2024 has been a fascinating year on both regulatory and geopolitical fronts, testing the resilience of the alternative investment industry. As we close out the year with this final edition of the AIMA Journal, many of our contributors naturally look ahead, setting the stage for 2025 and ensuring readers are well-prepared for what will undoubtedly be another opportunity for fund managers to demonstrate their value to investors.

Even before President-Elect Trump’s election victory, next year was already slated to be pivotal for many markets, including the EU and the US, which will see many new and reformed rules aimed at fund managers. Several contributors detail some likely consequences for fund structuring, reporting rules, tax, and investment strategies in these markets.

Similarly, this edition offers a timely focus on non-financial misconduct regulations, and contributors also provide insights for firms committed to fostering resilient, compliant cultures under increasing scrutiny.

Tech-savvy readers keen to impress their colleagues at this year’s festive events with prophetic insights on next year’s digital innovations will find details on how AI could be applied to enhance fund administrator selection for fund managers and how digital treasury technology will revolutionise this burdensome operational function.  

Elsewhere, readers are treated to helpful guidance on how emerging managers navigate today’s challenging market environment, drawing from the research that AIMA and Marex collaborated on earlier this year.

Private credit is, and will likely remain, one of the hottest topics within alternative investments. This edition includes a valuable overview of a sub-genre of this theme that will develop significantly next year: NAV lending. 

Aligned with this edition’s forward-looking theme, AIMA has a packed events calendar for 2025, most of which are free for AIMA members to attend. At a time when our inboxes can often become flooded with countless invites to events, AIMA’s Head of Events provides a thoughtful reminder of the unique value these gatherings bring to AIMA’s global membership.

Finally, I want to call on AIMA members to get involved as we update our flagship due diligence questionnaire. Your input is crucial as we strive to lighten the regulatory burden on managers. More details are on page 8.

Thank you to all our contributors for making this journal a valuable resource every quarter.