On May 5, 2026, the Central Bank of Ireland published its revised AIF Rulebook (Rulebook) for alternate investment funds (AIFs), which took effect immediately. For managers of Qualifying Investor AIFs, the revisions are overwhelmingly positive, providing greater structural and commercial flexibility across a wide range of fund features, from share class design and intermediary investment vehicles to warehousing, liquidity management, fund finance and investor co-investment. The Rulebook should be read alongside the investment fund legislation, the newly updated Alternative Investment Fund Manager (AIFM) Regulations (taking into account AIFMD II) and AIFMD Level 2, with the legislation prevailing in the event of any inconsistency. This guest article by K&L Gates attorneys Gayle Bowen, Shane Geraghty and Hazel Doyle discusses the key changes introduced by the revised Rulebook and explains what they mean in practice for private fund managers. See “Ireland’s Department of Finance Issues Recommendations for Funds Sector” (Dec. 5, 2024).