AIF (Alternative Investment Fund)

AMF classification resulting from the implementation (transposition) of the AIFM directive into French law.

By AIF (Alternative Investment Funds), we mean all investment funds that do not fall within the scope of the European Directive relating to undertakings for collective investment in transferable securities (the "UCITS" Directive).

AIFs themselves are classified into different clearly identifiable categories:

• AIFs open to all (general purpose or more specialized such as private equity funds FCPR, FCPI, FIP, real estate funds OPCI / SCPI, or alternative fund of funds);
• AIFs specifically intended for professional investors;
• employee savings funds (FCPE and former SICAVAS);
• as well as securitization entities.

The AIFM directive has created new requirements for AIFs, notably in terms of liquidity and management reporting. In return, it creates an "AIF" label to facilitate their marketing in different European countries.