<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0708</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001751174</cik>
        <entityName>Incentive Special Opportunities Fund - a sub-fund of Incentive Investment Funds ICAV</entityName>
        <issuerAddress>
            <street1>32 MOLESWORTH STREET</street1>
            <city>DUBLIN 2</city>
            <stateOrCountry>L2</stateOrCountry>
            <stateOrCountryDescription>IRELAND</stateOrCountryDescription>
            <zipCode>00000</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>00 47 23012900</issuerPhoneNumber>
        <jurisdictionOfInc>IRELAND</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Other</entityType>
        <entityTypeOtherDesc>Qualified Alternative Investment Fund</entityTypeOtherDesc>
        <yearOfInc>
            <overFiveYears>true</overFiveYears>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>N/A</firstName>
                <lastName>Incentive AS</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Kristian Augusts gate 15c</street1>
                <city>Oslo</city>
                <stateOrCountry>Q8</stateOrCountry>
                <stateOrCountryDescription>NORWAY</stateOrCountryDescription>
                <zipCode>0105</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Investment Manager of the Issuer (the &quot;Investment Manager&quot;)</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Svein</firstName>
                <middleName>Rune</middleName>
                <lastName>Hogset</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Strandvagen 25</street1>
                <city>Stockholm</city>
                <stateOrCountry>V7</stateOrCountry>
                <stateOrCountryDescription>SWEDEN</stateOrCountryDescription>
                <zipCode>114 56</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Chief Executive Officer and Chief Investment Officer of the Investment Manager (&quot;CEO&quot;)</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Niklas</firstName>
                <lastName>Antman</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Banergatan 4</street1>
                <city>Stockholm</city>
                <stateOrCountry>V7</stateOrCountry>
                <stateOrCountryDescription>SWEDEN</stateOrCountryDescription>
                <zipCode>114 56</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Director of the Investment Manager</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Alexander</firstName>
                <lastName>Kopp</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Rodkleivfaret 3</street1>
                <city>Oslo</city>
                <stateOrCountry>Q8</stateOrCountry>
                <stateOrCountryDescription>NORWAY</stateOrCountryDescription>
                <zipCode>0788</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Director of the Investment Manager</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Peter</firstName>
                <middleName>Ulrik</middleName>
                <lastName>Hammerich</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Dagaliveien 42A</street1>
                <city>Oslo</city>
                <stateOrCountry>Q8</stateOrCountry>
                <stateOrCountryDescription>NORWAY</stateOrCountryDescription>
                <zipCode>0776</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Chairman of the board</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Gro</firstName>
                <lastName>Furseth</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Smalensgata 4a</street1>
                <city>Oslo</city>
                <stateOrCountry>Q8</stateOrCountry>
                <stateOrCountryDescription>NORWAY</stateOrCountryDescription>
                <zipCode>0657</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Director of the Investment Manager</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Gry</firstName>
                <lastName>Knudsmoen</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Bondibraten 97</street1>
                <city>Asker</city>
                <stateOrCountry>Q8</stateOrCountry>
                <stateOrCountryDescription>NORWAY</stateOrCountryDescription>
                <zipCode>1387</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Pooled Investment Fund</industryGroupType>
            <investmentFundInfo>
                <investmentFundType>Other Investment Fund</investmentFundType>
                <is40Act>false</is40Act>
            </investmentFundInfo>
        </industryGroup>
        <issuerSize>
            <aggregateNetAssetValueRange>Decline to Disclose</aggregateNetAssetValueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06b</item>
            <item>3C</item>
            <item>3C.1</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>0000945621-25-000649</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2023-08-01</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isEquityType>true</isEquityType>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>1000000</minimumInvestmentAccepted>
        <salesCompensationList></salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>25000000</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse>Clarification of Item 11 - The minimum investment amount is the USD equivalent of EUR 1,000,000, which is subject to a lesser amount at the discretion of the Directors.</clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>1</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse>The Investment Manager shall be paid an investment management fee and an incentive fee as outlined in the Issuer's offering material.</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>Incentive Special Opportunities Fund - a sub-fund of Incentive Investment Funds ICAV</issuerName>
                <signatureName>/s/ Lars Tell</signatureName>
                <nameOfSigner>Lars Tell</nameOfSigner>
                <signatureTitle>Director</signatureTitle>
                <signatureDate>2026-07-21</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
