A Special AIF is a specific variant of an Alternative Investment Fund (AIF) designed for particular investor groups.
An investment fund allows multiple investors to pool their funds; the issuer designs the composition of the fund, including the assets and their weighting in the portfolio, and brings it to the market.
In German law, a fundamental distinction is made between the predominant investment in securities such as stocks or bonds and the predominant investment in tangible assets.
Within the category of Alternative Investment Funds, there is a differentiation between investment assets accessible to small and private investors (retail funds) and those targeting specific investor groups, namely professional and semi-professional investors – these are referred to as Special AIFs.