AIF stands for alternative investment fund. Unlike retail UCITS, retail AIF are subject not only to the provisions of the Investment Fund Act 2011 (InvFG 2011), but also to the provisions of the Alternative Investment Fund Manager Act (AIFMG). Among other differences compared with retail UCITS, retail AIF are subject to expanded investment limits and issuer restrictions.

All relevant information for the investor can be found in the Information for Investors pursuant to § 21 AIFMG (which is comparable to the prospectus for retail UCITS), the fund terms and conditions, and the key investor document (KID) of the respective retail AIF. These can be found on the website

Retail AIF can be sold in other countries in Europe in accordance with the respective local laws.
The registration of retail AIF for sale is subject to more stringent requirements from the supervisory authorities than retail UCITS, and also involves high costs.