It’s roughly three months since the Cabinet Secretary for the National Treasury and Planning recently gazetted the Capital Markets (Alternative Investment Funds) Regulations, 2023, which took effect sometime last December.
A lot has been written on its potential impact on the existing private equity industry, the timeline to comply, and whether actual enforcement is possible et al. I’d like to add a somewhat distant but possible scenario: the arrival of a new breed of investors the law inadvertently may create: the shareholder activist.
