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ARTICLE · 17 SEPTEMBER 2026

Alternative Investment Funds

K&L Gates
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Ireland offers a sophisticated regulatory framework for Alternative Investment Funds, with structures ranging from ICAVs and Investment Limited Partnerships to Unit Trusts and Common Contractual Funds. The jurisdiction provides flexible options for both retail and institutional investors, with distinct regulatory pathways for RIAIFs, QIAIFs, and ELTIFs, each designed to accommodate different investment strategies and liquidity profiles while maintaining robust investor protections.

IrelandFinance and Banking
Shane Geraghty
Shane Geraghty
Gayle Bowen
Gayle Bowen
Hazel Doyle
Hazel Doyle

1 What are the principal legal structures used for Alternative Investment Funds?

Irish Alternative Investment Funds (“AIF”) authorised and regulated by the Central Bank of Ireland (“CBI”) can be divided into three categories: Retail Investor Alternative Investment Fund (“RIAIF”), Qualifying Investor Alternative Investment Fund (“QIAIF”) and European Long-Term Investment Fund (“ELTIF”).

All of above are subject to the Alternative Investment Fund Managers Directive (“AIFMD”) and to the recent amendment of AIFMD (“AIFMD II”) under Irish law.

RIAIFs are open to retail investors with no minimum investment requirements but are subject to eligible asset restrictions. QIAIFs are targeted at qualifying investors with a minimum investment of €100,000. ELTIFs are open to both professional and retail investors in the EU, targeting long-term assets.

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