On 26 February 2025, the Unauthorised Co-ownership Alternative Investment Funds (Reserved Investor Fund) Regulations 2025 (the Regulations) were laid before Parliament and published on legislation.gov.uk, along with an explanatory memorandum.

The Regulations are intended to support the Government’s introduction of the Reserved Investor Fund, which will be a new type of UK-based investment fund vehicle legally structured as an unauthorised co-ownership alternative investment fund (AIF). The Regulations (alongside the Co-ownership Contractual Schemes (Tax) Regulations 2025) enable the establishment of Reserved Investor Funds by ensuring that prospective investors have the appropriate rights and liabilities, and that there is appropriate provision for the making of contracts.

The Regulations will come into force immediately after the Co-ownership Contractual Schemes (Tax) Regulations 2025 come into force.