AIF = Alternative Investment Funds

An AIF is a type of collective investment where funds are raised from a number of investors with a view to investing them in accordance with a defined investment policy. AIFs are not subject to regulation by the UCITS directive at the EU level. They can invest in any type of investment assets: real estate, cryptos, private equity, commodities, … They cover a wide range of investment strategies. 

A UCITS will invest more specifically into liquid financial assets such as bonds, shares, money market instruments, etc.