Maples Group Launches First Sub-Fund on Maples Platform ICAV

The Maples Group (“the Group“) announces that the first-sub fund on its Maples Platform ICAV (“Irish Collective Asset-management Vehicle”) is now operational with assets of more than US$200 million. The sub-fund is under a multinational alternative asset manager and will aid managers in continuing to raise capital through a regulated fund in the EU market.

The Platform ICAV presents a versatile option to clients seeking to open a regulated fund under the Alternative Investment Fund Managers Directive (“AIFMD”), especially for those fund managers that might not have the resources to launch and maintain a full-fledged, standalone Qualifying Investor Alternative Investment Fund (“QIAIF’). Clients setting up via the Platform ICAV can avail of a ready-made regulatory system, with the requisite regulatory approvals, legal agreements and service providers established within the structure. Overall, the Platform is a tool for alternative asset managers working across asset classes and investment strategies, allowing them to launch a sub-fund within an established, regulated umbrella structure.

Setting up a fund on the Platform ICAV also allows managers from outside of the EU, including those from North America looking to access European capital, to operate in the EU market with greater tax efficiency. The platform can also serve as an all-inclusive option for managers looking to launch exchange-traded funds (“ETFs”) within the EU, handing functions including distribution, regulatory compliance and fund oversight.

“The Maples Platform ICAV is a complementary offering to our longstanding AIFM / UCITS service offerings for fund managers looking to get established in the EU market,” says Declan McHugh, head of Maples Fund Management, the Group’s Central Bank of Ireland-authorised alternative investment fund manager. “We are proud to offer this platform, which provides infrastructure, governance, operations, technology and distribution services to allow investment managers to launch and manage funds with more efficiency.”

When compared to a standalone vehicle, the Platform offers several advantages. Among these benefits are cost-efficiencies. Having multiple sub-funds allows for certain overhead fees and costs to be spread across each fund. A multi-fund platform can also accommodate multiple strategies, providing a bespoke platform aligned with investment goals. The Platform offers market expediency: The usual timeframe to establish a new QIAIF is four to six weeks to establish a new QIAIF.  The Platform allows clients to establish a new fund in a shorter period, typically three weeks.

Establishing a sub-fund on the Platform also provides multifunctional utility. All the corporate governance, compliance and regulatory requirements associated with an AIFMD-compliant fund, including FATCA, EMIR and Annex IV reporting and regulatory capital requirements are handled within the structure. A broad set of exposure, performance and risk tools is also available. The Platform offers distribution support services, as well as retained investment management services for private assets funds. Moreover, the Platform presents clients with a dedicated onboarding team, which agrees on and oversees operational flows, creates reporting requirements with each service provider for all management functions and puts communication lines in place in case of any necessary escalation.

“The Maples Platform ICAV offers a smooth pathway for emerging and established managers to launch a fund” says Kieran Fox, the Group’s director, business development – Europe. “The functions within the platform grant fund managers the bandwidth to focus on core competencies: overseeing their sub-funds’ investments and liaising with investors.”

With international alternative asset managers looking for new sources of capital and markets to enter, the Maples Platform ICAV can serve as a useful access point to the European Economic Area’s more than 3,000 institutional investors and nearly US$40 trillion in assets under management. A substantial amount of this capital is allocated to alternative asset classes, to the point that Europe is the second-largest alternative assets market behind the US.