Setting up a fund in Ireland

10 September, 2019

To set up a fund in Ireland, you must obtain authorisation from the Central Bank of Ireland ("CBI").

We can guide your organisation through the entire fund authorisation process. Below, we outline some of the steps we can assist you with.

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Choose a fund structure

There are two main categories of funds authorised by the Central Bank of Ireland:

  • UCITS (Undertakings for Collective Investment in Transferable Securities)
  • AIF (Alternative Investment Fund)

Choose a legal structure

UCITS and AIFs may be established as:

  • Unit trusts
  • Common contractual funds
  • Variable or fixed capital companies or
  • Irish Collective Asset-management Vehicles (ICAVs)

AIFs are authorised in one of two categories:

  1. A Retail Investor AIF (RIAIF) is an AIF authorised by the CBI which may be marketed to retail investors
  2. A Qualifying Investor AIF (QIAIF) is an AIF authorised by the CBI which may be marketed to qualifying investors

ICAVs are the most popular fund structure in Ireland. Regardless of the fund structure you choose, our team of experts can guide you through the complete fund authorisation process in Ireland.

The authorisation process for UCITS and AIFs

An application for authorisation of a UCITS and AIF must be made in writing to the CBI. It needs to be accompanied by certain information, including:

  • The relevant Central Bank application forms
  • Draft fund documents
  • Draft letters relevant to the application

Required service providers

The CBI is the authority responsible for the authorisation of funds in Ireland. For all Irish funds, a number of service providers must be approved in advance.

Fund approval

Once the promoter or investment manager have been approved, the final step is obtaining approval for the fund documentation.

An application will be assessed within the below time frames by the CBI.

Fund type Initial comments Subsequent comments

Non-fast track UCITS or RIAIF

(i.e. umbrellas other clones and complex sub-funds)

20 working days 10 working days

Fast track UCITS or RIAIF

(i.e. clone umbrella, clone sub-fund and non-complex sub-fund)

10 working days 5 working days
QIAIF or QIF sub-funds 24 hours n/a

Contact us

Marie Coady

Partner, PwC Ireland (Republic of)

Fiona Gaskin

Partner, PwC Ireland (Republic of)

Tel: +353 86 771 3665

Dervla McCormack

Partner, PwC Ireland (Republic of)

Tel: +353 87 283 4578

Trish Johnston

Assurance Leader, PwC Ireland (Republic of)

Tel: +353 86 814 5054

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