Expertise

AIFMD

The Alternative Investment Fund Managers Directive (Directive 2011/61/EU) AIFMD applies to investment funds, other than UCITS. Under AIFMD such funds are called “alternative investment funds” or “AIFs”).

Our Investment Funds team establishes AIFs in Ireland that are categorised either as retail AIFs (RIAIFs) or qualifying investor AIFs (QIAIFs) and that can be structured as:

  • an Irish collective asset-management vehicle (ICAV);
  • an investment company with variable capital;
  • a unit trust;
  • a common contractual fund (CCF); or          
  • a limited partnership.

We establish AIFs as hedge funds and as funds investing in real estate, private equity, life settlements, commodities, loan portfolios and other alternative strategies .

Our team also advisea Alternative Investment Fund Managers (AIFMs) on establishment and licensing of their businesses, as well as ongoing regulatory obligations as their business grows, to include passporting, regulatory reporting, capital requirements, remuneration and liquidity and risk management.

A key advantage for EU AIFs/QIAIFs is the availability of a marketing passport similar to that enjoyed which UCITS have enjoyed with great success. Accordingly, following the completion of a relatively straightforward registration process, EU AIFs/QIAIFs may be publicly offered to professional investors in other jurisdictions of the EEA.

Our Services

  • Establishing Irish-domiciled AIFs.
  • Advising clients on the application of AIFMD to their businesses and the requirement for authorisation under AIFMD.
  • Assisting clients in obtaining authorisation by the Central Bank as AIFMs under AIFMD.
  • Advising international clients on the placement of non-EU AIFs in Ireland.

Recommendations

Chambers Europe, 2016

"top-quality level of service." 

Chambers Europe, 2015

"The team has a commercial mindset, and an understanding of the business side as well as the legal side of cases."

Recent Work

  • Advising IRES REIT, the first Irish REIT to focus on residential properties, on all Irish AIFMD aspects of its successful IPO and listing on the Irish Stock Exchange in 2014 and its second round of fundraising in 2015.

  • Advising on the establishment of a QIAIF for the acquisition and development of student accommodation for a UK client.
  • Advising on the establishment of a QIAIF for the acquisition of a portfolio of over 600 residential properties.
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Conor Durkin

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