Guide AIFM de l AMF
  • The Alternative Investment Funds or “AIFs”are the investment funds governed by Directive 2011/61/EU of the European Parliament and the Council of 8 June 2011 (AIFM directive).

Classification of Collective investment undertakings in France

Collective investment undertakings are a wide range of investment products:
1. Undertakings in collective investments in transferable securities, referred to as “UCITS”, are collective investment undertakings subject to UCITS directive.
2. Alternative Investment Funds or “AIFs” (subject to AIFM directive), which can be AIFs “by nature” or other AIFs:
– raise capital from a number of investors, with a view to investing it for the benefit of those investors in accordance with an investment policy that the AIFs or their management companies define; and
– are not UCITS.
3. Collective investments that are neither UCITS nor AIFs are “other collective investments”.

Alternative Investment Funds or “AIFs”  can be AIFs “by nature” or other AIFs:

AIFs which are ollective investment vehicles listed by the Monetary and Financial Code : 

– Funds intended to non professionnal investors (retail):

  • Retail investment funds
  • Funds of alternative funds
  • Private equity funds (FCPR, FCPI and FIP),
  • Real estate collective investment undertakings (OPCI)
  • Real estate investment companies (SCPI)
  • Forestry investment companies (SEF)
  • Closed-ended investment companies (SICAF)

– Funds intended to professionnal investors:

  • professional investment funds
  • professional private equity funds
  • professional real estate collective investment undertakings

Employee investment undertakings (ex. FCPE &  SICAVAS)

– Securitisation vehicles

Other AIFs:

Other AIFs meet the definition of AIFs but are not expressly listed in the Monetary and Financial Code.