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Funds and investments

The German Capital Investment Code (KAGB) came into effect on July 22, 2013 and led to harmonization of the regulations for open and closed funds which are referred to as investment asset pools or AIF (alternative investment funds). These rules are EU directives whose detailed regulations are applicable in the member states. They are accompanied by administrative orders by the BaFin (Federal Financial Supervisory Authority) for which the German legislator has implemented KAGB supplements within the framework of any remaining scope of applications. And standardized regulations have also been created for risk and asset or portfolio management of the investment assets by so-called AIFM (alternative investment fund managers) and capital management companies (KVG). Furthermore and distinctive from the investment assets, there are other possibilities of distributing stakes in operating companies outside the financial sector (so-called asset investments) in accordance with the application decree issued by the Federal Financial Supervisory Authority (BaFin).

A distinction is still made between funds which are also open to private investors (mutual funds) and funds which are only accessible to professional and semi-professional investors (special AIF). Special AIF display lower issuance requirements than mutual funds.

Professional investors can be certain companies from the financial sector as well as companies whose financial indicators exceed certain threshold values. Semi-professional investors must provide evidence of minimum experience and/or make a minimum investment. Classification of (semi-professional and professional) investors must always be determined separately.

Funds falling within the scope of the KAGB must be supported separately by function by a capital management company (KVG), especially in terms of risk and investment management. This is largely handled by another company (external KVG) or by the actual fund (internal KVG). The KVG requires approval by the BaFin.

A KVG must support its funds in accordance with the tight restrictions of the KAGB. Most mutual investment funds are issued in the legal form of a closed investment limited partnership whose shares are acquired following approval by BaFin of the bid. The legal form of a limited partnership ("Kommanditgesellschaft") is typical for asset investments outside the KAGB.

For several decades, we have been offering material asset support in Germany and abroad with various fund and asset investment products, especially in the areas of shipping, real estate and renewable energy.


Contact persons for Funds and investments

Jana Wegner

Partner*, auditor, tax advisor, Dipl.-Wirtschaftsjuristin (FH)

Maarten Wortel

Partner*, director, CFA, M.Sc.

Our dedicated teams collaborate with our clients to create tailored solutions.

Matthias Linnenkugel

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