AIF

Alternative Investment Fund

RAIF

Registered Alternative Investment Funds

AIFLNP

Alternative Investment Fund for Limited Number of Persons

Regulated – Authorised by Cysec

Regulated through external manager who falls under AIFMD

Lightly regulated - Authorised by Cysec

No. of investors: Unlimited

No. of investors: Unlimited

No. of investors: Up to 50

Type of Investors: Retail, Well informed, professional

Type of Investors: Well informed, professional

Type of Investors: Well informed, professional

Legal Forms of AIF:

Common fund

Investment company

Limited Partnership

Legal Forms of RAIF:

Common fund

Investment company

Limited Partnership

Legal Forms of AIFLNP:

Investment company

Limited Partnership

Initial Capital requirement:

€125,000 for internally managed AIFs

€300,000 for internally managed AIFs (AIFMs)

No requirement for externally managed AIFs

Initial Capital requirement:

No requirement

Initial Capital requirement:

€50,000 for internally managed

No requirement for externally managed AIFLNPs

Maximum Assets under Management

Up to €100,000,000 including leverage or

Up to €500,000,000 without leverage and no redemption rights for 5 years, if does not fall under the AIFMD

No restriction if falls under AIFMD

Maximum Assets under Management

Up to €100,000,000 including leverage or

Up to €500,000,000 without leverage and no redemption rights for 5 years, if does not fall under the AIFM

No restriction if managed by AIFM

Maximum Assets under Management

Up to €100,000,000 including leverage or

Up to €500,000,000 without leverage and no redemption rights for 5 years

Minimum Assets under Management

€500,000 per compartment within 12 months from authorisation (may extended to 24 months upon approval from Cysec). The initial capital requirement cannot be taken into account

Minimum Assets under Management

€500,000 per compartment within 12 months from authorisation (may extended to 24 months upon approval from Cysec).

Minimum Assets under Management

€250,000 per compartment within 12 months from authorisation (may extended to 24 months upon approval from Cysec). The initial capital requirement cannot be taken into account

Depositary:

Mandatory to appoint if the AIF falls under AIFMD

Depositary:

Mandatory to appoint a local depositary

Depositary:

Mandatory to appoint if the AIF falls under AIFMD

Time Required: 1 month application preparation + 6 months for the authorisation from Cysec

Time Required: 1 month application preparation + 1 month for the registration from Cysec

Time Required: 1 month application preparation + 6 months for the authorisation from Cysec

Units of AIF can be listed

Units of AIF can be listed

Units of AIF can be listed

Management:

Can be internally managed

Can be externally managed by:

     -  AIFM or

     -  UCITS Manager or

     -  Mini Manager or

     -  Investment Firm

Management:

Can only be externally managed by:

     -  AIFM or

     -  UCITS Manager or

     -  Mini Manager or

     -  Investment firm if the established as a Limited partnership and invests at least 70% of its assets to illiquid assets and it is closed ended

Management:

Can be internally managed

Can be externally managed by:

     -  Investment firm

     -  UCITS Manager,

     -  Mini Manager or

     -  Third country company providing Investment management services, or sole purpose company

Investment restrictions exist based on:

the type of investors

AIF’s investment policy

Investment restrictions exist based on:

the type of investors

AIF’s investment policy

Investment restrictions exist based on:

No restrictions