An AIF may be established in Ireland as a single standalone fund
or as an umbrella fund comprising one or more sub-funds.
An AIF can currently take one of five legal forms: unit trust,
investment company, common contractual fund (“CCF”),
investment limited partnership (“ILP”) and Irish
collective asset-management vehicle (“ICAV”). Each form
of AIF may have open-ended, closed-ended or limited liquidity
funds. A comparison of the different structures is set out in the
table below.
| |
Investment company
|
Unit
trust
|
CCF
|
ILP
|
ICAV
|
|
Structure
|
Variable capital investment company
incorporated as a public limited company.
|
A unit
trust constituted by a trust deed entered into between a management
company and a trustee. |
