Recent reforms in Portugal’s alternative investment funds (AIFs) sector have introduced a new regulatory framework, streamlined processes, and revised tax regimes to align with EU standards. The Asset Management Regime (RGA), effective May 2023, categorizes AIFs into various types, including real estate and venture capital funds, and establishes clearer regulatory requirements. AIFs can be either open-ended or closed-ended, with marketing options through private placements or public offers. The tax regime for AIFs is generally favorable, with exemptions for certain income streams. Investors can benefit from tax incentives, particularly in research and affordable housing sectors, enhancing Portugal’s investment landscape.