Alternative Investment Funds distinguish between open-ended and closed-ended type of Cyprus AIFs.
Open-ended type: Unit-holders can redeem or repurchase their units upon request:
- at any time
- at regular intervals of less than 1 year, that are defined in the instruments of incorporation (or fund rules)
- at regular intervals that exceed 1 year but that do not extend to more than 5 years.
Exception: For venture capital fund the initial periods extends up to 10 years from the date of incorporation, in accordance with EU Regulation 345/2013.
- specific defined time that is defined in the instruments of incorporation (or fund rules).
For more information check Alternative Funds (AIF) or contact Michael O. Ioannides.