Answer ... Public AIFs: Investment restrictions apply to public AIFs. They mostly relate to investments that may trigger conflicts of interest. Also, public AIFs targeted at investors other than qualified investors are subject to additional restrictions aimed to favour liquidity and portfolio diversification.
Whether a public AIF may incur in indebtedness and, if so, to what extent is left to the bylaws of the AIF.
Private AIFs: There are no investment or borrowing restrictions set out in the Public Funds Act or in the Funds Regulation. Both matters are left to the bylaws of the AIF.
Answer ... No. However, public AIFs and private AIFs may not directly hold certain asset classes such as real estate, mining and water rights, intellectual and industrial property rights and vehicles.