Irish-qualified investor funds give managers flexible and adaptive structure
The Financial Regulator automatically does not apply all of the general non-Ucits fund investment and borrowing restrictions in the case of non-Ucits funds that are qualified investor funds (QIFs). The Financial Regulator does not impose any investment concentration or leverage restrictions of any nature on QIFs, save that in the case of investment companies, they must observe the general principle of risk spreading.
This risk-spreading requirement derives from the Companies Act 1990 and so does not apply to unit trusts, common contractrual funds (CCFs) or investment limited partnerships (ILPs). If a fund intends to engage in significant over-the-counter (OTC) derivatives trades, the Financial Regulator will expect the fund to limit its exposure to each OTC counterparty to 40% of net assets unless the fund intends to appoint a prime broker, in which case it may have unlimited exposure to such prime broker.
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