There are two broad categories of regulated investment funds in Ireland. The first category comprises undertakings for collective investment in transferable securities (“UCITS”). The second category comprises alternative investment funds (“AIFs”). The term “AIF” is broadly defined and essentially comprises all non-UCITS funds. AIFs are subject to the regulations implementing the EU’s Alternative Investment Fund Managers Directive (“AIFMD”). AIFMD applies to alternative investment fund managers (“AIFMs”) which manage and market AIFs within the EU. The Appendix 1 to this briefing includes a decision tree to determine: (i) whether a particular vehicle is an AIF; (ii) which entity will be the AIFM; and (iii) the extent to which the AIFM can market the AIF within the EU once authorised under AIFMD. This briefing sets out the main steps involved in establishing an AIF in Ireland.