party costs. The authorisation is granted by the competent supervisory authority.
Frequently asked questions
What is the difference between a registered and a licensed small fund manager?
Both stay under the small fund manager thresholds. A registered small fund manager only registers its activity with the Financial Supervision Authority and is not supervised by it. A licensed small fund manager holds an activity licence and is supervised. The capital requirements also differ: 25,000 euros for a registered manager; 25,000 euros rising to 50,000 euros within three years for a licensed one.
When do I need a full AIFM authorisation?
When the assets under management exceed the small fund manager thresholds of 100 million euros (with leverage) or 500 million euros (unleveraged, no redemptions for five years), or when you need the rights of a fully authorised EU manager. We assess this in the quote.
Is the capital included in your price?
No. The capital belongs to the fund manager and must be paid in by its owners. Our price is our professional fee for the work described.
Is the fund structure the same as the fund manager?
No. The fund structure (for example a limited partnership fund) is the vehicle in which investors invest. The manager is the company that manages it. We offer the corporate set-up of a fund structure separately on the licensed companies page.
All our prices on one page. Compare this service with every other service in our price list.
See these prices in the price listGuides
Read the guides
- Estonian AIFM licenceWhen a full fund manager authorisation is needed, the capital, what the authority assesses and what it costs.
- Small AIFM or full AIFM in EstoniaRegistration, small manager licence or full authorisation — thresholds, capital, supervision and marketing rights side by side.
- Fund depositary requirements in EstoniaWhen a depositary is required, who may be one, what it does and how to plan the appointment.
- Estonian fund structureThe building blocks of an Estonian fund structure, smaller and larger fund managers, and the main stages of the set-up.
- What a licensed company in Estonia really costsOur fee, state fees, the capital the company must hold and the running costs after authorisation — the four cost layers of a licensed company.