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alternative investment fund

    96(in accordance with article 4(1)(a) of AIFMD) a collective investment undertaking, including investment compartments thereof, which:

      1. (a) 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
      1. (b) does not require authorisation pursuant to article 5 of the UCITS Directive.