9.01 It is difficult to make a detailed analysis on the AIFM industry in Spain for several reasons. First, the industry is generally divided into two broad groups: managers of collective investment schemes (including hedge funds and real estate funds) and managers of venture capital funds and companies. Second, a part of the industry is subject to licensing or regulatory requirements and, therefore, is captured by CNMV1 registry and records, and INVERCO2 and EFAMA3 official statistics, while another part is not subject to licensing and supervision, using...
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