Central Bank of Ireland AIF Rulebook overhaul: strengthening Ireland’s position in private assets, credit funds and alternatives

The Central Bank of Ireland has substantially enhanced the Irish private assets, private credit and alternatives regulatory framework. The changes extend significantly greater flexibility to investment managers when structuring their investment funds to better meet investors’ needs.

The updated CBI Alternative Investment Fund (AIF) Rulebook became effective on 5 May 2026.

In the Central Bank of Ireland’s own words, the "Central Bank is reinforcing Ireland’s position as a leading jurisdiction for the domiciliation of alternative investment funds. These changes will support greater investor choice, maintain high standards of investor protection, reduce systemic risk and enable continued innovation in fund structuring".

Changes made to the AIF Rulebook

The AIF Rulebook is the regulatory framework underpinning Ireland’s role as one of the world’s leading AIF domiciles. 

The updated AIF Rulebook now aligns Ireland with Europe’s updated Alternative Investment Fund Managers Directive (AIFMD II) and the broader Savings and Investment Union (SIU) goals, while at the same time enhancing's Ireland’s appeal as a platform for private assets and long-term investment strategies.

Why this matters now

The Central Bank of Ireland's reforms provide international asset managers with a significantly enhanced Irish product range, helping them deliver their private assets and direct lending strategies to market with greater efficiency and flexibility. 

The assets under management in Irish domiciled investment funds increased by 39% in the 24 months to 31 December 2025 and now stand at over €5.6 trillion.

Ireland's share of the European funds market (AIFs and UCITS) has increased by 50% in the last 10 years. A substantial portion of that increase is attributable to growth in Irish domiciled AIFs. The regulatory enhancements will ensure the continuation of that upward trajectory.

Widely welcomed by stakeholders, the enhanced framework aligns the Irish regulatory landscape with evolving European rules and global standards, avoids regulatory gold plating and address the needs of modern private asset and alternatives allocation strategies. Investor protections are pragmatically and comprehensively reinforced.

What should managers do now?

Certain fund types are likely to be particularly impacted by the changes and should take early legal advice to ensure alignment:

• Private credit and loan origination funds: the former CBI loan origination QIAIF regime has replaced in full by the AIFMD loan origination requirements. AIFMD II grandfathering provisions apply to existing credit funds. New loan origination funds are subject to the updated regime. Read our guide to QIAIFs in Ireland here.

• Managers using subsidiaries or intermediaries: as oversight shifts to a disclosure-based regime, new flexibilities may be availed of and new disclosure obligations will need to be considered.

• Updating fund documentation: a pragmatic approach has been adopted by the Central Bank in connection with existing funds adopting any changes required to align with the new regime. Any required changes should be incorporated at the time of the next update to a fund's prospectus or offering documents.  

• Ireland as fund domicile of choice: Ireland is a major hub for cross border distribution and Irish funds are sold in 90 countries across Europe, the Americas, Asia and the Pacific, the Middle East and Africa. 1,007 fund promoters have chosen Ireland to domicile and / or service their funds. Talk to us about how you can leverage Ireland's comprehensive, market leading and competitive funds offering for the delivery of your strategy to end investors.

How Ogier can help

Ogier in Ireland's Investment Funds team has had a leading role in the regulatory engagement process resulting in the adoption of the updated AIF Rulebook.

Ogier in Ireland has substantial experience working with clients across a wide variety of sectors and structures, including private credit, debt, private equity, alternatives, infrastructure, real estate, healthcare, energy, technology and across the full spectrum of fund strategies. 

We assist managers and promoters in delivering and maintaining their global investment strategies through Irish fund structures, including QIAIFs. Read more about our Investment Funds services in Ireland.

For further information on the QIAIF or how we can help, contact one of the team via their details below. 

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Disclaimer

This client briefing has been prepared for clients and professional associates of Ogier. The information and expressions of opinion which it contains are not intended to be a comprehensive study or to provide legal advice and should not be treated as a substitute for specific advice concerning individual situations.

Regulatory information can be found under Legal Notice