The Anglo Adriatic Investment Fund SA was an investment fund set up to hold privatisation vouchers issued by the government of post-Communist Albania. It was unsuccessful in its attempts to reinvest them and collapsed.

The Anglo Adriatic Investment Fund SA^[2] (AAIF) was established by Irish entrepreneur Declan Ganley.^[8] AAIF was the first^[8] foreign-managed investment fund in Albania, provisionally licensed on 13 April 1996^[8] and definitively licensed on 22 May 1996.^[9] AAIF collected privatisation vouchers^[4][8] that the government of post-communist Albania was giving to Albanians, and it used the nominal value of those vouchers for investment in areas such as fertilizer,^[8] breweries,^[10] cement^[10] and pharmaceuticals.^[10] The Albanians who deposited their vouchers with AAIF received shares in the fund in return.^[4]

At one point the fund had 450,000 shareholders and vouchers with a nominal value of more than $120 million.^[4]

But AAIF had collected too many vouchers: it had 12%^[9] of all the vouchers and privatisation leks combined, more than the 10% maximum^[9] prescribed by law.^{[nb 1]} Following a lengthy period of negotiation and accusation between AAIF and the Albanian government,^[9] AAIF was left unable to continue with the privatisation.^[9] Even worse, the market value of the vouchers had dropped during the collapse of the Albanian economy from 25.6%^[9] of their nominal value in January 1996^[9] to 1.7%^[9] in October 1998.^[9] AAIF was bankrupt.^[9]

AAIF was officially funded by Ganley International,^[3][8] with a 10%^[8] stake taken by the US-based Rothschild Emerging Markets Fund.^[8] Der Spiegel stated^[11] that AAIF's UK office (128 Mount Street, London, W1Y 5HA^[1]) shared an address with the European branch of US investment fund Paladin Capital, and also stated^[11] that Paladin Capital's advisory board was chaired by former CIA director James Woolsey. Ganley denies any involvement with the CIA.^[12]

• 1997 rebellion in Albania
• Declan Ganley