General Regulation


UCITS & investment funds AIF: Presentation

AIF: Presentation

Published on November 20, 2014

The AMF regulates investment funds governed by Directive 2011/61/EU of the European Parliament and the Council of 8 June 2011, referred to as “AIFs”.

What is an AIF?


  • raise capital from a number of investors, with a view to investing it for the benefit of those investors in accordance with a defined investment policy defined by these AIFs or their management companies; and
  • are not UCITS.

AIFs include:
> The collective investment vehicles listed by the Monetary and Financial Code and therefore obeying, for example, investment rules of a more or less strict nature, intended either for the general public or for professional investors:

  • retail investment funds
  • funds of alternative funds
  • private equity funds
  • employee investment undertakings
  • real estate collective investment undertakings (OPCI)
  • real estate investment companies (SCPI)
  • forestry investment companies (SEF)
  • closed-ended investment companies (SICAF)
  • professional investment funds
  • professional private equity funds
  • professional real estate collective investment undertakings
  • securitisation vehicles

> Collective investment vehicles that are nor referred to by name in the Monetary and Financial Code but which meet the definition of AIFs, referred to as “other AIFs".

Structure of the KIID in 5 sections
1. “Investment objectives and policy” describes the essential characteristics of the CIS of which the investor must be informed,
2. “Risk and yield profile” contains a compound indicator plus texts explaining the limits of the indicator and the significant risks not taken into account by it,
3. “Fees” contains a presentation of the fees in the form of a standardised table,
4. “Past performance”,
5. “Practical information” indicates to investors where they can obtain further information about the CIS (prospectus, etc.).

Funds open to non-professional investors

Among those funds that are open to retail investors, the AMF General Regulation lists those which must adopt the format of the key investor information document (KIID), like UCITS. This measure is intended to allow investors access to the clearest, most synthetic information and to facilitate comparisons between the features of different products.

 The products in question are:

  • retail investment funds,
  • funds of alternative funds,
  • equity capital funds (FCPR, FCPI and FIP),
  • employee investment undertakings (FCPE and SICAVAS),
  • real estate collective investment undertakings (OPCI). 

The other funds open to non-professional investors do not have a KIID but when they make a public offer, they puiblish an information document which must be approved by the AMF. This is the case of SCPIs, SEFs and securitisation vehicles.

When SICAFs make a public offer, the nominal amount of the shares issued exceeds €10,000 and they must publish a prospectus approved by the AMF. 

 Funds open to professional investors

 The funds open to professional investors are the following:

  • professional investment funds,
  • professional real estate collective investment undertakings,
  • professional specialised investment funds,
  • professional private equity funds.

 These funds may be subscribed by:

  • professional investors,
  • investors whose initial subscription is €100,000 or more,
  • all other investors provided that the subscription or acquisition is made in their name and on their behalf by an investment services provider within the framework of a third-party portfolio management service.

Funds open to professional investors are not subject to the obligation to draft a key investor information document (KIID). The only regulatory documents required by the regulator are the prospectus and the fund rules or articles of association, except for professional private equity funds for which the fund rules are required.

 “Other AIFs”

The AIF category also contains vehicles referred to as “other AIFs” which meet the definition of AIFs but are not expressly listed in the Monetary and Financial Code in the same way that FCPRs or SCPIs are.
These other AIFs do not draft a key investor information document but in the event of a public offer, they do publish a prospectus approved by the AMF.

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