ICAV: Ireland’s new fund vehicle explained

Author: | Published: 9 Dec 2014

Matheson's Anne-Marie Bohan explains why the Irish Collective Asset-Management Vehicle is set to become the instrument of choice for Irish investment funds

When the Irish government published its strategy for the International Financial Services Industry in Ireland 2011 – 2016, one of its commitments was the introduction of 'a legal framework for a corporate fund structure which is not a public limited company'. That commitment will come to fruition before the end of 2014 with the introduction of the Irish Collective Asset-Management Vehicle (ICAV).

The ICAV is a bespoke investment fund corporate vehicle, designed to supplement rather than substitute the existing range of fund structures. Promoters of Irish investment funds can currently choose between a number of tax exempt structures when setting up their funds, namely investment companies, unit trusts, common contractual funds, and in the case of non-Ucits, investment limited partnerships. While each of those vehicles will remain available as...