Non-mainstream pooled investment vehicle
A non-mainstream pooled investment vehicle (NMPI) is a form of investment fund in the UK[1]. It is typically used as a form of fund for alternative investments, which include illiquid assets such as forestry, property or loans. Often NMPIs will have less than £100M of assets under administration. NMPIs are not listed and may be closed-ended or open-ended.
Regulatory Status
An NMPI may be regulated or unregulated, but the fund manager itself must still be regulated to operate in the UK.
Non-Mainstream Pooled Investment (NMPI) is a new term for Unregulated Collective Investment Schemes (UCIS), but NMPI is wider in definition[2].
Promotion and Suitability
The promotion of an NMPI is restricted. NMPIs cannot be marketed in a way that is likely to be received by a retail client, although there are exemptions for High Net Worth individuals and Sophisticated Investors. [3]
NMPIs can be popular for investors looking to invest in alternative assets, which may be uncorrelated due to the lack of a listing at the fund level.