A recent Carne Group program provided an overview of establishing and marketing private funds in the E.U. under the Alternative Investment Fund Managers Directive (AIFMD), a regime that U.S. managers adhere to in order to freely market across the E.U. The program featured Ajay Pathak and Glynn Barwick, partner and counsel, respectively, at Goodwin Procter; Edwin Chan, senior vice president at Northern Trust; and Aymeric Lechartier, managing director at Carne Group. This article, the second in a two-part series, compares Ireland and Luxembourg as private fund venues; outlines the costs and logistics of establishing an E.U. fund; addresses whether to hire a third-party E.U. fund manager; and reviews the current state of private placements and “reverse solicitation” in the E.U. The first article evaluated the key provisions of AIFMD. See “Six Common Misconceptions U.S. Fund Managers Have About Marketing in Europe” (Mar. 9, 2017).