AIF Legal Structures

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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.
An unincorporated body constituted under contract by a deed of constitution between a management company and a depositary.
A partnership between one or more general partners and one or more limited partners constituted by a partnership agreement.
An Irish collective asset management vehicle incorporated under the ICAV Act.
Single standalone fund or umbrella fund
Yes
Yes
Yes
Yes
Yes
Separate legal personality
Yes
No
No
No
Yes
Board responsible for management
Board of directors of investment company
Board of directors of management company
Board of directors of management company
Board of directors of general partner
Board of directors of ICAV
Other notable features
Unlike the other structures opposite, an investment company is subject to a statutory obligation to diversify risk.

Tax transparent; unitholders are treated for tax purposes as if they directly own a share of the underlying investments.

Investment in a CCFs is limited to institutional investors.

Meets the U.S. “check the box” taxation rules.

An ICAV is not subject to many of the types of rules applicable to Irish public limited companies which apply to investment companies.

Asset Management and Investment Funds
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