(1) An AIFM which is an internally managed AIF shall have an initial capital of at least €300,000.
(2) Where an AIFM is appointed as external manager of alternative investment funds, the AIFM shall have an initial capital of at least €125,000.
(3) Where the value of the portfolios of the alternative investment funds managed by the AIFM exceeds €250,000,000, the AIFM shall provide an additional amount of own funds. That additional amount of own funds shall be equal to 0.02 per cent of the amount by which the value of the portfolios of the AIFM exceeds €250,000,000 but the required total of the initial capital and the additional amount shall not, however, exceed €10,000,000.
(4) For the purpose of paragraph (3), alternative investment funds managed by the AIFM, including such funds for which the AIFM has delegated functions in accordance with Regulation 20 but excluding AIF portfolios that the AIFM is managing under delegation, shall be deemed to be the portfolios of the AIFM.
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