CP 132 – Share Class Feature Proposals For Closed-Ended Funds

On 23 November 2020, in a welcome development for those considering establishing private equity funds in Ireland, the Central Bank of Ireland (the "Central Bank") published a consultation paper entitled "Guidance on share class features of closed-ended QIAIFs" ("CP132"). The proposed guidance set out in CP132 seeks to address operational matters for closed-ended qualifying investor alternative investment funds, defined within CP132 as "CE QIAIFs", such as:

1. the issue of shares at a price other than net asset value ("NAV");
2. excuse and exclude provisions;
3. stage investing; and
4. management participation.

Proposals

The proposed guidance states that it will apply to CE QIAIFs "target=_blank."