How to start and structure a QIF

A qualified investor fund is a regulated investment vehicle subject to the CNB’s supervision. Specific regulatory factors and rules must be taken into account when establishing a QIF.

These funds are intended for experienced private and institutional investors, whether natural and legal persons, who are known as ”qualified investors”. A qualified investor fund must have at least two investors. There is no upper limit on the number of investors.

Each fund must have its own manager, administrator and depositary.


A fund’s manager, administrator, and depositary require a CNB permit(this is covered in more detail in section 4.

The process of establishing an investment fund is different for a managed and a self-managed fund.

A fund managed by an investment company simply needs to be registered in the list maintained by the CNB. A self-managed fund, on the other hand, requires a CNB permit.
Securities issued by qualified investor funds may be offered to investors subsequently publicly traded.

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