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), which 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 real estate funds, private equity funds, credit funds, hedge funds, fund-of-funds, life settlement funds or funds investing in other alternative strategies.
Our team also advises Alternative Investment Fund Managers (AIFMs) on establishment and licensing of their businesses in Ireland, as well as compliance with ongoing regulatory obligations as their businesses evolves, to include passporting, regulatory reporting, capital requirements, remuneration and liquidity and risk management.
A key advantage for QIAIFs is the availability of a marketing passport similar to that available by UCITS, which have enjoyed great success. QIAIFs are not subject to Irish income or capital gains taxes on their investments, non-Irish resident investors are not subject to any taxes on distributions or on redemption of shares and it can be efficient from a tax perspective to use Irish QIAIF for the acquisition and management of international investments.