There are different investment fund structures available in the UK, each designed to suit different needs.  The main available fund structures are listed below.

Please feel free to contact our managing director (Giuseppe Giusti – DD: 020 7502 6621) if you require any assistance in establishing any of these funds.


(in alphabetical order; incudes both regulated and unregulated funds)

1.     Alternative Investment Fund (“AIF”) managed under the Alternative Investment Fund Managers Directive (2011/61/EU).

2.     Authorised Contractual Scheme (“ACS”) (also referred to as a Tax Transparent Fund (“TTF”)) authorised under section 235A(2) of the Financial Services and Markets Act 2000 (“FSMA”).  This type of fund can be structured as a: (a) Co-Ownership Scheme under section 235A(1)(a) of FSMA; or (b) Partnership Scheme under section 235A(1)(b) of FSMA.

3.     Authorised Unit Trust Scheme (“AUT”) authorised under section 237(3) of FSMA.

4.     Charity Authorised Investment Fund (“CAIF”) registered as a charity under Part 4 of the Charities Act 2011.

5.     European Long-Term Investment Fund (“ELTIF”) authorised under Regulation (EU) 2015/760 on European long-term investment funds.

6.     Fund of Alternative Investment Funds (“FAIF”) operating under Chapter 5.7 the Collective Investment Schemes Sourcebook (“COLL”) of the Financial Conduct Authority.

7.     Investment Company with Variable Capital (“ICVC”) (also referred to as an Open-Ended Investment Company (“OEIC”)) incorporated under the Open-Ended Investment Companies Regulations 2001.

8.     Investment Trust Company (also known simply as an “Investment Trust”) which is a company listed on the Main Market of the London Stock Exchange and approved under Sections 1158 and 1159 of the Corporation Tax Act 2010 (“CTA”).

9.     Money Market Fund (“MMF”) established under Regulation (EU) No 2017/1131 on money market funds.

10.     Non-UCITS Retail Scheme (“NURS”) operating under COLL 5.6 (Investment powers and borrowing limits for non-UCITS retail schemes).

11.     Private Fund Limited Partnership (“PFLP”) registered under the Limited Partnerships Act 1907.

12.     Property Authorised Investment Fund (“PAIF”) subject to Part 4A of the Authorised Investment Funds (Tax) Regulations 2006.

13.     Qualified Investor Scheme (“QIF”) operating under COLL 8 (Qualified investor schemes).

14.     Qualifying Social Entrepreneurship Fund (“EuSEF”) established under Regulation (EU) 346/2013 on European social entrepreneurship funds.

15.     Qualifying Venture Capital Fund (“EuVECA”) established under Regulation (EU) 345/2013 on European venture capital funds.

16.     Real Estate Investment Trust (“REIT”) recognised under Part 12 of CTA.

17.     Recognised Scheme which can be recognised under: (a) Section 264 of FSMA (Schemes constituted in other EEA States); or (b) Section 272 of FSMA (Individually recognised overseas schemes).

18.     Undertakings for collective investment in transferable securities (“UCITS”) established in accordance with Directive (EU) 2009/65/EC relating to undertakings for collective investment in transferable securities (“UCITS Directive”).  This type of fund includes: (a) Feeder UCITS established in accordance with article 58(1) of the UCITS Directive; and (b) Master UCITS established in accordance with article 58(3) of the UCITS Directive.

19.     Venture Capital Trust (“VCT”) approved under Part 6 of the Income Tax Act 2007.

Note: Fund types based on EU law are being maintained post-Brexit as part of UK domestic legislation.

Disclaimer: This article provides general information only. It is not comprehensive and does not constitute the provision of legal, investment or regulatory advice. FS REG is not responsible for any action taken or omitted to be taken on the basis of the information contained in this article. © 2020 FS REG Limited ( All rights reserved.