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.

	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.