The Central Bank of Ireland (Central Bank) completed a thematic review (Thematic Review) of fund management companies’ governance, management and effectiveness under a framework that is commonly referred to as CP86. That framework sets out the standards to be met by those firms as to their governance, management, control and resourcing. The outcome of the review has been long anticipated and the subject of much industry speculation and conjecture. In late 2020, the Central Bank finally published a “Dear Chair” letter setting out its findings (Letter). In a guest article, Carol Widger, partner at Dechert, examines the impact that the Thematic Review is likely to have on private fund managers that have established private funds in Ireland, typically as qualifying investor alternative investment funds with Irish-domiciled alternative investment fund managers (AIFMs). The article considers the genesis of CP86; the evolution of the Central Bank’s approach to the authorization and supervision of fund management companies, including AIFMs; the findings spelled out in the Letter; and what the future will look like. For more on Ireland, see “How PE Funds May Benefit From Anticipated Irish LP Vehicle Enhancements” (May 21, 2019).