Registered Alternative Investment Funds (‘RAIFs’)
What are the Registered Alternative Investment Funds (‘RAIFs’)?
Registered Alternative Investment Funds or otherwise called RAIFs are AIFs which operate as a RAIF when all of the following conditions apply:
The RAIF is an externally managed AIF.
The RAIF is addressed to professional and/or well informed investors.
The fund rules or instruments or incorporation of the AIF, as the case may be, shall specify that it is subject to the provisions of Law 124(I)/2018.
RAIFs may also operate as umbrella funds with more than one investment compartments.
A RAIF may be established in one of the following legal forms:
1. common fund.
2. Investment company.
3. Limited partnership.
RAIFs shall appoint one of the following as their external managers:
1. AIFM of the Republic.
2. EU AIFM.
3. Non-EU AIFM, in case it may passport its services and has determined a member state of reference.
Under certain conditions, a RAIF established as a limited partnership, with or without separate legal personality, may appoint as its external manager one of the following entities:
1. An Alternative Investment Fund Manager
2. A UCITS Management Company
3. An AIF management company authorised in the Republic or in another member state, for the investment management of AIFs, whose assets under management do not exceed specific thresholds
4. An Investment Firm