Types of AIFs

AIF with Unlimited Number of Persons

retail, or well-informed and/or professional investors

freely transferable investor shares

can be listed on a recognized stock exchange, and AIFs marketed to retail investors can be traded

minimum capital requirements of:
€125,000 or
€300,000 if a self-managed fund

subject to certain investment restrictions depending on investor type and investment policy

AIF with Limited Number of Persons

only to well-informed and/or professional investors

may not exceed the total number of 75 investors

freely transferable investor shares, with the condition that their transfer does not result in the AIF having more than 75 investors

are not externally managed by an AIFM authorized manager and/ or their assets under management do not exceed the AIFMD thresholds of:

€100 million (including leverage) or
€500 million (5-year lock-up period without leverage)