ICAV is an abbreviation for Irish Collective Asset-Management Vehicle.
It is a corporate structure created especially for the Irish funds industry. The structure is flexible and can be used to establish both UCITS and alternative investment funds.
The Irish Collective Asset-management Vehicles Act 2015 (No. 2/2015) was enacted on 12 March 2015. This act gave the ICAV its own legislative regime to ensure that these funds are distinguished from ordinary trading companies and are not subject to those aspects of Irish company law that are not relevant or appropriate to a collective investment scheme.
ICAV should not be confused with SICAV, which is a different fund structure altogether. A SICAV is a type of open-ended fund, found typically in continental Europe.