Funds: Key Features of PIFs

Structures: SICAV, INVCO, a contractual fund, unit trust, a limited partnership, incorporated cell company or an incorporated cell of a recognised incorporated cell company. 

Legislation: Investment Services Act, which will be regulated by the Investment Services Rules for Professional Investment Funds.

Investor Base

Qualifying Investor that fulfils the following criteria: 

(a) invests a minimum of €100,000 or its currency equivalent in the PIF, which investment may not be reduced below this minimum amount at any time by way of a partial redemption;
(b) declares in writing to the fund manager and the PIF that he/she is aware of and accepts the risks associated with the proposed investment; and
(c) satisfies at least one of the following: 

(i) is a body corporate which has net assets in excess of €750,000 or which is part of a group which has net assets in excess of €750,000;

(ii) is an unincorporated body of persons or association which has net assets in excess of €750,000;

(iii) is a trust where the net value of the trust’s assets is in excess of €750,000;

(iv) is an individual whose net worth or joint net worth with that of the person’s spouse, exceeds €750,000; or

(v) is a senior employee or director of a service provider to the PIF. 

 


 

  • Minimum Investment: €100,000 
  • Fund Manager: Third-party or Self-Managed. 
  • Fund Administrator: Manager may delegate the administration to a third-party administrator in Malta or in another recognised jurisdiction 
  • Custodian: Optional, provided adequate safekeeping measures are in place. 
  • Auditor: Required. 
  • Money Laundering Reporting Officer: Required. 
  • Compliance Officer: Required (may also act as MLRO) 
  • Application Fee: €2,000 
  • Application Fee per sub-fund: €1,000 
  • Annual Supervisory Fee: €2,000 
  • Annual Supervisory Fee per sub-fund: €600