In the 12 months to March 2016 Ireland saw positive net inflows every month since the Icav was established last year, according to the Irish Funds Industry Association.
The representative body for the cross-border investment funds industry in Ireland added that the majority of these new funds were in alternative investment funds (AIFs).
The Icav was designed to improve efficiency and accessibility for new Irish investment funds, and now sits alongside the public limited company, as a tailor-made corporate fund vehicle for both Ucits and AIFs.
It offers an alternative form of corporate vehicle for funds, with the primary purpose to minimise the administrative complexity and cost of establishing and maintaining collective investment schemes in Ireland.
Pat Lardner, chief executive of Irish Funds, said: “The Icav was a hugely positive development for the Irish funds industry, and these figures only reinforce the success of this legislation. We’ve seen real appetite from fund managers on a global scale, and we certainly expect this to continue in the coming months and years.
“The vehicle itself improves access for fund managers looking to domicile in a regulated onshore jurisdiction, particularly through AIFs and Ucits.”
The legislation was drafted with the specific needs of investment funds in mind, and has the advantage that it is not impacted by amendments to certain pieces of company legislation that are targeted at trading companies.
This also includes a mechanism for non-Irish investment companies to migrate into Ireland and become an Icav as part of a single process.