... Directive on Alternative Investment Fund Managers, 30 April 2009, (available from http://ec.europa.eu/internal_market /investment/ docs /alternative_ investments /fund_ managers_ proposal_en .pdf) .DP12/1 ... diverse range of funds – hedge funds, private equity, property, listed funds, funds of funds, and commodity funds. Most FSA-regulated firms that manage and/or market investment funds3 that are ... hedge funds, hedge funds of funds;• private equity and venture capital funds;• property funds;• investment trusts;• Real Estate Investment Trusts (REITs);• FSA-authorised non-UCITS funds...