How Is The CCF Different To Other Irish Fund Structures?

Unlike fund structures such as the investment company with variable capital or the ICAV (Irish collective asset-management vehicle), a CCF does not have separate legal personality.

A CCF is an unincorporated body constituted under contract by a deed of constitution between a management company and a depositary.

The key difference between a CCF and other Irish fund structures is that the CCF is tax transparent. This means that, for tax purposes, investors in the CCF are treated as if they directly own a share of all underlying investments held by the CCF proportionate to their investment in the CCF. This feature allows for economies of scale that make the CCF particularly attractive to pension funds and other asset pooling vehicles.