An alternative investment fund (AIF) is a special fund managed by an Alternative Investment Fund Manager (AIFM). The Alternative Investment Fund Managers Directive (Directive 2011/61/EU or AIFMD) is the legal basis for AIFs. The aim of the AIFMD is to create uniform requirements throughout the European Union for the authorisation of and supervision of Alternative Investment Fund Managers (AIFMs). The term AIF encompasses every collective investment undertaking including its subfunds, that collects capital from a number of investors, in order to invest it in accordance with a determined investment strategy for the benefit of the investors. The collected capital may not directly be used for an operational activity and the fund is not subject to the UCITS Directive.
German: Alternativer Investmentfonds (AIF) (52)
Source: FMA AT m. e. E., 30.10.2018