A fund manager's authorisation or registration is only the start: investors subscribe on the basis of the fund's offering document, sign a subscription agreement, pass KYC, and the manager runs the fund under written policies. This guide explains the documents an Estonian alternative investment fund and its manager need, what each must contain, and what our fund add-ons deliver.
The guide is general information, not legal advice.
The offering document
An alternative investment fund offered to professional investors needs an offering document with the information AIFMD Article 23 requires: the investment strategy and objectives, the use of leverage, the valuation procedure, the liquidity management and redemption rights, all fees and expenses, the fair treatment of investors, and the risks. A fund offered to retail investors needs a prospectus under the Investment Funds Act and, for packaged products, a key information document. Our fund prospectus / offering document costs .
Investor onboarding
The investor (LP) onboarding pack () contains the subscription agreement, the investor questionnaire (professional or semi-professional status), the KYC and source-of-funds forms required by the AML rules, and a side letter template for investors who negotiate individual terms.
Fund management set-up
An authorised AIFM must show that it can run the fund: governance of the manager, investment and risk committees, conflicts of interest, valuation, delegation of functions and its oversight, and remuneration. The fund management set-up () delivers these as one coherent set. For a full AIFM, the risk management and liquidity management policy (, AIFMD Articles 15–16) and the depositary appointment are mandatory and are added to the application automatically.
Registered small manager or full AIFM
A small manager below the AIFMD thresholds needs fewer documents than a full AIFM, but the offering document and investor onboarding pack are needed in both regimes. See small AIFM vs full AIFM and the AIFM licence in Estonia; the corporate vehicle of the fund is set up with our fund structure service.
What you receive
- an offering document consistent with the fund rules and the manager's authorisation;
- an investor onboarding pack that meets the AML rules;
- the manager's governance and policies, where ordered.
Prices are starting prices confirmed in a written quote and exclude VAT. All communication takes place by email.
Ready to start? Choose the fund manager authorisation or registration and tick the fund documents. Open the quote form.
Frequently asked questions
What must a fund offering document contain?
For an AIF offered to professional investors, the information of AIFMD Article 23: strategy and objectives, leverage, valuation, liquidity and redemption, all fees and expenses, fair treatment of investors and the risks. Retail offers need a prospectus under the Investment Funds Act.
What is in an LP onboarding pack?
The subscription agreement, the investor questionnaire establishing professional or semi-professional status, the KYC and source-of-funds forms required by the AML rules, and a side letter template.
Related guides
- Estonian AIFM licence
- Small AIFM or full AIFM in Estonia
- Fund depositary requirements in Estonia
- Estonian fund structure
More on this topic: Fund licensing.