An alternative investment fund (AIF) is a collective investment fund that is not a UCITS and whose manager is regulated under Directive 2011/61/EU (AIFMD).
Why it matters
The AIF category is broad. It covers real estate funds, private equity funds, infrastructure funds and other structures that may invest in less liquid assets than a typical UCITS. An ELTIF is a specific category of AIF with its own EU rules on eligible assets, diversification, borrowing and investor protection. Its manager must follow the organisational rules of AIFMD, including the rules on preventing conflicts of interest.
What to watch for
Rules for AIFs that are not ELTIFs can differ from country to country, including who may invest in them. Check which framework applies, who the manager is and how redemptions work. See AIFM and types of investment funds compared.
Primary sources
- Directive 2011/61/EU on alternative investment fund managers (AIFMD), EUR-Lex (2026-10-01)
General information. Not investment advice or a suitability assessment.
