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:
- Common fund
- Investment company
- Limited partnership
RAIFs shall appoint one of the following as their external managers:
AIFM of the Republic.
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:
- An Alternative Investment Fund Manager
- A UCITS Management Company
- 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
- An Investment Firm