Ireland is widely recognised as a leading domicile in which to establish investment funds. The most common Irish-regulated fund structures used in fund finance transactions are:
- (i) Irish collective asset-management vehicles (“ICAVs”);
- (ii) investment limited partnerships (“ILPs”);
- (iii) investment companies or PLCs (together, “Irish Funds”).
The most common category of Irish Fund subject to the Alternative Investment Fund Managers Directive (“AIFMD”), and the fund most used by private capital sponsors, is the Qualifying Investor Alternative Investment Fund (“QIAIF”). A QIAIF is subject to the Central Bank of Ireland’s (“CBI”) AIF Rulebook.