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What is the minimum asset threshold for an AIF manager to be subject to mandatory authorisation under the AIFM Direct...

What is the minimum asset threshold for an AIF manager to be subject to mandatory authorisation under the AIFM Directive?

€50 million with leverage or €250 million without leverage
€100 million with leverage or €500 million without leverage
€200 million with leverage or €750 million without leverage
€300 million with leverage or €1 billion without leverage