Professional Investor Funds- PIF


The funds for professional investors, often abbreviated to PIF, is one of the most successful and widespread collective investment schemes within the Maltese jurisdiction thanks to the efficient authorization procedure and the different levels of investors to which it appeals to.


The PIF is a "non-retail” fund and is aimed towards specific categories of investors: Expert, Qualified and Extraordinary. A single sub-fund must determine which one of these it falls under (there are fixed criteria set out by law to differentiate between them) and based on this choice there are certain operational limits.

In principle the operation of a fund for professional investors can be quite extensive and comprises of a wide range of instruments and investment sectors: financial markets, private equity, real estate, without any particular limitations on the instruments or vehicle used.

However, a PIF fund is not covered by the "passporting" procedure and is usually placed through private placement, as marketing to the general public is prohibited (it is reserved for UCITS funds).


Certain requirements are mandatory to set-up a PIF, and various minimum functions are necessary for the license and for the operation of the facility. Specifically which functions are required depends on the three different types of PIF described above.

The fund must either have an investment manager authorized by the MFSA or can be self-managed (in which case the identified managers still must meet the requirements set out by the Supervisory Authority).


For a complete and detailed overview of PIF, including the requirements and procedures for obtaining a license for a fund for professional investors, we recommend consulting the published brochure of the MFSA.


For further information regarding the creation or the management of a PIF fund or a sub-fund, please contact us via the ‘contact us’ section on this website.

 


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