Alternative Investment Funds (AIFs) are established in two main types :

(Ι) AIF with limited number of persons (AIFLNP)

(ΙΙ) AIF with unlimited number of persons (AIF)

Characteristics of AIFs with limited number of persons (AIFLNP)

• May be marketed only to well-informed and/or professional investors
• Cannot exceed total number of 75 investors/unit holders
• Freely transferable investor units/shares of the AIFLNP, with the condition that this transfer does not result in the fund having more than 75 investors/unit holders
• In certain cases may not be required to appoint a licensed manager or a custodian
• An AIFLNP can be established either as a fixed or variable capital company or as a limited partnership
• An AIFLNP can be formed with multiple investment compartments
• AIFLNP are not subject to minimum capital requirements

Characteristics of AIFs with unlimited number of persons (AIF)

• May be marketed to retail, or well-informed and/or professional investors
• Freely transferable investor units/shares of the AIF
• Must appoint a custodian
• Can be listed on a recognized stock exchange, and AIFs marketed to retail investors can be traded
• Subject to minimum capital requirements of €125.000 or €300.000 if it is a self-managed fund
• May be subject to certain investment restrictions depending on the investor type and the overall investment policy
• An AIF can be established either as a fixed or variable capital company or as a limited partnership or as a mutual fund
• An AIF can be formed with multiple investment compartments