This glossary contains summaries and definitions of some of the key investment funds terms and phrases. It also contains links to related Practice Notes. A Alternative investment fund (AIF) Any collective investment undertaking, including investment compartments of an AIF, that raises capital from a number of investors with a view to investing it in accordance with a defined investment policy for the benefit of those investors, and which is not a fund covered by Directive 2009/65/EC on the co-ordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (AIFMD, Directive 2011/61/EU, Art 4(1)(a)). An AIF may invest in traditional or alternative investments and may be private or listed, authorised or unauthorised. For more information (including scope and exemptions), see: Investment funds, asset management, and benchmarks (EU Law)—overview and Practice Note: EU AIFMD—essentials. Alternative investment fund manager (AIFM) A legal person whose regular business is managing one or more AIFs (AIFMD, Directive 2011/61/EU, Art 4(1)(b)). ‘Managing AIFs’ means performing at least portfolio management or risk management for