On 23 November 2020, the Central Bank of Ireland published a consultation paper entitled “Guidance on share class features of closed-ended QIAIFs” (“CP132”). The proposed guidance set out in CP132 seeks to address a number of operational matters for certain categories of closed-ended qualifying investor alternative investment funds. The proposals relate to guidance on (i) the issue of shares at a price other than net asset value; (ii) excuse and exclude provisions; (iii) stage investing; and (iv) management participation. It is proposed that the guidance will apply to QIAIFs which generally use private equity type strategies or invest in illiquid assets.
Our advisory considers the proposals set out in CP132 and can be viewed here.