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
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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
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Initial Capital requirement: €50,000 for internally managed No requirement for externally managed AIFLNPs
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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
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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).
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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
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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
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