The Alternative Investment Fund Managers Directive (“AIFMD”)

The Alternative Investment Fund Managers Directive (“AIFMD”)

The AIFMD is a European Union law that was introduced to primarily bring hedge funds and private equity funds under the supervision of an appropriate regulatory body. For the UK, this is the Financial Conduct Authority (“FCA”). The AIFMD came into force on 22 July 2014.

The AIFMD was drafted very widely and, therefore, the great majority of investment trusts, including Herald Investment Trust Plc (“HIT”), have been included by its scope. As an Alternative Investment Fund (”AIF”) HIT is required to appoint an Alternative Investment Fund Manager (“AIFM”), which must be regulated by the FCA, and which must ensure that the AIF complies with the AIFMD. Herald Investment Management Limited (“HIML”) has been appointed as the AIFM for HIT.

Entitlement to information

AIFMD compliance requires an AIF to make certain information available to shareholders and prospective shareholders. Much of that information is available to shareholders (and others) via the HIML website.

The link below is to a document produced by HIML which closely follows an FCA form called ‘FUND 3.2.2R Disclosures’. The form sets out the material that HIT is obliged to make available to shareholders and potential shareholders. The form points out where on the HIML website this material is available and, if relevant, the particular page number of certain documents (usually, the HIT annual report and accounts) where the prescribed information can be accessed

Click here to view HIT FUND 3.2.2R Disclosures form

Further information

HIT’s Fund 3.2.2R Disclosures form will be kept updated as required. Any shareholder or potential shareholder who wishes to discuss any aspect of the AIFMD should contact Andrew Miller at Herald Investment Management Limited: or 0207 553 6300



Welcome to the website for Herald Investment Management Limited (HIML). These pages provide a brief introduction to HIML and details of the funds it manages, currently Herald Investment Trust Plc, the Herald Worldwide Technology Fund and two venture capital limited partnerships.

These pages are regularly updated to include up-to-date financial and performance data, but please feel free to contact us with comments, or to request further information. It is important that you read the notices below before proceeding, as they explain certain legal and regulatory restrictions which apply to the information contained in this website.

The information provided in this website is solely for use by individuals who are resident in the United Kingdom and who are subject to UK tax; it is not intended as, and should not be regarded as, an offer or solicitation to sell investments in any jurisdiction other than the UK. Individuals who are not resident in the UK should not continue as it may be contrary to local laws or regulations for them to receive information in connection with, or to apply for, a UK investment. In particular, Herald Investment Trust Plc shares are not registered under United States securities law and, subject to limited exceptions, may not be offered, sold, transferred or delivered in the United States or to US persons. By proceeding, you are representing and warranting that you are not resident in, or a citizen of, a jurisdiction outside the UK.

Stock market and currency movements may cause the capital value of shares and the income derived from them to go down as well as up, and investors may get back less than they invested. Past performance is not necessarily a guide to future performance. The value of any tax relief you may be entitled to will depend on your individual circumstances. Current tax rates and reliefs may be changed by future legislation.

This website has been approved for purposes of UK regulation by Herald Investment Management Ltd which is authorised and regulated by the Financial Conduct Authority.

Although we have taken reasonable care to ensure that the facts contained in these pages are accurate, no representation or warranty, express or implied, is made as to their accuracy or completeness. The contents of the website are not to be considered as investment advice.

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