Nairobi, May 9 -- Since the alternative investment funds regulations came into force there's been no shortage of critics. Many have taken issue with several items.

A good example is the "one-size-fits-all" approach to all the different funds. How does lumping together hedge funds, property funds, infrastructure funds, distressed funds and private equity among others create a level playing field?

Demand for quarterly valuation reports, for instance, may prove unrealistic, especially for funds employing illiquid strategies. As is, such requirements will not only increase compliance costs but eventually could create a lopsided industry.

Further, the regulations make an implicit assumption for equity-debt structures whereas non-equity-debt...