Tuesday, 2 July 2019

Questions (192)

Pearse Doherty


192. Deputy Pearse Doherty asked the Minister for Finance the number of qualifying investor alternative investment funds QIAIFs registered as ICAVs; the percentage this comprises of total QIAIFs; the gross value of the QIAIFs that are registered as ICAVs; and the percentage of this value of total QIAIFs value. [27631/19]

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Written answers (Question to Finance)

The Irish Collective Asset-management Vehicle (ICAV), which was introduced in 2015, is a corporate vehicle designed specifically for Irish domiciled and regulated investment funds. All ICAVs must registered and authorised by the Central Bank of Ireland.

Alternative Investment Funds(AIFs) are subject to the requirements of the Alternative Investment Funds Directive (AIFMD), which are (AIFs - regulated by the AFIMD Directive). In Ireland the Central Bank of Ireland is the competent authority for the purposes of AIFMD.

I have been informed by the Central Bank of Ireland that AIFs can be split into two types:

- Retail Investor AIFs (“RIAIF”) which are marketed to retail investors; and

- Qualifying Investor AIFs (“QIAIF”) which are marketed to Qualifying Investors.

The Qualifying Investor AIF is a regulated investment fund suitable for well-informed and professional investors. As the QIAIF is not subject to any investment or borrowing restrictions, it can be used for the widest range of investment purposes. In Ireland the vast majority of AIFs are QIAIFs, with only a small minority approved as RIAIFs.

As at 31st May of 2019:

- Number of QIAIFs registered as ICAVs (including sub-funds and standalone funds) = 968

- QIAIF ICAVs as a percentage of total QIAIFs = 38.01%

- QIAIF ICAVs total NAV = €170.2 billion (rounded)

- QIAIF ICAVs total NAV as % of QIAIF total NAV = 26.95%.