The authorization of the AIFM will impact the availability of the AIFMD marketing passport, which is only available to an authorized EU AIFM.Īsset types and investment strategies – A QIAIF can generally invest in any asset type and conduct any investment strategy, including venture capital strategies. Key features of a QIAIF are:Ģ4-hour fast-track authorization process – QIAIFs that have an authorized Alternative Investment Fund Manager (“AIFM”) can generally be authorized within 24 hours of application to the Central Bank.ĪIFM appointment required – An AIFM must be appointed in respect of a QIAIF product, which can be an EU-authorized AIFM, Irish-registered AIFM or a non-EU AIFM. QIAIFs are Irish-regulated AIFMD-compliant structures aimed at sophisticated or institutional investors. Qualified Investor Alternative Investment Fund – regulatory wrapper The following table is a non-exhaustive high-level summary of the main differences between a QIAIF ICAV, a QIAIF ILP and the 1907 LP. Other structures, such as the common contractual fund and unit trusts, are available, but are typically used by asset managers for more bespoke products. Depending on the authorization of the appointed AIFM, an ILP can typically use the AIFMD marketing passport. In light of recent enhancements to its legislative regime, the modernised ILP is viewed as a game changer which will bring an increasing number of fund promoters to Ireland to establish their venture capital funds.
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