Mr Tom Kehoe
MD, Global Head of Research and Communications

Tom Kehoe joined AIMA as research manager in October 2008 and heads up all research and communications globally for the association. In this role, Tom is responsible for creating and executing the association’s strategies to develop and maintain strong external stakeholder relationships. In doing so, he constructs the association’s narrative through original research and thought leadership as well as design, implement and promote the association’s communications and brand. In this capacity, he has authored more than 50 research and thought leadership pieces, which have been mentioned widely across the trade and business press as well as commented on radio and television.

He has been involved with hedge funds for 15 years. Prior to joining AIMA, Tom spent four years working in hedge fund research and due diligence with BNP Paribas in New York and Dublin.

Tom holds a Masters in Finance from the National College of Ireland, a graduate certificate in Investment Management from Dublin City University and is a Chartered Alternative Investment Analyst member (CAIA).

2025: A Forecast for Stability and Growth

A year ago, I predicted that the alternative investment industry would gain greater certainty on key political and regulatory issues. Not only has that come to pass, but many of these concerns have been resolved positively for our industry. So, what has changed in the past year?

First, the US election concluded. For many financial market participants, President Trump’s victory was less about who would occupy the White House and more about who would lead the key agencies overseeing financial markets. By the end of 2024, tensions between Wall Street and the Securities and Exchange Commission (SEC) had escalated. AIMA, for its part, defended the private funds industry in court three times against regulatory overreach and unlawful rulemaking. Two cases were ruled in our favour, while the third remains pending.

Now, as President Trump’s second administration begins, the anticipated confirmation of Paul Atkins as SEC Chairman signals a shift toward a recalibrated regulatory environment. A departure from the aggressive rulemaking under Chairman Gensler is expected, with a more balanced approach that supports both public and private markets. As in Trump’s first term, tax and regulatory reforms are likely to shape the administration’s economic strategy, potentially accelerating developments in areas like digital assets.

Under Gensler, digital asset markets faced intense regulatory scrutiny, but with Atkins at the helm, a more constructive approach is expected. AIMA welcomes President Trump’s focus on addressing regulatory ambiguities in the digital asset space, including the launch of the new Crypto Task Force. The 2024 AIMA/PwC 6th Annual Global Crypto Hedge Fund Report identified regulatory uncertainty as a top concern for crypto hedge fund managers, making this policy shift a significant development.

Another major shift expected under the Trump administration is a more favourable regulatory stance toward private markets. In Q4 2024, AIMA’s private credit affiliate, the Alternative Credit Council, valued the private credit industry at $3 trillion, with the US accounting for the majority. However, under Gary Gensler’s leadership, the SEC approached private markets with scepticism, introducing proposals that sought to fundamentally reshape the regulatory framework. Under Trump, the SEC is expected to shift its focus toward capital formation in both public and private markets. Given that 87% of U.S. companies generating over $100 million in revenue are private, this shift bodes well for both investors and economic growth.

However, assuming President Trump’s return means an outright deregulation spree would be a mistake. His first administration introduced frameworks such as the SEC Marketing Rule, suggesting that regulatory refinement—rather than wholesale repeal—will guide policy.

While the US remains the largest alternative investment market and a dominant force in industry narratives, global trends are increasingly shaping priorities. The Middle East’s emergence as a financial hub accelerated in 2024, and this momentum is expected to continue. Meanwhile, APAC’s evolving role in capital flows and talent mobility presents both opportunities and strategic challenges.

From US digital asset policy to Hong Kong tax reform, AIMA’s focus in 2025 will be less on reacting to major new regulations and more on refining existing frameworks. On all these fronts, AIMA will continue advocating for clarity and stability, promoting a regulatory environment that fosters growth while mitigating systemic risks. Of that, you can be certain.