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HMRC internal manual

Investment Funds Manual

Who can invest in an Authorised Contractual Scheme (ACS)?

Who can invest in an ACS?

It is a regulatory requirement that a direct investor in an ACS must either:

  • Invest at least £1m, or
  • Be a professional or institutional investor.

Investors in ACS are often corporate entities (such as life insurance companies) or institutions (such as pension funds). Collective investment schemes and other investment funds - including funds which attract retail investors – can also invest in ACS.