The charity authorised investment fund was announced in the 2015 Budget and will replace the common investment fund.
The new type of fund will have improved regulatory oversight and will be exempt from VAT on investment management fees, which could save the charity sector up to £12m a year, according to a statement from the CLA and the CIG.
Such funds will have stated charitable objectives to further the charitable purposes of investing voluntary organisations.
According to the statement by the CLA and the CIG, CAIFs will retain many of the characteristics of common investment funds, such as the tax benefits of being a charity and having independent advisory committees to represent investing charities. It said they will also help cash-flow budgeting for charities.
Existing common investment funds can choose to convert to CAIFs.
There is currently £12bn invested in common investment funds, with 13,000 charities investing.
Kenneth Dibble, chief legal adviser at the Charity Commission, said the regulator welcomed the publication of the new CAIF structure.
"Charitable funds invested in CAIFs established under this new structure will benefit from dual regulation by the commission and the Financial Conduct Authority, providing essential oversight in their respective regulatory roles," he said.
"We would strongly encourage existing common investment funds to consider taking advantage of the benefits offered by the CAIF structure, including the more effective regulation of invested charitable funds."